NEW YORK, Nov 16 (Reuters) - Wells Fargo & Co (WFC.N) introduced small-dollar loans to customers online, the bank said Wednesday, as overdraft fees draw greater scrutiny in the United States.
https://www.reuters.com/business/finance/wells-fargo-starts-small-dollar-loans-amid-overdraft-scrutiny-2022-11-16/
To Post ID: @stf+1jJdyRNs, please stop with the ignorance-based DE&I comments. Here's factual info for you:
Many different races receive SNAP benefits: 37% of White Americans, followed by 26% of Black Americans, 16% of Hispanic Americans, 3% of Asian Americans, and 2% of Native Americans.
Rip-off our customer base now, budget for litigation. That is the Wells Fargo way!
It’s too little too late. Even if WF finds new creative ways to generate revenue, the mainstream media will say they are ripping off customers. Take an ax to the stage coach once and for all.
much better for wf customers than going down to an actual payday lender. I would be curious to know what the loss rates will be on this. In some ways it reminds me of a feature wf did away with years ago called direct deposit advance. I wonder why wf did away with that?
How else should they handle people spending money they don't have?
Let's just call it what it is, Payday Loan.
Big mistake. WF will make a boatload of money, later on people will start to complain, can you spell reparations? Smells like DE&I.