181–190 of 211 posts
I worked at Wells Fargo back in 2003. The emphasis on product bundling predates Stumpf and was attributed to Kovacevich when I worked there, and they were very proud of its effectiveness on the bank's bottom line. The unwanted accounts shenanigans were well in play when I started. I recall having to call branches to report this stuff and have accounts closed(phone bankers had some status back then at least, though I'…
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Why should you care who services your mortgage? The only thing on your mind should be proper treatment of any payments you make exceeding your standard payment. You need to be sure that extra amounts are credited to principal.
Because you are funding evil? Why would you not care? Why is half of the world sociopaths?
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> This was by no means an accident. Thank you for pointing this out. I keep seeing comments to the effect of "Wells doesn't make any significant profit from opening bogus accounts (unused accounts are typically unprofitable to the company), so the executives couldn't have wanted this." These comments reflect a misunderstanding of modern executive compensation and the incentive structures set up for executives in larg…
> A control fraud will often obtain "investments that have no readily ascertainable market value", and then shop for appraisers that will assign unrealistically high values and auditing firms that will bless the fraudulent accounting statements. A whole new way to think about startup acquisitions!
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What is special about WF? I use schwab as a main account (free ATM usage world wide w/ no currency exchange fees), keep a free BoA eChecking account for cash deposits that I haven't done in years and have credit cards with various banks. I also use schwab & vanguard for index funds.
I use a local credit union. I don't understand what the big national banks offer that is appealing. What "online services" do they offer that every local bank/CU in 2016 doesn't offer as well?
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What is special about WF? I use schwab as a main account (free ATM usage world wide w/ no currency exchange fees), keep a free BoA eChecking account for cash deposits that I haven't done in years and have credit cards with various banks. I also use schwab & vanguard for index funds.
I use a local credit union. I don't understand what the big national banks offer that is appealing. What "online services" do they offer that every local bank/CU in 2016 doesn't offer as well?
[1] https://theintercept.com/2016/10/12/just-four-months-ago-new...
I worked at Wells Fargo back in 2003. The emphasis on product bundling predates Stumpf and was attributed to Kovacevich when I worked there, and they were very proud of its effectiveness on the bank's bottom line. The unwanted accounts shenanigans were well in play when I started. I recall having to call branches to report this stuff and have accounts closed(phone bankers had some status back then at least, though I'…
Just curious--why do you still remain a customer of Wells Fargo?
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http://i.imgur.com/KM2fzuS.png Every time she tries to get a job anywhere, that form will be checked by her potential employer?
I mean, it makes sense, there's a certain amount of trust involved in finance so you'd like to know if a prospective employee had been fired in the past on suspicion of fraud/salami slicing/whatever
Most jobs involve some referencing, talking to previous employers etc. I guess this is different because the banks all agree to abide by the black mark.
Earlier quoted context omitted.
> This was by no means an accident. Thank you for pointing this out. I keep seeing comments to the effect of "Wells doesn't make any significant profit from opening bogus accounts (unused accounts are typically unprofitable to the company), so the executives couldn't have wanted this." These comments reflect a misunderstanding of modern executive compensation and the incentive structures set up for executives in larg…
> A control fraud will often obtain "investments that have no readily ascertainable market value", and then shop for appraisers that will assign unrealistically high values and auditing firms that will bless the fraudulent accounting statements. A whole new way to think about startup acquisitions!