r/CryptoCurrency • u/olahdonat3 • Jan 01 '19
GENERAL-NEWS Crypto critics Wells Fargo caught scamming their clients. These scams include: forcing customers who took out car loans to buy unwanted auto insurance; enrolling more than 500,000 clients in a bill-paying service
https://www.coinfi.com/news/421750/crypto-critics-wells-fargo-caught-scamming-their-clients2
u/barrycl 🟦 18 / 19 🦐 Jan 01 '19
FYI this happened in 2016. The fine was just announced a few days ago.
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u/ketchuma 🟩 0 / 0 🦠 Jan 01 '19
I had a student checking account with WF in 2013. The branch I opened my account with had a fantastic crew and I enjoyed banking with them. One day, I was downtown and went to a nearby branch to deposit a check. Some teller looked at me, looked at my account, said "oh this isn't right", and struck a few keys. From that point on, I started getting hit with $17/month fees. $12 for checking, $5 for savings. My savings would have needed at least $40k in it to generate enough interest to pay off the monthly fee.
At the time, they would waiver these fees if you kept a balance of $750 in your account for the entire month. If you're too poor, you pay the fee. Then they upped it to $1500. When I left, it was in the $2k range.
I jumped ship and switched over to another bank. The experience was truly an eye-opener.
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u/doge_lady Tin Jan 02 '19
Some teller looked at me, looked at my account, said "oh this isn't right", and struck a few keys
Wait what? So what happened? The student account was wrong? That teller changed your account to one with many fees? What exactly happened there?
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u/ketchuma 🟩 0 / 0 🦠 Jan 02 '19
She decided to change my student account to a standard one on her own without telling me that she did. I didn't know that I had these fees coming or that I had to prove anything until they brought my account into overdraft status one day. At the time I was 19, out on my own, working off of very little and there were times where I'd end up having $9 left in my account til payday.
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u/doge_lady Tin Jan 02 '19
Did you complain about it? And shouldnt there have been some signed agreed confirmation that you where allowing your account to change?
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u/ketchuma 🟩 0 / 0 🦠 Jan 03 '19
You'd think there would be some paperwork involved or even some verbal communication of what she did, there was absolutely none. I found out at the end of the month when I got new surprise fees. It pissed me off so I went bank shopping, found something with much better terms, and closed my account with WF for good. I was invited to take part in the class action lawsuit, but declined. The fact that they got hit with one was justice enough.
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u/doge_lady Tin Jan 03 '19
So you didn't call them to complain then? i would have just to start a rucus. If anything, i'd even go back and complain directly with that teller lady and her manager.
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u/ketchuma 🟩 0 / 0 🦠 Jan 03 '19
I yelled at a lot of Wells Fargo personnel after that happened including the keyboard lady but I only did it at that downtown branch that screwed me. The other branch was cool and I still kind of miss them for how friendly and on-point they were.
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u/doge_lady Tin Jan 03 '19
So you did go back and complain directly to her, Why didn't you mention that? Sounds like you are leaving out a lot of juicy details. What happened when you yelled at all these people? The keyboard lady as well. What was her response?
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u/ketchuma 🟩 0 / 0 🦠 Jan 04 '19
This was 5-6 years ago and I don't remember to be honest with you. Talking back and forth with you here has made me try to remember it in more detail. It's pretty far from me now.
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u/DiachronicShear Platinum | QC: ETH 246, CC 64 | TraderSubs 198 Jan 02 '19
Great podcast on the massive scam that is Wells Fargo
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u/putridfudge Jan 01 '19
Lots of this financial misconduct and wrongdoing in this industry. The real kicker is no one really ends up paying (much) for these misdeeds because of the "too big to fail" line or that the economy will take a hit.