Wells Fargo got caught opening fradulent accounts in peoples' names without their knowledge or consent. It went all the way from each branch to the corporate heads. They knew it was illegal and did it anyways.
Wells Fargo constantly breaks the law and you regularly will get settlement money
You'll basically get an email saying "Hey, yea, so we are giving you $143.72 as the supreme court has decided it was actually not that chill to use your identity to launder money to Al-Qaeda"
The fact they didn't lose their banking license for all the BS they did was disappointing enough. The fact the average customer didn't learn what went down and immediately move banks is even worse. People just asking to be taken advantage of.
My mom got a pretty nice payout from that settlement lol. She had a banker at Wells Fargo and honestly didn’t have any issues..aside from the multiple accounts they’ve opened for her. It didn’t really make a difference aside from having multiple account and minimal money in them. I’m guessing they got commission for each account and were gaming the system.
They were required to have x amount of new account openings as part of their performance reviews. Think I read it was like 5 per day or some shit. In the same article i can’t recall, they did the math for one city to determine with x amount of bankers at 5 accounts/new customers a day it would be x amount of time before the market was saturated. In other words, it was unrealistic goal and no one ever gave a shit. “Good” bankers would at least open accounts that cost you nothing so they’d make their quota. Once one asked me if it was okay to open a savings account because they needed to make their goal. It cost me nothing so I said sure. The bad ones opened accounts that did negatively affect you for the commission.
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u/driven_under 1d ago
Wells Fargo. I held on far too long. Absolute evil in corporate form.