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Wells Fargo is one of the worst banks in the world: https://en.wikipedia.org/wiki/Wells_Fargo#Lawsuits,_fines,_and_controversies https://en.wikipedia.org/wiki/W

by lapcat 3y ago

Wells Fargo is one of the worst banks in the world: https://en.wikipedia.org/wiki/Wells_Fargo#Lawsuits,_fines,_and_controversies https://en.wikipedia.org/wiki/Wells_Fargo#Lawsuits,_fines,_a...

lolinder 3y ago
Are they one of the worst or just one of the largest? JPMorgan Chase[0], Bank of America[1], and Citigroup[2] are the only US banks that are larger, and they've had their fair share of problems. It seems like large scale banking in general has major issues, and Wells Fargo just gets a lot of attention because they're one of the largest. (Note that this isn't a defense of Wells Fargo: I recently shut down my account with them in large part due to these repeated problems.) [0] https://en.m.wikipedia.org/wiki/JPMorgan_Chase#Lawsuits_and_legal_settlements_by_years https://en.m.wikipedia.org/wiki/JPMorgan_Chase#Lawsuits_and_... [1] https://en.wikipedia.org/wiki/Bank_of_America#Lawsuits,_controversies,_and_incidents https://en.wikipedia.org/wiki/Bank_of_America#Lawsuits,_cont... [2] https://en.m.wikipedia.org/wiki/Citigroup#Criticism https://en.m.wikipedia.org/wiki/Citigroup#Criticism
- lapcat 3y ago
  > Are they one of the worst or just one of the largest? Perhaps those groups are identical.
  - lolinder 3y ago
    I guess that's what I'm suggesting, yeah. But I suspect it is because of the amount of money involved and not that other banks wouldn't be as bad if they could.
    - Nasrudith 3y ago
      i personally suspect a bit of survival bias is in play. A small "grab the money and run" scam bank would be even worse but by definition doesn't survive.
- Spooky23 3y ago
  I think BoA took too long to digest a spree of acquisitions. I use them for a business and have had a good experience. Chase I’m not sure. I heard that they can be better or worse depending on what state your account is based in. I’ve never heard a good word about Wells Fargo, ever. I’m always surprised at how money folks use big commercial banks. I’ve never had an instance where my local credit union isn’t a better option.
  - lapcat 3y ago
    > I’ve never had an instance where my local credit union isn’t a better option. In general, absolutely. I did have to open an account with a big bank a number of years ago in order to handle frequent international money transfers. I'm no longer in that situation, though.

by lapcat 3y ago

Wells Fargo is one of the worst banks in the world: https://en.wikipedia.org/wiki/Wells_Fargo#Lawsuits,_fines,_and_controversies https://en.wikipedia.org/wiki/Wells_Fargo#Lawsuits,_fines,_a...

lolinder 3y ago

Are they one of the worst or just one of the largest? JPMorgan Chase[0], Bank of America[1], and Citigroup[2] are the only US banks that are larger, and they've had their fair share of problems. It seems like large scale banking in general has major issues, and Wells Fargo just gets a lot of attention because they're one of the largest. (Note that this isn't a defense of Wells Fargo: I recently shut down my account with them in large part due to these repeated problems.) [0] https://en.m.wikipedia.org/wiki/JPMorgan_Chase#Lawsuits_and_legal_settlements_by_years https://en.m.wikipedia.org/wiki/JPMorgan_Chase#Lawsuits_and_... [1] https://en.wikipedia.org/wiki/Bank_of_America#Lawsuits,_controversies,_and_incidents https://en.wikipedia.org/wiki/Bank_of_America#Lawsuits,_cont... [2] https://en.m.wikipedia.org/wiki/Citigroup#Criticism https://en.m.wikipedia.org/wiki/Citigroup#Criticism

lapcat 3y ago
> Are they one of the worst or just one of the largest? Perhaps those groups are identical.
- lolinder 3y ago
  I guess that's what I'm suggesting, yeah. But I suspect it is because of the amount of money involved and not that other banks wouldn't be as bad if they could.
  - Nasrudith 3y ago
    i personally suspect a bit of survival bias is in play. A small "grab the money and run" scam bank would be even worse but by definition doesn't survive.
Spooky23 3y ago
I think BoA took too long to digest a spree of acquisitions. I use them for a business and have had a good experience. Chase I’m not sure. I heard that they can be better or worse depending on what state your account is based in. I’ve never heard a good word about Wells Fargo, ever. I’m always surprised at how money folks use big commercial banks. I’ve never had an instance where my local credit union isn’t a better option.
- lapcat 3y ago
  > I’ve never had an instance where my local credit union isn’t a better option. In general, absolutely. I did have to open an account with a big bank a number of years ago in order to handle frequent international money transfers. I'm no longer in that situation, though.