I’m absolutely mind-blown by the cluelessness – not to mention rapacious greed – displayed by Wells Fargo bank over the past few years.
- Back in 2015, the bank endured a major scandal involving accounts opened for customers without their permission (after which they were charged a great deal in fees and other expenses). It led to a criminal investigation. A massive fine was levied against them, and the CEO lost his job. The bank launched a big advertising campaign to persuade customers that it had changed, and was fixing the problems . . . but any positive result was rapidly demolished by the next scandal to come along.
- It emerged last month that Wells Fargo had imposed unnecessary insurance charges on thousands of customers who’d taken out vehicle loans. It affected ‘more than 800,000 people’, and ‘pushed roughly 274,000 Wells Fargo customers into delinquency and resulted in almost 25,000 wrongful vehicle repossessions’. Many customers’ credit ratings were affected. Great customer relations, that.
- Not content with two major scandals in a row, Wells Fargo has just been accused of misleading and ripping off thousands of merchants using its credit card services, resulting in millions of dollars in losses to those businesses. The bank’s contract was reportedly 63 pages long, hiding the details inside the morass of fine print. (Personally, if I get handed a contract that long, I’ll hand it back unsigned. Why subject myself to something that’s undoubtedly weighted against my interests? If it wasn’t, it wouldn’t be deliberately designed to be impossible for the average layman to understand!)
- I wonder what will be the next scandal to break over Wells Fargo?
I have to say, with a bank like that for a friend, who needs enemies? Right now, just about the last bank in America I’d trust with my hard-earned dollars would be Wells Fargo!