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| Porn Users Forum » Wells Fargo sued by customers over fraudulent accounts |
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| 09-18-16 01:52pm - 3017 days | Original Post - #1 | |
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aslanozzy (0)
Active User Posts: 14 Registered: Jun 06, '16 Location: Madison,Wi |
Wells Fargo sued by customers over fraudulent accounts Wells Fargo sued by customers over fraudulent accounts. http://money.cnn.com/2016/09/16/technolo...wells-fargo-lawsuit/ | |
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| 09-19-16 12:47am - 3016 days | #2 | |
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RagingBuddhist (0)
Disabled User  Posts: 893 Registered: Jan 23, '07 |
I ran from Wells Fargo years ago when they took over a bank I'd been with for 30 years (through plenty of other mergers, too). They were trying to charge me $30 a month for overdraft protection even though I had it in writing and signed by the bank manager that I could - and did - opt out from having overdraft protection. For months after I closed my account, I kept getting letters in the mail, telling me I owed them money. I got fed up with it enough that I marched into the bank and, making sure I made a scene, asking for the manager to explain how I could owe money for 1. something I had written proof that I didn't have and 2. an account that was closed for months. Their response? "We'll take you to court." My response? "For $90? Looking forward to it." I never heard anything from them again. Sarcasm is a body's natural defense against stupidity. | |
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| 09-19-16 10:14am - 3016 days | #3 | |
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merc77 (0)
Disabled User Posts: 291 Registered: Apr 17, '16 |
Too big to fail is something that should never happen. I am glad something is being done to these bank behemoths. The government should nationalize the lot of them. (They did that during the Great Depression.) "Dogs think people are Gods. Cats don't as they know better." - Kedi (2016) Dogs have masters; Cats have staff. | |
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| 09-19-16 04:04pm - 3016 days | #4 | |
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lk2fireone (0)
Active User  Posts: 3,618 Registered: Nov 14, '08 Location: CA |
merc77, you are glad that something is being done to punish the big banks? Right.   The head of the Wells Fargo bank division that is being investigated for fraud and overcharging customers is retiring this year. Her retirement package from Wells Fargo is only worth about $124 million (shares, options, restricted stock, plus other benefits). When the financial meltdown of 2008 occurred, and many banks and brokerages were close to going bankrupt, the US government bailed out the banks and brokerages with many billions of dollars in aid. A large percentage of the bailout money (many billions of dollars) went to the executives at the banks and brokerages in the form of bonus money: this was to the executives who led the banks and brokerages to bankruptcy except for the government bailout. ======================================= http://money.cnn.com/2016/09/12/investin...ccounts-exec-payday/ $124 million payday for Wells Fargo exec who led fake accounts unit by Matt Egan @mattmegan5 September 13, 2016: 2:52 PM ET Senator Warren calls Wells Fargo scam a "staggering fraud" Carrie Tolstedt has made a fortune presiding over Wells Fargo's efforts to aggressively sell multiple accounts to each of its millions of customers. But that "cross-selling" strategy is now under intense scrutiny after the bank was caught creating over 2 million fake bank and credit card accounts without the knowledge or consent of its customers. Wells Fargo on Thursday was fined $185 million and admitted to firing 5,300 employees in recent years. The disturbing practices took place under the leadership of Tolstedt, who headed the community banking division of Wells Fargo (WFC) for at least nine years. Last year, as executive vice president of the division, Tolstedt made $9 million in total pay, a reward for "continued growth in primary checking customers" and other metrics. Carrie Tolstedt headed the community banking division of Wells Fargo for at least nine years. Despite the shocking scandal at her division, 56-year-old Tolstedt is set to walk away with an even bigger fortune when she retires at the end of the year -- a $124 million payday through a mix of shares, options and restricted stock, according to calculations of company filings based on the current stock price. The huge package was accrued over her two-plus decades at Wells Fargo and was not directly tied to her retirement. One of Tolstedt's biggest achievements was the expansion of multiple accounts held by Wells Fargo customers. In 2014, Wells Fargo specifically cited "strong cross-sell ratios" as a factor behind Tolstedt's multi-million dollar pay. In fact, that same year, in a presentation to investors, Tolstedt and other executives touted the bank's "expertise" in selling multiple products, which was immensely profitable for the bank. In fact, customers that had 10-plus products each with the bank were 10 times more profitable. The phrase "cross-sell" came up in the presentation 19 times. It was this kind of internal analysis that led to Wells Fargo's internal goal of selling at least eight financial products per customer. Wells Fargo calls it the "Gr-eight initiative." The pursuit of cross-selling was at the heart of the pressure cooker environment described by Wells Fargo employees to CNNMoney. In fact, a lawsuit filed by Los Angeles against Wells Fargo in May 2015 says that the bank was consumed by this goal. District managers discussed daily sales for each branch and employee "four times a day, at 11 am, 1 pm, 3 pm and 5 pm," the lawsuit said. wells fargo fake account employee To reach unrealistic goals, Wells Fargo employees engaged in all kinds of sordid practices, including the creation of fake email accounts. Wells Fargo did not comment on Tolstedt's compensation, which CNNMoney calculated from regulatory filings. Fortune previously reported on Tolstedt's huge looming payday. In theory, Wells Fargo could try to "claw back" this pay, given the turmoil in Tolstedt's division. Wells Fargo's policies give the bank the ability to demand bonuses and other forms of pay be taken away if they're based on "materially inaccurate financial information or performance criteria." Creating millions of fake accounts would seemingly fall under that category. And Tolstedt was head of Wells Fargo's retail banking and credit card divisions during the time that regulators say the illegal sales activity took place. The scandal "probably should lead to a pay claw-back" from Tolstedt, CSLA analyst Mike Mayo wrote in a report on Monday. However, a Wells Fargo spokesman declined to comment to CNNMoney on whether the bank is planning to claw back any of Tolstedt's pay. Wells Fargo is also standing by its July announcement that Tolstedt is leaving the bank at the end of the year to "retire" after a "long and successful career." "She made a personal decision to retire after 27 years with the company," the spokesman said. Tolstedt's compensation could become fodder at a potential Senate hearing on the Wells Fargo scandal. Sen. Elizabeth Warren and four other lawmakers on Monday called for Wells Fargo CEO John Stumpf to testify on what she called a "staggering fraud." --CNNMoney's Cristina Alesci contributed to this report. CNNMoney (New York) First published September 12, 2016: 4:24 PM ET delayed by two minutes. All times are ET. Disclaimer. Morningstar:  2016 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2016. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices S&P Dow Jones Indices LLC 2016 and/or its affiliates. 2016 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy. AdChoices. Edited on Sep 19, 2016, 05:01pm | |
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