Wells Fargo Hit with $1B in Fines • Hacker News Board

Re: Wells Fargo Hit with $1B in Fines

#341

Post by joering2 » Sat, Apr 21, 2018, 12:59 AM UTC

aphextron wrote: post #4

Something has happened to big banks along the way, where they no longer actually provide banking services to their customers. When I walk into a Wells Fargo branch now and sit down with a "banker" to take care of my accounts, it consists of sitting next to them while they call 1-800-WELLSFARGO for me and talk to a call center. There simply is no service anymore. I walked into my local branch to open up an IRA last we…

I agree with your experience, same in Bank of America. I walked in to report fraud, a teller gets on the phone and call someone on the same number as I would from the back of my card.

Bank of America is a master at minimizing cost - they are introducing vATMs - virtual assistant ATM - its a regular ATM but with two-way camera so you talk with banker that is obviously located somewhere else. Just 2 months ago someone was helping me with perfect English and she said shes in Texas. Just few days ago, same location I connect and there is a guy in turban around his head, with broken English and clock on the wall I can see pointing 3am (it was around 2pm EST). So there you have it. I bet within 2 years they will complete transition and 99% of branches will have those vATMs at the cost of 70% savings in location, wages, etc.

I am slowly shifting to smaller bank though where people know me by name, I deal with same people who help me without using phone and sometimes even computer. So far BB&T and First Republic are very good choices.

Mandatory: 37 banks become just 4

https://www.visualnews.com/2016/01/25/37-banks-became-4-bank...

Re: Wells Fargo Hit with $1B in Fines

#342

Post by dahdum » Sat, Apr 21, 2018, 1:01 AM UTC

Klathmon wrote: post #290

ensignavenger wrote: post #286

Earlier quoted context omitted.

As part of your disclosures, lenders that plan to sell your loan will usually be required to disclose this fact, so you can deal with a lender that keeps their loans in house. The last house I bought the company disclosed that they might sell the loan, but they remain the servicer on the loan, so I don't even know who owns it.

Since then I've bought 2 houses, and both mortgage companies I've worked with had that clause. Is it actually possible to find someone who won't? Or is it just a false sense of choice like the ability to "choose an ISP that says they won't sell your information"?

Some credit unions may keep the mortgage in-house, but afaik it's mostly private banks working with HNWIs that will do so 100%. Those mortgages are often very large or non-standard (like 100% financing interest only or a combo mortgage/heloc).

Re: Wells Fargo Hit with $1B in Fines

#343

Post by stjohnswarts » Sat, Apr 21, 2018, 1:05 AM UTC

ribosometronome wrote: post #123

kaizendad wrote: post #19

OK, but Wells Fargo made $5 billion last year, and the activity they were fined for took place over many years, which leaves me to ask: after the fines, was this activity profitable or not? If it was profitable, do the fines actually dissuade future dishonesty? Also, apparently Wells Fargo thinks that 27,000 people lost their cars over this. I bet none of those people will be made whole. Cars are really essential thi…

>I bet none of those people will be made whole. At this level of fine? Probably not. $1,000,000,000 is a substantial amount of cash but that would only be ~$37,000 a person if 100% of the fine went to the only the victims who lost their vehicles. Certainly enough to replace a lost car but far from adequate to cover damages from the effects of losing a vehicle and living with that repossession on your credit history.…

They also have to pay back the people they snookered all their money plus interest. That's been stated in the articles that I've ready about the matter.

Re: Wells Fargo Hit with $1B in Fines

#344

Post by stjohnswarts » Sat, Apr 21, 2018, 1:05 AM UTC

openasocket wrote: post #255

kaizendad wrote: post #19

OK, but Wells Fargo made $5 billion last year, and the activity they were fined for took place over many years, which leaves me to ask: after the fines, was this activity profitable or not? If it was profitable, do the fines actually dissuade future dishonesty? Also, apparently Wells Fargo thinks that 27,000 people lost their cars over this. I bet none of those people will be made whole. Cars are really essential thi…

> I bet none of those people will be made whole I don't think this is about making them whole, it's just about fining them. I could be wrong, but I believe those victimized are still welcome to conduct a civil action against Wells Fargo.

You're wrong, in addition to the fine paid to the Feds, they also have to pay back the people they lied to along with interest.

Re: Wells Fargo Hit with $1B in Fines

#345

Post by dpkonofa » Sat, Apr 21, 2018, 1:12 AM UTC

aphextron wrote: post #4

Something has happened to big banks along the way, where they no longer actually provide banking services to their customers. When I walk into a Wells Fargo branch now and sit down with a "banker" to take care of my accounts, it consists of sitting next to them while they call 1-800-WELLSFARGO for me and talk to a call center. There simply is no service anymore. I walked into my local branch to open up an IRA last we…

When you go to any major metropolitan city in the United States, the downtown area will typically have several large skyscrapers. Take a look some time and note how many can be included in one of these 3 categories - banks, health "care", or financial services. Our priorities as a nation are fucked and the big banks are just a giant reminder to everyone. The fact that these companies are so huge and making so much money is ridiculous.

