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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

#291

Post by zdragnar »

sophacles wrote: post #169
zdragnar wrote: post #158

Earlier quoted context omitted.

They didn't just set it on fire, they literally burned it to the ground. I watched live streams of the police abandoning the precinct building. Elsewhere, people were firing fireworks mortars into occupied federal buildings, with little to no recourse. "Good" protesters were overshadowed in media coverage of "bad" protesters, but I also saw a grocery store get completely ransacked for no reason other than people deci…

Those "bad" protesters were from the "pro police" side: https://www.police1.com/george-floyd-protest/articles/man-se...

According to the article, only one of the five people charged was a member of the boogaloo boys, and he was charged for firing a weapon; he wasn't involved in any of the arson charges.

Also note the entire crowd chanting "burn it down".

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

#292

Post by MobileVet »

jimt1234 wrote: post #202

I used to be a Wells Fargo customer, just before all the news of shady "operating practices". One day I was trying to login to their online banking web site, but my password wasn't working and the reset functionality also wasn't working. I called their customer support, and the rep told me to make sure I was using the correct password. She then read my password to me . Later that day I drove to the branch and closed…

That… scares the crap out of me. How is that even possible, beyond the worst possible infrastructure practices imaginable?

If I knew of another bank in North Carolina with decent coverage I would swap for sure. That said, don’t really use the atm that often so maybe I shouldn’t worry about that.

Only at WF because Chase wasn’t in NC and yes they opened extra accounts for me.

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

#293

Post by sweezyjeezy »

xyzelement wrote: post #280
sweezyjeezy wrote: post #272

Earlier quoted context omitted.

(I live in London) You didn't save til 40, now own multiple properties? Yeah our generation can't do that. While having a high paying job is great, it usually comes hand-in-hand with HCOL and obscene local property prices, meaning you have to either a) move to and live somewhere else (work remotely?), b) have to settle for living somewhere basic for a few years, c) rent forever. That decision really sucks. Previous g…

Is it really true that previous generations didn't have to sacrifice to buy homes? That seems patently false to me. First, previous generations were significantly more thrifty which meant more cash on hand. Don't believe me? Let's say you save 30 bucks a day starting at 20 (most of us can easily do that by controlling how much we eat out) - that means you have 110k in your bank for a down payment on your 30th birthda…

$30 a day is almost $1000 per month, that's completely unrealistic for 90+% of under 25s, most people don't hit that kind of saving power til they are 30. And I don't see any evidence in your post that previous generations did that? My parents certainly didn't, they started saving at 30 on teacher's salaries and bought a house three years later. That house (in Cambridge, UK) is now worth £800k, I can't afford that, despite earning far more than their salaries at retirement put together.

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

#294

Post by mbg721 »

hdhdhdh88 wrote: post #181
mbg721 wrote: post #31

Earlier quoted context omitted.

I agree 100%; what can a layman like me do to fix it?

If possible, leave USA. There are political systems around the world that aren’t broken and there are some that are actually being fixed by voters (e.g. Australia). But USA is broken for at least our lifetimes. You only live once.

I think the real lesson, rather than "leave the USA", is "have a close-knit support structure".

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

#295

Post by MaysonL »

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…

> This is all happening because Obama didn't have the balls to just let the shoddy banks crash and burn, and we continued QE for around a decade to alleviate blowback from 2008. This, combined with other factors (a lax policy w.r.t. foreign investments in real estate), will screw us in the long run.

It also happened because most of the FBI agents who worked on white-collar fraud prior to 9/11 were reassigned to counter-terrorism work afterwards, and so the rampant fraudulent appraisals and mortgages prior to the housing crash were never investigated, let alone prosecuted.

Contrast 2008 with the reaction to the S & L debacle.

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

#296

Post by hackerlight »

EdwardDiego wrote: post #149
calibas wrote: post #119

Some good reading on Wells Fargo: https://www.theroot.com/ghetto-loans-for-mud-people-17908695... And a little story from my own experience. I was completely broke, and they slapped me with a big fine for not having enough money in my account. Then the teller smugly explained that I should be thankful because they could have fined me even more if they wanted to... I closed my account at that point. And for people who…

How in the hell is it legal to charge someone a fee for having a balance below $X?

They would have "agreed" to it in the fine print of a 20 page ToS that they didn't have the time or legal skills to read. Then crony capitalist corruption makes it so that lawmakers don't outlaw it.

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

#297

Post by roughly »

Kye wrote: post #144
toomuchtodo wrote: post #16

Earlier quoted context omitted.

I was unable to obtain a government backed mortgage for a decade because LexisNexis Risk Solutions was reporting a judgement inaccurately on my risk profile that they would not remove until I had a lawyer file suit against them and notified the CFPB. I received a $600 check as part of a $21M class action settlement [1]. I was lucky, and had the means to obtain creative financing (non-QM) when needed. Others are not s…

The CFPB is so good. It's one of a small number of federal agencies that actually has teeth. I went 30 rounds with PNC after they devoured what was left of Simple before someone suggested filing a CFPB complaint. Basically, I received some mail for the account despite being assured it was closed before the Simple closure. I asked for a letter stating in no uncertain terms that the account was closed and that I wouldn…

> The CFPB is so good. It's one of a small number of federal agencies that actually has teeth.

Naturally, the GOP has been trying to gut it for years.

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

#298

Post by BenjiWiebe »

caogecym wrote: post #261
theandrewbailey wrote: post #5

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

Their ATMs are pretty handy. It does not require a physical card - you can just tap your phone on the ATM to withdraw cash. Also there’s lots of ATM locations in north California which is pretty convenient if you happened to need cash. One thing I do not understand though is that when deposit via their mobile app, they ask you to write something like “Used for Wells Fargo mobile deposit” on the check, which is a pain…

I have accounts at two different banks. One requires a similar message written on each check, the other doesn't.

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

#299

Post by xyzelement »

sweezyjeezy wrote: post #293
xyzelement wrote: post #280

Earlier quoted context omitted.

Is it really true that previous generations didn't have to sacrifice to buy homes? That seems patently false to me. First, previous generations were significantly more thrifty which meant more cash on hand. Don't believe me? Let's say you save 30 bucks a day starting at 20 (most of us can easily do that by controlling how much we eat out) - that means you have 110k in your bank for a down payment on your 30th birthda…

$30 a day is almost $1000 per month, that's completely unrealistic for 90+% of under 25s, most people don't hit that kind of saving power til they are 30. And I don't see any evidence in your post that previous generations did that? My parents certainly didn't, they started saving at 30 on teacher's salaries and bought a house three years later. That house (in Cambridge, UK) is now worth £800k, I can't afford that, d…

We are not talking about "90%+" here. This thread is in response to someone who "can't afford a house on a tech salary." Tech comp has been over 100K/year out of college for a while now, and even on somewhat less you should either be saving a ton or have much fat to trim in your expenditure.

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

#300

Post by dpkirchner »

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…

Do you have a sense of how many properties are owned by folks from other countries, as a percentage of the total housing stock? The national association of realtors[0] put out a press release saying their purchases accounted for about 1.6% from April 2021 through March 2022, however it's not clear from their figures whether that is all existing homes or a mix of new and existing. If that is right that doesn't seem too bad, at least for a year. Dunno what the total ownership stats say.

0: https://www.nar.realtor/newsroom/annual-foreign-investment-i...

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