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I remember hearing about certain sales incentives Wells Fargo had which encouraged many bankers to open up accounts on the behalf of strangers they'd never spok
by lcnPylGDnU4H9OF 3y ago
I remember hearing about certain sales incentives Wells Fargo had which encouraged many bankers to open up accounts on the behalf of strangers they'd never spoken to -- I understand this is commonly called "fraud" -- which had very real effects on some of said strangers' credit reports. It is a consequence borne of a lack of regulation enforcement.
I found reports as recent as today when doing a search for this: https://www.nbcnews.com/news/investigations/phony-bank-accounts-resurface-wells-fargo-twist-rcna98005 https://www.nbcnews.com/news/investigations/phony-bank-accou....
- ajkjk 3y agoWell, that was a big news story for .. years? It is pretty widely known about.
- lcnPylGDnU4H9OF 3y ago> It is pretty widely known about. I'm one of those who lives under a rock. There's commonly something that "everybody knows" -- as some will claim -- which I'm just learning about. That said, it is actually news to me that this was occurring as recently as June 2022. The initial stories broke in 2016.
- johnchristopher 3y agoYou are one of today's lucky 10 000 ! https://xkcd.com/1053/ https://xkcd.com/1053/
- lcnPylGDnU4H9OF 3y agoThis is in part why I chose to share the story. There might be dozens of people I can reach with my comment!
- AtlasBarfed 3y agoAnd yet, Wells Fargo is still in business and still has customers. And they kept their name. Amazing. Utterly Amazing. Economics, where art thou? They were commiting massive fraud on a massive scale, and no one went to jail. Just a 3 billion fine, which they probably just borrowed at negative interest rate from the Fed.
- JohnFen 3y agoYep. I'm truly amazed that anyone continues to bank with them. They're straight-up crooks.