The scandals and accusations continue to mount for Wells Fargo. This time, the banking giant is being accused of overcharging small businesses to process credit card transactions. [More]
banking
Lost Your Chase Debit Card? You Can’t Get It Replaced At A Branch Anymore
By 8.8.17
Whether it was due to theft, fraud, forgetfulness, or calamity, many of us have needed to replace our debit cards post-haste. For many JPMorgan Chase customers, that usually just meant popping by the neighborhood branch and getting a replacement in minutes. So why has the bank reportedly ditched this convenient and popular program? [More]
Wells Fargo Customers Sue Bank Over Alleged Insurance Scheme That Led To Vehicle Repossessions
By 7.31.17
After a recent report alleged that Wells Fargo had charged its auto loan customers for unnecessary and unwanted insurance — resulting in 25,000 repossessed vehicles — the bank now faces a lawsuit from one of those borrowers. [More]
Wells Fargo Accidentally Handed Over A Bunch Of Confidential Info On Its Rich Clients
By 7.24.17
After having a heckuva time dealing with backlash over its recent fake accounts fiasco, Wells Fargo has another debacle on its hands: A new report says a lawyer for the bank accidentally released a whole lot of confidential information about tens of thousands of its richest clients. [More]
Lawmaker Calls For Ouster Of 12 Wells Fargo Board Members
By 6.19.17
Since Wells Fargo’s fake account fiasco came to light in Sept. 2016, the top executive at the bank has “retired,” other executives have departed, and many have lost bonuses. Despite this, there are many holdovers from the years when employees opened millions of unauthorized accounts. To this end, Massachusetts Senator Elizabeth Warren is calling for the ouster of 12 Wells Fargo board members. [More]
Wells Fargo Accused Of Adding Years To Modified Mortgages Without Telling Borrowers
By 6.15.17
As the country tried to crawl out of the last recession, homeowners all across America sought mortgage modifications to make their home loans more manageable. However, some homeowners say that Wells Fargo not only modified their loans without asking, but that this lower rate added years — perhaps decades — to the terms of their mortgages. [More]
Bank Regulator Knew Of Problems At Wells Fargo In 2010, Did Nothing
By 4.20.17 — Updated: 5.9.17
Now that Wells Fargo has completed its internal investigation into the fake account fiasco that resulted in millions of bogus accounts being opened in customers’ names, one federal banking regulator is admitting that it was aware of hundreds of related complaints nearly a decade ago, but failed to do anything to correct the problem. [More]
Wells Fargo CEO Claims Employees Can Call Ethics Line Without Fear Of Losing Jobs
By 4.19.17
In the six months since Wells Fargo’s fake account fiasco came to light dozens of employees have come forward claiming that their attempts to shed light on other employees’ bad behavior by calling the company’s ethics hotline ended in their termination. But the banking institution’s new executive says that’s no longer a worry. [More]
Wells Fargo Takes Back Another $75M From Former CEO & Exec Blamed For Fake Accounts
By 4.10.17 — Updated: 5.10.17
The Wells Fargo board of directors has completed its investigation into the bank’s fake account fiasco, which saw Wells employees open more than two million bogus accounts in customers’ names. For their failure to curb this bad behavior, “retired” CEO John Stumpf and former head of retail banking Carrie Tolstedt have had an additional $75 million in compensation clawed back.
[More]
Wells Fargo’s High-Pressure Sales Tactics Also Affected Credit Card Processing Division
By 4.6.17
Seven months after Wells Fargo’s fake account fiasco came to light and the bank ditched its high-pressure sales goal incentive program for retail banking employees, a new report reveals the company also revised its aggressive sales tactics for its credit-processing business following an internal probe. [More]
Wells Fargo Still Has A Lot Of Fake Account Fiasco Investigations To Deal With
By 3.31.17
Wells Fargo may believe that its recently announced $110 million settlement will put an end to the many federal lawsuits over the bank’s fake account fiasco, but that may be wishful thinking. In fact, the financial institution is still party to nearly a dozen investigations and lawsuits. [More]
Wells Fargo Customers Won’t Need A Card To Get Cash At ATMs Anymore
By 3.23.17
Can’t be bothered to carry a debit card, but need some cash on the go? Not a problem for Wells Fargo customers with smartphones, as the bank is rolling out its cardless technology at all of its roughly 13,000 cash machines. [More]
Wells Fargo Won’t Pay $32M In Bonuses & Equity To Top Execs
By 3.1.17 — Updated: 5.10.17
Prior to his “retirement” as CEO of Wells Fargo, John Stumpf said he would forgo his salary and bonus for 2016 as penance for the bank’s fake account fiasco. Now, fast forward several months, and the bank’s board has decided to take away millions in extra money that was supposed to go to new CEO Tim Sloan and other top executives. [More]
Wells Fargo’s New Account Openings Down 30% After Fake Account Fiasco
By 2.17.17
Despite overhauling its teller pay system and ditching a high-pressure sales goal incentive program, Wells Fargo continues to face the consequences of its fake account fiasco perpetrated by employees who opened more than two million unauthorized accounts, as customers continue to avoid opening new accounts and credit cards with the banking biggie. [More]
Wells Fargo To Stop Giving Branches A Heads-Up Before Inspections
By 1.24.17
Wells Fargo has rightly concluded that it should overhaul a lot of its sales practices after the fake account fiasco that cost the company $185 million in refunds and penalties and could cost it $4 billion in lost business. One change that the bank announced today is that it will no longer give branches a heads-up a day before corporate inspectors are scheduled to arrive. [More]
Troubled Mall Sells To Its Own Lenders For $100
By 1.19.17 — Updated: 1.21.17
The Galleria at Pittsburgh Mills is pretty typical for a troubled mall: it opened in 2005, but is now financially distressed. It didn’t have enough customers to support its retailers. While the mall still has anchors like Macy’s, JCPenney, and Dick’s, it recently sold at auction for $100. Sort of. [More]
CFPB Says TCF Bank Made Millions From Misleading Overdraft Practices
By 1.19.17
Fifteen months after Minnesota-based TCF Financial revealed it could face legal action from federal regulators related to alleged unfair and deceptive overdraft practices, the Consumer Financial Protection Bureau has finally taken legal action against the bank. [More]
Retailers Ask Congress To Please Not Roll Back Dodd-Frank Debit Card Reforms
By 1.4.17
Both the banking industry and conservative lawmakers are hoping that the incoming Trump administration will agree to repeal the 2010 Dodd-Frank Financial Reforms, but many in the retail world are calling on Congress to retain at least the portion of the law involving debit card transactions. [More]
