Months after lawmakers urged the Federal Reserve to oust the 12 Wells Fargo board members who served during the bank’s fake account fiasco, the banking giant has taken it upon itself to revamp some board seats. Next year, Chairman Stephen Sanger will step down and two other members will retire. [More]
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Will The Federal Reserve Fire Wells Fargo Board For Fake Account Fiasco?
By 7.13.17
Last month, Massachusetts Senator Elizabeth Warren urged the Federal Reserve to oust the 12 Wells Fargo board members who served during the bank’s fake account fiasco. Today, she received a response, sort of. [More]
Bank Sends Tax Forms, Personal Information To Wrong Customers
By 5.19.17
Tax forms mailed out by your bank contain all sorts of information you probably don’t want to land in the hands of a random stranger: Name, address, partial Social Security number, account number, and more. Yet, one large bank screwed up and sent this sensitive information to the wrong customers. [More]
Four Executives Fired Over Wells Fargo Fake Account Fiasco
By 2.21.17
The Wells Fargo fake account fiasco has already resulted in the “retirement” of the bank’s CEO, John Stumpf, and Carrie Tolstedt, Wells’ head of retail banking, for allowing employees to open millions of unauthorized accounts in customers’ names. But the bloodletting isn’t done yet, as Wells has dismissed four additional executives without the PR-friendly spin of “retirement.” [More]
Bank Employee Stole $1.25M From Bank… Very, Very Slowly
By 2.1.17
When you think of a bank robbery, you probably imagine some heavily armed crew trying to run off with as much money as possible in a very short window of time. But one Texas bank employee almost managed to get away with stealing more than $1 million, by chiseling away at her employer over the course of a decade. [More]
Amid Fake Account Fiasco, Wells Fargo Must Now Get Permission to Hire Or Fire Executives
By 11.21.16
Two months after federal regulators imposed a $185 million fine and other sanctions against Wells Fargo for its fake account fiasco, one of those agencies — the Office of the Comptroller of the Currency — has rolled back some of the terms of its deal, signaling it will require more oversight of the company. [More]
New Account Openings At Wells Fargo Drop 44% A Month After Fake Account Fiasco
By 11.18.16
Since Wells Fargo’s decade-long fake account fiasco came to light in September, analysts have warned that revelations about bank staffers opening millions of unauthorized accounts would result in consumers shying away from Wells. Those analysts may be right, with the bank confirming that new customer accounts fell dramatically during October. [More]
Wells Fargo Employees Say High-Pressure Atmosphere Caused Panic Attacks, Shingles
By 10.21.16
Wells Fargo employees caught up in the bank’s fake account fiasco lost more than their jobs if they did or didn’t meet sales goals: they also say they suffered physically and emotionally from the pressure placed on them by management to “sell, sell, sell.” [More]
Federal Inquiry Probes TCF Bank’s Overdraft Practices
By 11.6.15
Overdraft fees cost consumers an average of $32 billion each year. The hefty fees and their often less-than-transparent policies, which vary greatly between banks and financial products, have long garnered the ire of consumer advocates and federal regulators. Case in point: a Minnesota-based bank is now under investigation for possibly unfair and deceptive practices related to its overdraft program. [More]
Citibank Sends Nigerian Scammer $27 Million
By 2.22.09
37-year-old Nigerian scammer Paul Gabriel Amos convinced Citibank officials to wire him $27 million belonging to Ethiopia. Rather than go with the usual Nigerian nom de plumes like prince or will executor, Famous Amos pretended to be an official with the National Bank of Ethiopia. Amos forged “official-looking” documents that confirmed his status with the central bank and instructed Citibank to await faxes telling them where to send the country’s cash.
US Airways Partners With Bait And Switch Credit Card Sales Company
By 6.22.07
So tonight, I was unpacking, I got the calculator out of the box, and – surprise – I find out that I’d applied for a Master Card with Barclays Bank. Not just any master card, this one had an APR of either 18.24% or 20.24%. What a deal – about double what any of our cards are right now…
Messiah The Cat Gets $4200 Credit Card
By 1.3.07
Meow! Meow! That’s the sound of Messiah, a cat, charging expensive lingerie on his new credit card.
