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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

#391

Post by EdwardDiego »

csomar wrote: post #348
EdwardDiego wrote: post #149

Earlier quoted context omitted.

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

To be fair, this is common among most of the big banks in the US. In my opinion, they do not cater for poor people and only make sense if you make $50k+ in transactions with them per year. Case in point: I have a WellsFargo account. It was mostly dormant for 4-5 years with enough cash to avoid the penalty fee. In the last year, I used it for most of transactions (doing $10k+/month at some points). I got my credit car…

What kind of account was it that was dormant, was it a regular checking account?

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

#392

Post by yellowapple »

btmiller wrote: post #254
moneycantbuy wrote: post #204

Earlier quoted context omitted.

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.

Wrong; vastly more people need to see that type of reply to a comment. If landlords don't like the idea that they're actively robbing working-class Americans to the extent that said working-class Americans are decreasingly hesitant to respond to that violence in kind, then said landlords are kindly encouraged to, you know, stop robbing working-class Americans. Nothing stopping them from working an honest living like the rest of us instead of existing on our teat against our will.

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

#393

Post by zamfi »

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…

If you think housing is nuts, wait until you hear about childcare!

That said, you turned on the prior poster for basically saying “set a budget” — that’s not “glamorizing the hustle” that’s “live with intention”.

Sure, millennials and gen-z can’t afford housing in LA — but basically the only generation that widely owned property is the boomers, and that corresponded with insane labor scarcity (thanks, WW2) and the era before housing moratoriums.

Want more housing? Vote against laws restricting housing. Or, move to where housing isn’t restricted. There are tons of millennials and gen-z buying property, it’s just not in SF, LA, NYC, Seattle, or Portland — those metros have spoken, and they’re 100% invested in not letting newcomers in unless they’re very rich.

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

#394

Post by ipaddr »

Godel_unicode wrote: post #317
jliptzin wrote: post #221

Earlier quoted context omitted.

I have started a number of businesses, even what I considered the unsuccessful ones still made me more money than I would have made at any 9-5 I could have had at the time. You just have to be willing to do something boring and compete against businesses that aren’t currently being run well. Starting the 7,000th craft beer company is gonna be really hard but (for example) being the #1 powerwashing company in your tow…

You can start a business that you get an dopamine hit from telling people about, or you can start a business that makes real money. Pick one.

Or you can create a cryto scam and have the best of both worlds.

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

#395

Post by yellowapple »

esoterica wrote: post #347
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…

Why do you think your life won't start until you buy a house? It's psychotic how much psychological weight people put on homeownership.

> It's psychotic how much psychological weight people put on homeownership.

When the options are "pay hundreds to a couple thousands of dollars per month for 30 years or less" v. "pay hundreds more than that per month in perpetuity", it should be entirely unsurprising that the former is vastly preferable.

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

#396

Post by yellowapple »

mbg721 wrote: post #12
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…

The fact that people experience this and then somehow don't say "burn it all down" is miraculous.

It's only a matter of time before that miracle starts to wear off - assuming it hasn't already started to wear off.

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

#397

Post by yellowapple »

water554 wrote: post #203
pxc wrote: post #189

Earlier quoted context omitted.

Neither party is willing to solve homelessness by actually fucking housing people , and you're calling a homeless person a moron because their assessment of the two parties which, to avoid disturbing the existing economic order, mutually assent to that permanent state of crisis , doesn't include enough conciliatory language for you about how Orange Man Bad? Jesus Christ.

So to be clear, you are saying my tax money should be used to house the homeless, at exorbitant rates, while I cannot afford to buy house myself. I don't agree with this. I don't think homelessness can be solved by building more housing. Not sure if you have lived near homeless encampments before. If you know you know.

> So to be clear, you are saying my tax money should be used to house the homeless, at exorbitant rates, while I cannot afford to buy house myself.

Who says it has to be your tax money? There are plenty of millionaires and billionaires in this country, and yet for some reason the only solutions that ever get traction are to put the tax burden on literally everyone other than the people with the most wealth. Hmm, gee, I wonder why? Probably nothing to do with the political duopoly said millionaires and billionaires bankroll, right?

> I don't think homelessness can be solved by building more housing.

It definitionally can and is solved by building housing for the people who lack housing.

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

#398

Post by yellowapple »

rayiner wrote: post #196
techsupporter wrote: post #133

Earlier quoted context omitted.

> 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? I don't mean to put words in obblekk's mouth (text box) so what I perceived them as meaning is: I don't think the person you're replying to was advocating for direct person-on-person action. When we s…

> To me, it's like when people complain that "those damn unionized trash truck drivers are making $90,000 with a lot of overtime and a pension." Why is the response to try to tear them down, when the correct, to my mind, question is "why don't I have that, too? Because if total salary income were uniformly distributed across the population, the average would be like $80,000 a year.

I'm failing to see the problem with that. Sure, $80k is less than $90k, but it's a hell of a lot better than what the vast majority of Americans currently enjoy.

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

#399

Post by yellowapple »

aschearer wrote: post #51
Meekro wrote: post #38

Earlier quoted context omitted.

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…

No clue why you're being downvoted, what you say is the correct response. Suffering is all around us and deep, but that's not license to inflict more of it on others.

It ain't a license, true, but I have a much harder time blaming the one lashing out due to suffering than I do blaming the one inflicting that suffering in the first place.

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

#400

Post by yellowapple »

googlryas wrote: post #56
willcipriano wrote: post #13

My father taught me that if you are going to steal from someone you never steal his tools or his vehicle, because those are the means he uses to make a living and you dont want to be responsible for his kids going hungry. Given this history of Wells Fargo this isn't a one off accident. It's often said but people really need to go to prison for this, not club fed either, send them to be with the other carjackers.

A hierarchy of things to steal is a weird father-son lesson I must say.

Arguably an important lesson, though. Just because you might have to steal to survive doesn't mean you have to be a dick about it. Likewise, if someone's stealing to survive and not being a dick about it, that leaves less motivation for retaliation and more motivation for compassion.
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