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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

#251

Post by sizzle »

TheSpiceIsLife wrote: post #224
bityard wrote: post #187

Earlier quoted context omitted.

I don't mean to marginalize your frustration, but I feel like you may have unrealistic expectations. First, you have a tech industry salary, which is probably at least twice as much as the median wage, if not more. Not only is it white-collar work with practically no risk to your physical safety (assuming you exercise, eat right, etc), but monetarily this puts you _way_ ahead of most people right out of the gate. If…

Where I live, I was fortunate to be able to borrow to purchase a very modest, poorly maintained house for $X, about 63% the price of a comparable reasonably well maintained house on the same street. Five years later everything on the street is now $2.75X while my wage has increased by about 6% in that same time. Rents have also been going yo quite dramatically. This is in a regional city of about 100,000 in Australia…

Congrats and I agree, their sentiment is “I got mine, try harder”

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

#252

Post by jupiter90000 »

dvt wrote: post #198
bityard wrote: post #187

Earlier quoted context omitted.

I don't mean to marginalize your frustration, but I feel like you may have unrealistic expectations. First, you have a tech industry salary, which is probably at least twice as much as the median wage, if not more. Not only is it white-collar work with practically no risk to your physical safety (assuming you exercise, eat right, etc), but monetarily this puts you _way_ ahead of most people right out of the gate. If…

> Since you asked for it, my advise is to live well under your means, save aggressively, set goals, and never stop learning. If you want to challenge yourself, look into a concept called "early retirement." Good luck. Ah yes, glamorizing the hustle. You'll surely make it if you just "work hard enough," wink wink. Working a 9-5 career is (and has been) a net negative ROI for at least 2 decades, if not more. To be comp…

FWIW, If you’re talking about the bank bailout in 2008, that was signed by Bush (not Obama).

https://en.m.wikipedia.org/wiki/Emergency_Economic_Stabiliza...

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

#253

Post by sizzle »

nerdponx wrote: post #152
sizzle wrote: post #139

Earlier quoted context omitted.

I can’t even afford a home right now on a tech salary with sky high rent paying off my landlords 2% refi’d mortgage and student loans making it impossible at 6-7% fed interest rate hikes and inflated home prices after the insane COVID housing price bubble increase. I feel like life won’t start for another 5+ years for people like me, unless we gamble on being underwater on an inflated mortgage entering at the peak of…

Same here. I wasn't financially prepared to buy a house at insanely inflated Covid prices while interest rates were down in the 2% range, and I'm not excited to to buy a house at 7% while prices are still substantially higher than pre-Covid levels. Meanwhile rentals for anything other than a tiny box are just as expensive as a mortgage at those rates. I don't understand how people who do not have 6-figure tech salari…

Trust funds and “old money” from family fortunes are alive and well in places like New York, how some younger people can afford to live like this without the high paying job or business they run.

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

#254

Post by btmiller »

moneycantbuy wrote: post #204
bityard wrote: post #187

Earlier quoted context omitted.

I don't mean to marginalize your frustration, but I feel like you may have unrealistic expectations. First, you have a tech industry salary, which is probably at least twice as much as the median wage, if not more. Not only is it white-collar work with practically no risk to your physical safety (assuming you exercise, eat right, etc), but monetarily this puts you _way_ ahead of most people right out of the gate. If…

Quoted post unavailable.

Approximately zero people participating in HN need to see this type of reply to a comment. I suggest you assume good intent in GP’s message and respond in a constructive manner.

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

#255

Post by sizzle »

mrhands556 wrote: post #238
sizzle wrote: post #139

Earlier quoted context omitted.

I can’t even afford a home right now on a tech salary with sky high rent paying off my landlords 2% refi’d mortgage and student loans making it impossible at 6-7% fed interest rate hikes and inflated home prices after the insane COVID housing price bubble increase. I feel like life won’t start for another 5+ years for people like me, unless we gamble on being underwater on an inflated mortgage entering at the peak of…

I bought my first two houses over the last 10 years and each time I thought we were at the peak, and I was way wrong. First mortgage had over 5% mortgage rate and 2nd was the same. Outside of closing costs mortgage rates are temporary (can always refi). Land is a finite resource. It should continue to go up.

You really think the people who got a <3.5% interest rate loan will let go of their properties in the next 5 years to purchase a 5%+ mortgage for a more expensive monthly payment? What incentive do they have?

