The New Exchange » Wells Fargo

Rongone · 10/06/2016 9:06 am

So, you have to wonder about Wells Fargo and Mr. Stumpf when they say this lady did the right thing, returning the excess money dispensed by their ATM, when the bank refuses to admit wrongdoing and will not reimburse clients for the fees and credit damage done by their unauthorized opening of illicit accounts.

Wells Fargo grateful woman returned excess cash ATM spit out
Updated: OCTOBER 6, 2016 — 8:13 AM EDT

by The Associated Press
GLENOLDEN, Pa. (AP) - Wells Fargo says a Pennsylvania woman did the right thing when an automatic teller machine spit out hundreds of dollars that weren't hers: She returned the money.

Kristina Edwards tells the Delaware County Daily Times (http://bit.ly/2dHbMhK ) that she went to a Wells Fargo bank ATM in Glenolden on Sunday morning to withdraw $60.

When the machine instead popped out $380, she tried to chase down the customer in line in front of her to see if the money belonged to him. When she found out it didn't, she called Wells Fargo and was told to return the money to a bank branch when she could.

The 35-year-old single mother of two did that Monday.

A bank spokesman says Wells Fargo is grateful Edwards returned the money after the ATM malfunction.

It looks like Wells Fargo's business model is a one way street.

tennyson · 10/06/2016 10:15 am

Actually the lady did what we all should have done.

Robbing a robber does not make you a good person.

Rongone · 10/06/2016 11:02 am

I agree Tennyson.

I just don't understand Wells Fargo's contradictory double standard. What she did was right. What Wells Fargo did was wrong and they need to be held accountable for their deception. Pay back their clients and incarcerate the executives.

tennyson · 10/06/2016 11:36 am

Rongone wrote:
I agree Tennyson.

I just don't understand Wells Fargo's contradictory double standard. What she did was right. What Wells Fargo did was wrong and they need to be held accountable for their deception. Pay back their clients and incarcerate the executives.

Did many (or any) loose money because of the "fake accounts" ? I am not aware of any real losses other than reading some got charged fees for inactivity, etc on these accounts, but I believe most all were able to close the accounts without any issues. What was done was total fraud to keep up with ridiculous marketing goals. If you talk to a lot of people in banking generally there is a lot of undue pressure in many banks to sell extra services, etc.

Have you read of any substantial losses because of the fake accounts ?

Just a P.S. I have a Wells Fargo account. Living in York and traveling to Fla in winter I needed a bank that served the Fla region in addition to the York area. I have kept most of my banking at another bank but the Wells Fargo worked for me in that regards being more nationwide. I DO keep an eye on my accounts and have fortunately seen no new accounts pop up on my statements.

Last edited by tennyson (10/06/2016 11:39 am)

Rongone · 10/06/2016 1:17 pm

Well, let's see . . . Wells Fargo thus far has agreed to pay a $185 million dollar fine levied against them by the CFPB, and agreed to reimburse around $5 million in unauthorized fees to customers who had accounts they did not approve opened in their names, and one class action lawsuit filed against them for an undisclosed amount, and a virtual certainty that more suits will follow, so I guess one could surmise that customers suffered losses . . . Not only in monetary terms, but also the hassle, aggravation, and stress of calls from Wells Fargo associated collection agencies, and damage to consumer's credit scores.

https://www.thestreet.com/story/13700158/6/wells-fargo-fraud-what-you-need-to-know-as-a-consumer.html

I had a Wells Fargo account due to the acquisition of Wachovia by Wells Fargo. Even when I closed the account (with a zero balance owed) I continued to get notices of delinquent payments which had a detrimental affect on my credit report. After filing complaints with state and federal consumer and banking agencies, and a lot of correspondence, visits to a local branch, and a zillion phone calls, I finally got it cleared up. Wells Fargo never admitted any wrongdoing even though I had documentation proving the account was closed with no balance and no delinquencies on my part. They merely termed it "a clerical error and reporting oversight" on their part. I was never happier to end a business relationship in my life.

Wells Fargo was touted in a book I read entitled Good To Great as one example of a business that was "great". Based on my experience, and millions of others, with Wells Fargo, I can only say how far the great has fallen.

Rongone · 10/12/2016 4:47 pm

I wonder what color his parachute is?

I'm sure he won't be hurt financially . . . Unlike a couple million Wells Fargo customers.

Wells Fargo CEO John Stumpf resigns effective immediately

SAN FRANCISCO (AP) — Wells Fargo's embattled CEO John Stumpf has resigned, effective immediately, as the nation's second-largest bank is roiled by a scandal over its sales practices.

The San Francisco bank said Wednesday that Stumpf will also relinquish his title as chairman. Its chief operating officer, Tim Sloan, will succeed Stumpf as CEO.

Stumpf had led Wells Fargo since 2007.

He faced congressional hearings and consumer wrath after Wells Fargo was found to have opened millions of bank accounts without customers' permission.

The fake-accounts scandal at Wells Fargo is jeopardizing the future of hundreds of thousands of current and former employees, according to a lawsuit filed in federal court in Minnesota.

Stephen Sanger, the bank's lead director, will serve as the board's non-executive chairman. Independent director Elizabeth Duke will serve as vice chair.

Rongone · 10/12/2016 5:45 pm

I just heard his severance package is somewhere in the neighborhood of $130 million bucks.

So . . . I think he'll be able to survive.

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Rongone wrote:

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