Wells Fargo Fiasco
 

In light of reports of AMEX recently persecuting customers for supposedly MSing on the Platinum 100k deal, we are reminded that it is the banks that need to clean up their act before further harassing customers. Wells Fargo, for example, recently got fined for setting up 2 million phony accounts. I guess the banksters just aren't bringing in enough revenue gaming Libor rates, illegally foreclosing on home and money laundering. Our government preaches diversity, but setting up phony accounts and charging customers for services they never authorized may be taking diversity just a tad too far.:eek:

I guess the question for the day is "Should we trust bankers?"

Every bank has problems. But the scale at WF is just astonishing!

I feel better with my multiple Kroger and Safeway accounts now. :)

do you have a link to MSing on the Platinum 100k persecuting customers

One has nothing to do with the other.

First and foremost, WF has been accused of acts that warrant a much heavier penalty in my opinion. With that said, there is nothing thus far to indicate that any other bank participated in this. I have multiple accounts at Chase bofa and TD and have never had an unrequested account opened.

Reigning in credit card churning, a process in which one customer manipulates the rules to their benefit, usually via MS, is prudent management on the part of banks. If you consider things like this, or asking a customer to pay their mortgage harassment that is truly sad.

Just go to the Amex subforum. It's always at the top haha.

That's what incentives get ya. Employees received bonuses for signing up customers for accounts. With over 5,300 fired, the employees must have had some kind of internal messaging system they shared info about how to make some easy money within.

May I ask, what's the benefit of multiple grocery accounts?

A lot of what is happening in MS today is not available to the public. This is being shared from reliable folk in private groups. AMEX has denied particular spending from being counted for the bonus with notification given after the expiration of the time period to make the spending. This is 100% happening.

See my earlier comment. AMEX is denying spending without receiving the level of sales detail to determine what was bought. If I were to buy a $500 Barnes and Noble gift card for my kiddo in college to use in his bookstore that is absolutely playing by AMEX identified rules. But if AMEX denies the spending because it assumes the purchase was for a $500 prepaid debit card, then I say put the management in stocks and fire away with the rotten cabbages and tomatoes. How dare banksters give the stink eye in such a situation when they incentivize fraud by employees and give fraud the blind eye. Or have we forgotten AMEX's past fines for money laundering and violation of consumer protection laws? As I recall Chase and BoA were both fined for money laundering and TD for a Ponzi scheme. If you put these institutions on a pedestal the mob will only have an easier target to hit with those rotten veggies.:p

BTW Harleyn , would you happen to know the size of the bonus top Well Fargo management received during the time this fiasco was going on? That $155M in performance pay to John Stumpf would buy quite a few trainloads of rotten cabbages for my trebuchet.

Did anyone else get notified recently by Wells Fargo that their checking account was compromised? Wells Fargo changed my checking account number, and is replacing my debit card. I didn't see any fraudulent transactions; Wells wouldn't give me details other than that they have evidence that a known fraudster has my account info.

That happened to me once. Both my checking and saving accounts at WF were closed and re-opened with new account numbers.

In the good and old Safeway days (actually not that long ago), they had some good coupons from time to time. Usually it is one coupon per account, so ...;)

Not useful anymore though.

I have been saying all along, they are crooks I tell you no checking account bonus were even provide to customers....

Wells Fargo's response to their fraud fiasco (per CNN Money):

"We are eliminating product sales goals because we want to make certain our customers have full confidence that our retail bankers are always focused on the best interests of customers," CEO John Stumpf said in a statement.

The question of the day is whether eliminating incompetent management is a better solution to giving "full confidence that our retail bankers are always focused on the best interests of customers." Retaining management that turned a blind eye to incentivizing fraud gives no banking customer any confidence. As Matthew 18:9 urges "If thine (blind) eye offend thee, pluck it out."