Re: Wells Fargo Hit with $1B in Fines

#346

Post by lsiebert » Sat, Apr 21, 2018, 1:20 AM UTC

samstave wrote: post #45

djschnei wrote: post #15

Earlier quoted context omitted.

Was mostly a sarcastic question ;) This pattern can be seen everywhere... 1) politicians regulate an industry with the best intentions 2) industry becomes a safe haven for "the big fish" that can pay to play 3) Rinse and repeat for a while, creating bigger and bigger barriers to entry into the marketplace. Politicians are happy, mega banks are happy. 4) Megabank inevitably does something reprehensible 5) politicians…

Stop paying taxes.

I recently read that if you live in puerto rico full time for a tax year, you don't have to pay federal income tax, or something like that.

Apparently a lot of bitcoin people are considering the move. Move there for a year, sell your bitcoin, move back or something like that?

Re: Wells Fargo Hit with $1B in Fines

#347

Post by fma » Sat, Apr 21, 2018, 1:21 AM UTC

Bye_Felicia wrote: post #142

disgusting. conclusion: Bankers are above the law. They should be in jail, along with the CEO. This isn't just white collar crime. This was blatant, premeditated, financial fraud. Directed from the very top to every single Wells Fargo office. How is the public so stupid and uneducated, as to not be outraged? All this does, is help to motivate the next generation of sociopaths. Zero consequences.

But....but..we got Martin Shkreli in jail! /s

Re: Wells Fargo Hit with $1B in Fines

#348

Post by nicoburns » Sat, Apr 21, 2018, 1:29 AM UTC

heurist wrote: post #38

aphextron wrote: post #4

Something has happened to big banks along the way, where they no longer actually provide banking services to their customers. When I walk into a Wells Fargo branch now and sit down with a "banker" to take care of my accounts, it consists of sitting next to them while they call 1-800-WELLSFARGO for me and talk to a call center. There simply is no service anymore. I walked into my local branch to open up an IRA last we…

It's definitely an industry ripe for rebirth. For instance, I should be able to partition my money into several lightweight accounts - one for groceries, one for home expenses, investment, etc - and automatically have fractions of my deposits sent to those accounts so my budgeting and money management are handled without any effort on my part. I should have lightweight cards available for each of those accounts with…

In he UK there are actually a number of new startup banks (I believe precipitated by a change in regulation which eases the requirements for small banks).

My bank starling almost has this feature. It allows you to create "pots" which partition the money. However it is slightly more limited in that you only have one card and can only spend money that is not in a pot. You can however move money between pots instantly using the app (as well as many other useful features such as viewing/changing your PIN, and temporarily blocking/unblocking the card (useful if you lose it, but think you might find it again))

Re: Wells Fargo Hit with $1B in Fines

#349

Post by nicoburns » Sat, Apr 21, 2018, 1:32 AM UTC

kolinko wrote: post #303

Someone1234 wrote: post #59

Earlier quoted context omitted.

> I should be able to partition my money into several lightweight accounts - one for groceries, one for home expenses, investment, etc Heck not even real "Accounts" (in the traditional banking sense) but just "funds" or "virtual accounts." I should be able to put $5/month into a "waste of money" fund, and then flag specific transactions against that balance when I use it, or as you said have a virtual credit card tha…

The innovation occurs, just outside of US for some reason. When I was a student, in 2001, Poland, I had such functionality - I had separate sub-accounts, each one of them with a dedicated IBAN number, receiving funds. My monthly allowance from the parents went to one account, my payments from clients (freelance programming) went to another one. From that I distributed the money into another account for holiday saving…

In the UK we actually have free instant inter-bank transfers. I send money using the app from one bank to the other bank and get the push notification from the second bank confirming I have recieved the money before the UI in the app from the first bank has even confirmed the money has sent.

Re: Wells Fargo Hit with $1B in Fines

#350

Post by ensignavenger » Sat, Apr 21, 2018, 1:40 AM UTC

henrikschroder wrote: post #297

ensignavenger wrote: post #282

Earlier quoted context omitted.

It really shouldn't be relevant. Your title company will usually handle closing (apparently where you are form the agent does this? Here, the agent usually helps you so you don't have to deal with the title company, but the title company is responsible), and they will deal with the previous mortgage company. Usually you should have title insurance in case a problem does crop up (required for most lenders)- and your t…

Title company? Title insurance?!? A third-party for-profit company handles some aspect of the transfer of property, instead of, you know, government? And in case this third party fucks up, you need to pay for insurance?!? Jesus.

You said the real estate agent handles it where you are from- are real estate agents government officials where you are? You don't have to have a title company, you could do it yourself, but a typical real estate transaction involves large amounts of money and multiple parties, so most people want someone else to handle it all. If you are borrowing money, you lender will probably insist on it.