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Wells Fargo Rebuilding...its Reputation

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Wells Fargo Rebuilding...its Reputation

Anyone asking for GW adjustments from WF to their credit reports should consider quoting the senior official in this news report:

 

https://www.charlotteobserver.com/news/business/banking/article218128005.html

 

WF has lost millions in fines due to illegal, unethical, and unscrupulous business practices such as toxic mortgage lending and fraudulently opening accounts without consumers' permission or knowledge. They have their own rebuilding to do...and thus might be more open to GW towards customers...

 

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Regular Contributor

Re: Wells Fargo doing its own Rebuilding...of its Reputation

There are bad actors in all companies.  Remember, the financial scandals hurt Wells Fargo as the CEO got terminated and his compensation pulled back.  I really don’t believe the CEO and executive teams would have ordered these activities, in fact, they wouldn’t because it would cost their company more than they would beneft.  A bank without trust and deposits is a bank which will not be in business any longer.  Some people at the company under the executive teams ran with the account openings because there were incentives which were paid for opening these accounts.  It was short term greed based on top down policies and an incentive policy which was severely flawed.  Apparently Wells Fargo has done a lot of heavy lifting and fired the people responsible.  There are a ton of new personnel in the mix now.  When I was younger, Wells Fargo was a good bank in the markets it was in.  In fact even Former President Reagan who is known for his trust but verify in his speeches had an account. with them at Private Banking level.  I knew people who used it but Wells Fargo didn’t have branches near me till the Wachovia acquisition and then the bank started to take a turn for the worse.  I see Wells Fargo as a company to watch and believe they will regain market share across the board.  I like Wells Fargo the best now out of all the large banks, in fact they even have the highest savings rate of all the big banks now except HSBC but HSBC has a worse reputation and their account has additional limitations and is only .07% higher in rate and is not guaranteed for 12 months like Wells Fargo is.  Wells Fargo and Chase are essentially the national banks which I believe are the real competitors for marketshare now.  

 

 

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Regular Contributor

Re: Wells Fargo doing its own Rebuilding...of its Reputation

They did a GW for me a closed account I had in 2014, I sent out an email every time they told me "NO". I sent it to multiple people too, took about 2.5 months until they finally fold.







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Established Contributor

Re: Wells Fargo doing its own Rebuilding...of its Reputation


@Civil wrote:
They did a GW for me a closed account I had in 2014, I sent out an email every time they told me "NO". I sent it to multiple people too, took about 2.5 months until they finally fold.

Good to know! I'm attempting this now and they haven't said "No" yet. If they do, I'll keep at it! Thanks for the encouragement.

 

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