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"... so it isn't really their money either." Talk about perverse incentives. Their customers, meaning the people who are directly affected, are like the only o

• MattGaiser 4y ago
  > Their customers, meaning the people who are directly affected, are like the only ones who don't have any power to influence what happens. They do, but they would need to actually change their spending. That's the other thing. After scandal after scandal after scandal, plenty of people still bank at Wells Fargo.
  • tristor 4y ago
    > After scandal after scandal after scandal, plenty of people still bank at Wells Fargo. It’s not always exactly a choice. Wells Fargo bought my mortgage from a local bank. The only way to change your lender is to do a refinance, which incurs closing costs. Despite several serious WF fuck ups like double and triple charging my mortgage payment, failing to correctly maintain escrow, etc there is literally nothing I could do without losing tens of thousands of dollars until market conditions had changed and enough time made it feasible to re-fi, which I did promptly. The problem with big banks is not just that they’re criminally fraudulent assholes, it’s that they will straight buy your customership on the backend in ways you are locked into. The same thing temporarily made me a Bank of America customer when they just straight bought a local bank chain. I’m now with a credit union and moved everything there, but it’s non trivial to do.