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Wells Fargo to pay $3.7B for mistreating customers

finance.yahoo.com

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Re: Wells Fargo to pay $3.7B for mistreating customers

#41

Post by my_usernam3 »

phaedryx wrote: post #29
theandrewbailey wrote: post #5

I don't understand why anyone still does business with Wells Fargo.

A story from when I was in college: My backpack got stolen and it had my checkbook in it. I went into Wells Fargo (I became their customer because they bought my regular bank) to figure out what to do. I was told that I had to close my account (connected to the checkbook) and open a new one. Kinda weird, but I went with it. They sent me a new checkbook and new ATM card. Landlord only took payment with checks so I wro…

Ouch, I have a similar anecdote where they signed me up for a completely incorrect account when I was young. Some 100k minimum trading account when I was a broke 19 years old looking for the simplest type of bank account possible that I could access from hometown and college. Saw $15 monthly charges, went in, found out the problem, took my money and business elsewhere and haven't looked back.

Re: Wells Fargo to pay $3.7B for mistreating customers

#42

Post by acchow »

Tempest1981 wrote: post #23

So what's the least-evil bank that has a network of cash machines everywhere? (Yes, still need cash for certain things) Edit: also with a non-buggy mobile app? My credit union has the worst app. They don't seem capable of improving it... probably outsourced.

Charles Schwab will refund your ATM fees from any ATM.

So will First Republic. So will TD Bank. Many Credit unions do the same.

Re: Wells Fargo to pay $3.7B for mistreating customers

#43

Post by obblekk »

Meekro wrote: post #38
obblekk wrote: post #9

I feel so much cognitive dissonance realizing that there are hard working people literally losing their home and shelter wrongly while I might be sitting across from them at any time, expecting them to behave within normal social boundaries. Imagine a family with a new born, working 50+ hours at a physically demanding job, making $80k/yr combined, and then losing their home for no reason... and then being expected to…

I get what you mean, but what's the alternative? How should you behave if you're exempt from normal social boundaries because of your personal tragedy? Shout at random people? Throw things? Punch some guy in the face? Seems to me it's better to try and be kind, and treat others right despite your horrible situation. The person you're treating cruelly because of your personal trauma could easily be going through a tra…

Good question, but I don't know. I'm not trying to recommend anything. Not sure it's even solvable.

Reading this article prompted this observation about myself.

I do wonder how often I have been wrong to get frustrated with someone, rather than extend more grace. I'll try to remember to consider this in the future.

Re: Wells Fargo to pay $3.7B for mistreating customers

#44

Post by kodyo »

Meekro wrote: post #38
obblekk wrote: post #9

I feel so much cognitive dissonance realizing that there are hard working people literally losing their home and shelter wrongly while I might be sitting across from them at any time, expecting them to behave within normal social boundaries. Imagine a family with a new born, working 50+ hours at a physically demanding job, making $80k/yr combined, and then losing their home for no reason... and then being expected to…

I get what you mean, but what's the alternative? How should you behave if you're exempt from normal social boundaries because of your personal tragedy? Shout at random people? Throw things? Punch some guy in the face? Seems to me it's better to try and be kind, and treat others right despite your horrible situation. The person you're treating cruelly because of your personal trauma could easily be going through a tra…

Banks would rightly collapse if people took their business to credit unions. No random violence required.

Re: Wells Fargo to pay $3.7B for mistreating customers

#45

Post by downrightmike »

Tempest1981 wrote: post #23

So what's the least-evil bank that has a network of cash machines everywhere? (Yes, still need cash for certain things) Edit: also with a non-buggy mobile app? My credit union has the worst app. They don't seem capable of improving it... probably outsourced.

USAA

Re: Wells Fargo to pay $3.7B for mistreating customers

#46

Post by obblekk »

dang wrote: post #30
Tempest1981 wrote: post #25

Also here: https://news.ycombinator.com/item?id=34069579

That one was later so we'll merge it hither. Thanks!

Out of curiosity, do you union upvoters set for merges, or something similar? Not sure if that would be good, just curious.

Re: Wells Fargo to pay $3.7B for mistreating customers

#47

Post by kodyo »

supernova87a wrote: post #37

After so many incidents with Wells Fargo, doesn't this point to something deeply ingrained in that company's culture? Such that even executives cannot change something about the system at the company that they have created? There must be some bad, little, everyday incentives permeating working at WF that causes the people there to produce these bad behaviors year after year. You can blame and change the execs, but th…

There is nothing forcing anybody to bank with Wells Fargo. Their customers are clearly content, because they're still Wells Fargo customers.

Edit: shit, someone else pointed out that they buy mortgages. Nevermind.

Re: Wells Fargo to pay $3.7B for mistreating customers

#48

Post by throwayyy479087 »

silisili wrote: post #17

Why is it -always- Wells Fargo. There are thousands of banks out there, and Wells Fargo is not even close to being the biggest. But why are they in the news every year for some illegal dealings? It feels like they should be broken up or something at this point.

Ghetto Loans for Mud People should have resulted in the corporate death penalty.

Re: Wells Fargo to pay $3.7B for mistreating customers

#49

Post by Tempest1981 »

downrightmike wrote: post #45
Tempest1981 wrote: post #23

So what's the least-evil bank that has a network of cash machines everywhere? (Yes, still need cash for certain things) Edit: also with a non-buggy mobile app? My credit union has the worst app. They don't seem capable of improving it... probably outsourced.

USAA

Can non-US-military join? I thought not.

Re: Wells Fargo to pay $3.7B for mistreating customers

#50

Post by kodyo »

twblalock wrote: post #27
theptip wrote: post #24

Earlier quoted context omitted.

Broken up != shut down. Without advocating for/against the proposal, to clarify: typically this means either business units are spun out as smaller companies, or sold off to competitors. You’d expect some job losses due to consolidation but it’s not like you are closing down all of the branches and sending everyone working there home.

How exactly would you break up Wells Fargo into a subset of businesses that had a chance of surviving on their own? This is especially bad for a bank. Customers would freak out and leave. I can't find a single historical example of a bank breakup that didn't result in the destruction of the entire business.

Customers freaking out and leaving would be awesome.
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