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Wells Fargo Fined $185 Million in Fraud Case

Community Leader
Super Contributor

Re: Wells Fargo Fined $185 Million and Fires 5,300 Employees in Fraud Case

I am so happy I do not bank with them. They made two HP on the day I was car shopping. As if that wasn't bad enough one week later (My car was already purchased.) they HP me two more times!!! No one else did that when I was car shopping. Just WF! My car loan is with Bank of America.


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover.. Fico 8: EX: 752; TU: 743; EQ: 762
Message 11 of 44
Super Contributor

Re: Wells Fargo Fined $185 Million and Fires 5,300 Employees in Fraud Case


Musiclover wrote:

I am so happy I do not bank with them. They made two HP on the day I was car shopping. As if that wasn't bad enough one week later (My car was already purchased.) they HP me two more times!!! No one else did that when I was car shopping. Just WF! My car loan is with Bank of America.


Wow. Not surprised at all. I will never do any kind of business with them ever again.

Message 12 of 44
Regular Contributor

Re: Wells Fargo Fined $185 Million in Fraud Case

I wish this would happen to Verzon next !

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Message 13 of 44
Frequent Contributor

Re: Wells Fargo Fined $185 Million in Fraud Case

Gotta love the CFPB for this.    WF is going to have to do some HUGE damage control ASAP.  

Message 14 of 44
Moderator

Re: Wells Fargo Fined $185 Million and Fires 5,300 Employees in Fraud Case


Musiclover wrote:

I am so happy I do not bank with them. They made two HP on the day I was car shopping. As if that wasn't bad enough one week later (My car was already purchased.) they HP me two more times!!! No one else did that when I was car shopping. Just WF! My car loan is with Bank of America.


Your loan isn't necessarily sold by the time you leave the lot, and might actually be the norm not the exception for dealerships.  There's a float period in there where the dealer has it and they can be bundled up as package deals lenders.  The week later does sound like a long time though.

 

I.E. my own auto loan (sold to Wells Fargo Dealer Services) wasn't sold till after the UW called me on my drive home, a rather funny conversation in retrospect.  I was expecting it to go to WF in this case, but it could've just as easily gone to one of the 5 or so other lenders that they play ball with for subprime (back then) consumers.

 

Anyway I've posted here a couple times that internal fraud was something I'd seen at lenders I've worked at over the years and was a non-trivial issue, not surprising one of the big institutions got slapped with it as well.  What is surprising is how far it got.

 

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Message 15 of 44
Super Contributor

Re: Wells Fargo Fined $185 Million and Fires 5,300 Employees in Fraud Case

If there is any justice in the world, I hope one of the 5k or so people fired was the CSR who told me it was  their policy to give out 30 day lates for a 4 day late payment I had all those years ago.

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Message 16 of 44
Super Contributor

Re: Wells Fargo Fined $185 Million and Fires 5,300 Employees in Fraud Case


marty56 wrote:

If there is any justice in the world, I hope one of the 5k or so people fired was the CSR who told me it was  their policy to give out 30 day lates for a 4 day late payment I had all those years ago.


Wow... unbelievable!!

Message 17 of 44
Super Contributor

Re: Wells Fargo Fined $185 Million and Fires 5,300 Employees in Fraud Case

What happend was that the payment was due on the 25th, the next statement dropped on the 27th and the bill was paid on the 29th.

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Message 18 of 44
Moderator

Re: Wells Fargo Fined $185 Million and Fires 5,300 Employees in Fraud Case


marty56 wrote:

What happend was that the payment was due on the 25th, the next statement dropped on the 27th and the bill was paid on the 29th.


Total insanity! I also secretly hope that CSR was fired on your behalf marty56.  What a power freak...Smiley Sad 

 

As to the OP, I am not surprised. I am no fan of WF. I see too much on the mortgage side with Wells to consider them for any type of product. This latest exposure just illustrates how far Wells will go to grab that extra dollar from consumers. Opening up fraudulent accounts goes just too far. 

Message 19 of 44
Super Contributor

Re: Wells Fargo Fined $185 Million in Fraud Case

Message 20 of 44