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

#256

Post by SapporoChris »

tambeb wrote: post #216

I haven't been with Wells Fargo for a few years now, but I did get a check for about $200 in the mail the other day due to some fees that had been processed in an "unintended manner" apparently.

Similar thing happened to me. I had been a customer for maybe ten years and had my account closed over one overdraft. I got an apology check for a little over $100 a few months ago. I haven't been with Wells Fargo in over a decade, I had changed addresses, I was very surprised.

I had excellent experiences with Wells Fargo up until they closed my account. Instant car loan approval and overnighted loan. At the time they had one of best online experiences. I have no intention of returning, I don't ever want to experience an account closing again.

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

#257

Post by FollowingTheDao »

azemetre wrote: post #120
FollowingTheDao wrote: post #84

Earlier quoted context omitted.

I just watched a younger man bring his elderly and handicapped father into a Planet Fitness to take a shower because they were both homeless. I am homeless as well. That fine should all go to ending homlessness. And if you vote for the D or R you are voting for the same party; the O Party, as in Oligarchs.

I'm sorry but if one thing America should have learned over the last six years is that the two parties are nothing alike, equating them as the same and making a poor faith effort that voting is useless is extremely moronic.

The parties are different in all the ways that don’t matter.

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

#258

Post by pwinnski »

dimitrios1 wrote: post #105
pwinnski wrote: post #75

Earlier quoted context omitted.

I don't think much of this is true. While corporate credit unions did participate in TARP[0], for example, that's not the common perception. Not only were they primarily corporate credit unions rather than consumer credit unions, far fewer of them participated in the program than banks: around 20% as many. For people, credit union accounts are federally insured just like bank accounts are, but credit unions are typic…

Perhaps I summarized incorrectly, I was getting most of that information from here https://ncua.gov/about-ncua/historical-timeline (your linked sources are horrible sources just in case you were not aware: both are paid media fronts designed to drive revenue through clicks, not reliable sources)

My bad on the sources, I searched for links to support my memories, and didn't pay close attention.

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

#259

Post by Eisenstein »

IG_Semmelweiss wrote: post #236
bill_joy_fanboy wrote: post #199

Earlier quoted context omitted.

> First, you have a tech industry salary, which is probably at least twice as much as the median wage, if not more. This is exactly his point. If he can't make it with what he has going for him, who can? > You only options are to accept that and adjust your budget/income/location appropriately, or opt to rent forever, which is not at all a bad thing since owning a primary residence is never an investment. (Although t…

what about people that dont pay taxes i.e. every other chinese, saudi, indian, russian, EU and LATAM millionaire that owns several properties in miami, orlando, nyc, LA, dallas, houston, phoenix, etc. What about banks and REITs that are passthru entities for the same folk above ? What about SV out-of-staters that don't pay state taxes but work remote at places like LV, Salt Lake, or Boise ? You want to fleece your ow…

> You want to fleece your own... but others you let just... walk in ?

I don't recall the person you replied to mentioning that. Why is it impossible to levy property taxes on real estate in your own state from people who live somewhere else?

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

#260

Post by scarface74 »

dvt wrote: post #198
bityard wrote: post #187

Earlier quoted context omitted.

I don't mean to marginalize your frustration, but I feel like you may have unrealistic expectations. First, you have a tech industry salary, which is probably at least twice as much as the median wage, if not more. Not only is it white-collar work with practically no risk to your physical safety (assuming you exercise, eat right, etc), but monetarily this puts you _way_ ahead of most people right out of the gate. If…

> Since you asked for it, my advise is to live well under your means, save aggressively, set goals, and never stop learning. If you want to challenge yourself, look into a concept called "early retirement." Good luck. Ah yes, glamorizing the hustle. You'll surely make it if you just "work hard enough," wink wink. Working a 9-5 career is (and has been) a net negative ROI for at least 2 decades, if not more. To be comp…

> To be completely honest, this is why I'm on HN: doing your own startup is one of the few relatively low risk gambles one can take.

This take is relatively…naive

Most startups fail and you would be much better off “grinding LeetCode and working for a FAANG” (tm r/cscareerquestions).

That’s just like people “starting their own business” and buying a franchise where their net profit is less than $70K a year and that’s only after the owner works 60+ hours a week.

Give me a cushy $BigTech job any day.

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