https://finance.yahoo.com/news/column-wells-fargo-found-another-140015829.html
Read the whole article, before you comment.
10 replies (most recent on top)
What does this topic have to do with layoffs?
@1ekc+1dTs8KYX Your lack of reading comprehension and hearing the customer complaint proves that you must work in customer service at wells. He used a cashier's check. They said if he used a certified check (drawn at WF), there would have been no fee. What's the difference if they are deposited in the same account, and funds have to be verified with both?
blah blah blah
The bank is corrupt from the top down. It always has been and always will be.
Nice narrative, the problem is there are more regulations now then there were in the 1970s soooo, yeah. It's a myth that any major industry in the US is "unregulated". Just look at WFs relationship with regulators and the FRB and tell me that big corps just do whatever they want.
The wire fees dont go to the mortgage side. They go to the bank side so that assumption was wrong. The customer could have paid off with a cashier’s check for $10 or free if waived. Historically, payoffs are made by title co.s and other mortgage co.s. That’s why no one seems to have considered the increase in our own customers making payoffs. With all these cash offer co.s, that must be increasing. I’m sure we will begin waiving wire fees on our own payments/payoffs just like we are removing/limiting NSF fees (in flight). The real question is why did we never respond since it’s required and why does it take articles like these to get Chuck and the OC to pay attention?!? Does “too big to manage” sound familiar to anyone?
I think it's reaching a bit. It also says almost all banks do it. USB is a sh-t show too because mortgage is separate or was. I have to actually send them a check via bill pay. You can't transfer funds. The article also states that the payoff lists methods to pay. Payoffs of anything are very tricky I feel. When I was paying off a car at a credit union my check was 2 cents short due to a weird calculation. They refused to just eat the 2 cents. I went to my car and found two pennies.
For me, it re-confirms that WFC will only correct each wrong when it is brought in to the light of day.
They may have been caught on 10 issues, they vow to correct each of those issues when they are questioned and/or penalized, but there are 90 other issues that they are hoping no one catches.
I stopped reading when it said he worked for WFC and then continued to bank with WFC knowing it was a shitshow.
Article makes a great point about how deregulation in the 80s has been a complete disaster. Certainly not limited to the financial industry. But no one has had the spine to standup to these corporate ghouls and correct the damage of that era.