Description: In this article about wells fargo mortgage login, the author is going to show you that Wells Fargo is facing allegations that it’s ripping off customers through fees for delays in processing mortgage applications. Wells Fargo continues to be hit with fallout from its sham-accounts scandal.
As Wells Fargo company continues to be hit with fallout from its scam account scandal, the bank is facing allegations that it put screws to customers in yet another way by slapping them with fees for delays in processing mortgage applications.
A former Wells Fargo mortgage banker who worked in Beverly Hills alleged in a lawsuit this week that the bank falsified records so it could blame holdups on borrowers, it fired him for trying to report the practice, is anybody surprised?
It’s very typical of that person who is punished, it is not the wrongdoer, it’s the person who whistle blows and reports the wrongdoer to the authorities, that’s the one that gets punished, that’s hardened our society now, meanwhile no one goes to jail.
There’s no competition, Wells Fargo doesn’t lose their customers until the following two things happen, there are regulatory penalties that include prison time, there’s real competition so that customers have real choice, these practices won’t end.
It’s no surprise to me that this was dealing with fees, because that’s what they specialized them, I hate Wells Fargo to the core because when you would draw $20 from there, you get charged $3 or $5, you end up paying on this money.
They always are looking for places where they can penalize the customer, your feelings about Wells Fargo put you in good company with 92% of the country, they distrust their financial institution, unfortunately I have Wells Fargo, I had them for everything, I had them for my mortgage, I had them as my bank.
I even have some investment vehicles with them, I got to purge my life of Wells Fargo, but we signed up at a time when it was easy to do, either it was Wells Fargo or Bank of America, at that time it seemed that what Wells Fargo shocked me was the smaller of the two, it was the underdog many years ago before they bought out all the other banks.
It’s hard to get rid of them, because once you have all of your direct deposits and your automated payments all set up, to unwind all of that set up to a new back-end is a lot of work, but I’m sure you know that they make it that way, they’ve spent hundreds of millions billions of dollars on lobbying so that it is hard to move your account information.
Consider your account information, that’s your data, but they don’t let you easily transport that data to institution of your choosing, why can’t I say to Wells Fargo? I’m shutting the sound. I’m taking my block of information on all my money and transferring to Bank X.
You can’t do that, what we ought to have is something like cell phones, you own your cell phone number, so you can go to any carrier, you’d say this is my cell phone number, I’m switching, similarly you own your bank account number, you can go to any bank of your choosing and say this is my bank account number at XYZ, everything gets ported over if you want.
Wells Fargo would systematically attempt to charge or pass the rate lock expiration fee on to customers, even when the delay was not the customers’ fault, this is very Machiavellian and very devious because in a whole mortgage process there are so many forms.
A notary comes to my house with all these little tabs, I need to sign and notarize so many things, it’s hard to keep track, when they say that all of this is delayed under the rate lock, that’s your fault, it’s hard to figure it out, there are so many fees and so many itemized numbers, it’s hard to keep track.
It’s a great way of scanning people, where they’re not shocked and outraged at so much money, but in the aggregate they’re making a lot of money, they always say that the perfect crime is the crime that steals a little bit from a lot of people.
When I was married to a professional athlete, we had a financial advisor who went through every single step of everything with us in terms of our finances, but when you think about the average people who don’t have that and have to bank at Wells Fargo, they don’t have high-end banking and they don’t have financial advisors, they don’t read the fine print, they don’t know what’s going on, they’re sticking it to the man because there are so many people who bank at Wells Fargo.
These fees are so excessive that you’re going to spend the whole day taking time off from work to fight it, but it’s enough, if you call them and you put hold, you go through the entire phone tree, then you get to someone who is unhelpful, you may give up and move on with your life.
That’s what they’re carrying on, former banker, Mauricio Alaniz, alleged that the Wells Fargo’s mortgage processing and underwriting division was understaffed, leading to chronic delays were not the borrower’s fault, but rather than have the bank waive the rate-lock fee, workers would falsely report that the borrower’s had submitted incomplete or inaccurate information according to the suit.
It doesn’t surprise me because when you do shady business, you do shady business, these accusations may seem to be far-fetched to some people, but people are getting it stuck to them, if you were patient enough to go through the phone tree and get someone argue, they would reverse it, they would waive the fees, they’ll say that see how good we are, we’re understanding, we have great customer service, please stay on the phone and rate us.
But they will not do that, so they can make most of the fees, they have a bad policy in place that they know would result in taking a lot of money for a lot of people, but they reversed enough of them to purport to have good customer service and be caring towards a customers.
It’s a scam, people should do those surveys, when you go to these places and they give you an option to give a survey, you should rate these places and these businesses, honestly I thought doing that was corny before, I was not going to do this, I was not going to waste my time, but it makes a difference because other people look at the reviews to see how the business is doing.
You should be honest, people need to start speaking up for themselves, you should act with your wallet, because what’s fundamentally broken about Wells Fargo is the relationship between Wells Fargo and its customers which is based on a business model of the worst you do, the better Wells Fargo does.
The reason that I started aspiration.com is that we ought to have a different business model, it is not different imagery or different commercial, it is a different business model where the customer and the company go together period, that’s the only way you get it.
At aspiration the only fees we earn are from the voluntary fees our customers choose to pass, there’s something deeply powerful about it because it means that our obsession is to make our customers so happy that they’ll pay us voluntarily which is in contrast to what you experience in Wells Fargo.
Wells Fargo’s incentive is to make you trip up over forms because that’s how their revenue from those fees triggers, I opened up an aspiration account when I was in the Degas recently, I lost a lot of money there at the casino floor, I had to go to the casino ATM machine to get more.
Even though I lost hundreds of dollars for some reason, the ATM fee drove me crazy, because they’re taking $7 out of the casino floor, plus my loss Fargo charged me more for using an Wells Fargo ATM, so I used my aspiration card to take out the money, aspiration didn’t charge me anything, it even reimbursed me.
I increased my voluntary monthly fee to aspiration, I felt good about it, I felt good about not being a sucker to Wells Fargo paying the casino and paying the Wells Fargo for withdrawing money which are lost, I want to submit a TMP because I think it’s one of the things in the bank system that most frustrates people.
We’re all fair-minded, we understand that when you get value service, you pay for it, it’s a fair trade, but we also know that when you’re being charged for something that costs nothing to deliver, that’s grossly unfair, ATM fees are one of the most unfair things because we all know it costs nothing to dispense the money from the machine.
The United States is the only developed economy in the whole world that permits ATM fees, ATM fees are illegal in every other developed economy, only in the United States banks are allowed to charge you to get your own money from them.
It’s true, I was vacationing in Europe, all over London I remember seeing ATMs with the sign saying get your money for free or those lines that said that they don’t charge you fees for withdrawing money, if you have an account with any major bank in the US, they will charge you the ATM fees.
It is frustrating, some people don’t know that that is your money, they’re using your money to do their business on a daily basis, they charge you to get your own money out of the bank, that is why you need to seek institutions like this, because it’s frustrating, it makes me angry.
It’s also why we have to support politicians who are not in a pocket of Wall Street, because the reason why these policies exist is that the banks spend hundreds of millions and billions of dollars on lobbying against protections for consumers, if we have banking, we end up with monopoly politics that result in these terrible taxes on consumers.