Description: The article is about wells fargo bank login. Wells Fargo is being sued by the city of Los Angeles over what they are calling a pattern of unlawful and fraudulent conduct. The complaint alleges that the bank pressured employees to open unauthorized accounts for customers.
Wells Fargo one of the nation’s top retail banks is again in hot water. The city of Los Angeles is suing the bank over a pattern of fraudulent and unlawful conduct,California’s largest based bank is accused of ripping off customers with bogus fees,opening up extra customer bank accounts without customer permission and failing to shut them down when customers found out and thus subsequently damaging customers credit.
On Monday,LA City Attorney Mike Feuer filed a civil complaint in state court alleging the bank managers sought higher profits by pressuring employees to open accounts,the result is that Wells Fargo has generated a virtual feed generating machine through which its customers are harmed,its employees take the blame and Wells Fargo reaps the profit.
Wells Fargo’s profits last year were more than 80 billion dollars,as the LA Times has reported,Wells Fargo is one of the foremost leaders in the nation of offering these add-on services to its customers,it doesn’t sound like that those profit numbers would have been so high if the bank not engaged in the alleged bad behavior.
Wells Fargo blames the employees,but Wells Fargo is reaping the benefits,they set the quotas,bank tellers have quotas,they have an amount of accounts that they have to open,that is causing the problem. Why do we have quotas in this industry?
There is a huge problem with quotas,they are putting fear into employees,apparently they are going home and begging their friends and their families to open ghost accounts so that they meet their quotas. This can only breed bad behavior by forcing the general public to open things that they don’t need and buy things that they don’t need. Those are some methods in order to reach their quotas.
I personally think that quotas should be banned. The fines and fees will produce when these quotas are set in place in the first time. When someone issued a ticket or couldn’t pay a bill,they didn’t know that account was open because the bank opened it without their permission.
Wells Fargo along with many other banks throughout the u.s. came under scrutiny during the subprime housing crisis which almost bankrupt the US,but according to the LA Times,in addition to that debacle,Wells Fargo allegedly kept up the shitty business practices for years. As the LA Times reported,the city attorney began investigating after the 2013 story by the paper revealed that.
The story relied on dozens of current and former employees of Wells Fargo,they relied on court documents in lawsuits filed against the bank. Wells Fargo has said that this is the result of actions by a few bad apples. How can so many people be affected by a few bad apples?
I was hearing about some stories of this earlier,those employees were refusing to close the unauthorized accounts. When a customer came to them and said that he had got up to ten accounts which were opened in my name that he didn’t give permission for,bank tellers would say that they were going to deal with it and then not deal with it. There are so many stories coming out like this.
I talked to a close girlfriend of mine who banks with Wells Fargo this morning,I asked her whether she knew about the situation,she was alarmed as many people would be who bank with Wells Fargo. She reached out to her financial adviser and her financial adviser came back,she emailed me this because she was horrified. Her financial adviser said,I wouldn’t worry,I suspected a lot of banking branches,regardless of which banks had these same problems,keep in mind that the press tended to sensationalize a lot of bad news.
It’s not a very comforting response.It certainly doesn’t speak well for the bank. I’m sure this one isn’t a spokesperson but that’s besides the point,it is a culture of acceptance of greed,it wantons disregard for the rules. I don’t know who gains by talking about this at all.
We have all these people who are affected,we’re talking about it because people are affected. I won’t say exactly who but I can’t tell you how many family members I have that bank with this bank,it’s seems absurd.
When we talk about the press being sensationalism,that’s a major organization with billions and billions of dollars pushing back against it. In this case,the LA Times does some great local journalism to uncover the misdeeds by major corporation against a lot of people.
The city attorney says that the current alleged misconduct is infrequently addressed and that further hurt customers. On the rare occasions,when Wells Fargo took action against its employees for unethical sales conduct,Wells Fargo further victimized its customers by failing to inform them of the breaches refund fees they were owed or otherwise remedy the injuries that Wells Fargo and its bankers have caused.
That nails it on the head to the point you are saying about. They were opening these accounts and then failed to close them. Los Angeles is suing under an unfair business practice,attorney Feuer says that he hopes it will stop all of this alleged unlawful misconduct,he’s also seeking penalties of up to $2,500 for every violation plus restitution.
This has been reported by the LA Times and other media,if all of that is successful in LA,it will apply to all residents of the county and perhaps people outside in the surrounding area who are harmed by these alleged fraudulent and illegal misconduct,it’s a galling situation. We keep hearing that the banks are too big to fail.
The banks should be held accountable especially if these allegations are proven to be true. Let us know what you think. Do you think Wells-fargo is engaging in a fraud? What do you think about the saying that banks are too big to fail.