Wells Fargo Customer? You Probably Got Ripped Off - 5300 Fired Over Fraud

[Dan Druff]

Wells Fargo was also one of the big banks who regularly did transactions with poker sites back in the pre-BF days. After the SDNY started to come down on payment processors, they switched course resulting in over $34 million plus of poker payments to be frozen:

On June 9th, the AP reported that the U.S. attorney for the Southern District of New York (SDNY) instructed several banks, including Wells Fargo and Alliance Bank of Arizona, to freeze the accounts of payment processor Allied Systems Inc. Later reports confirmed that Citibank was also issued an order to freeze certain accounts and that a second payment processor, Account Services, was also targeted.

Online poker sites use payment processors such as Account Services to process check cash outs to players. The freezing of the accounts essentially meant that any checks (including e-checks) issued to players that were drawn on said accounts were now worthless.

http://www.parttimepoker.com/us-gove...ns-and-answers

As for this deplorable episode above, I fully expect smaller employees who were following orders (while lining their pockets) to be blamed and fired for it, and the CEO and executives (who made moeny off of the increasing stock price thanks to our tax dollars) to be summoned to the U.S. Senate to be questioned over the affair, so that the politicians will have tape of them looking like they are doing something about it. Then, after that hearing, they will all go to a BBQ place in Washington D.C. and proceed to give a nice lobbyist and government DOJ liaison circle jerk as if nothing happened.

Will anything be done about it? No: People are too busy doing shit like like some irrelevant douchebag social justice warrior because their Uber driver has a statue portraying a Polynesian person in a stereotypical light, or right wing folks decrying every progressive or leftist solution to the slowly crumbling failing ideology of modern capitalism as some socialist globalist plot (while getting in a bigoted comment about <insert race they hate here>), as the country is too polarized politically to do anything about the corporate raiding of the US, while we are distracted like a moth when it sees light, over irrelevant bullshit.

I remember when my Wells Fargo debit card was a great tool to deposit on Pokerstars. Never had to keep all that high of a bankroll there, because I could just redeposit with my Wells card (with no fees) whenever I got low.

This was true all the way up to Black Friday, while most other banks prevented processing of online gaming transactions.

Even post-Black-Friday, when the government started to pressure banks to identify customers engaging in online gambling transactions, Wells Fargo still turned a blind eye. Read 2+2, and you will see that there were tons of reports of account closures at B of A and Chase for receiving checks/wires from online poker sites, but never Wells.

Wells also took a lax stand on the "know your customer" requirement. Chase disallowed cash deposits to personal accounts by third parties, even if they showed ID. B of A required ID for such deposits. Wells happily took anonymous cash deposits to all accounts.

I have to say that I loved Wells for their lax rules regarding all of the above, but unfortunately it's also indicative of a corporate culture where short and medium term profits trumped everything.

Basically, Wells wanted you to have a lot of accounts and make a lot of transactions, and they didn't give a shit if they were bending or breaking the law to accomplish it.

Now it's all starting to make more sense.

[Dan Druff]

Elizabeth Warren grills Wells CEO John Stumpf, who gives lame non-answers to everything:




Remember when Wells Fargo induced feelings of excitement, rather than fraud?

[MumblesBadly]

Elizabeth Warren grills Wells CEO John Stumpf, who gives lame non-answers to everything:




Remember when Wells Fargo induced feelings of excitement, rather than fraud?

TYT follows up.

[Dan Druff]

Stumf retires "effective immediately": http://money.cnn.com/2016/10/12/inve...res/index.html

Also, Wells Fargo sent out this LOL letter today to all customers:

Dear Todd Witteles,

Over the last several weeks, you may have heard about the settlements we've made involving some of our customers receiving products or services that they did not want or request. We are deeply committed to serving you and your financial needs, and in those instances, we did not live up to our commitment. This is inconsistent with our values and with the culture we work hard to maintain. It's not who we are as a company.

It's important for you to know that making things right and restoring the faith you have in us is the very top priority for our entire Wells Fargo leadership team. There is nothing more important than for you to experience the very best from us.

Here's what we're already doing:

Putting your interests first: We have eliminated product sales goals for our Retail Banking team members who serve customers in our bank branches and call centers.

Proactively communicating with you: We send a confirmation after you open a new consumer or small business checking, savings, or credit card account so that you know what is happening and can tell us if anything we've confirmed is different than what you expected.

Full transparency: You can always see your eligible accounts any time when enrolled in Wells Fargo Online®.

Fixing what went wrong: We have provided full refunds to customers we have already identified and we're broadening our scope of work to find customers we may have missed. If we have any doubt about whether one of your accounts was authorized, and any fees were incurred on that account, we will contact you and refund fees.

If you have any concerns about your accounts or any aspect of your relationship with Wells Fargo, please come into a branch and speak with our team in person, or call us on our dedicated hotline 24/7 at 1-877-924-8697. We will continue to update http://wellsfargo.com/commitment to keep you informed.

The trust you place in us means everything and we will work hard every day to earn your trust back.

[FPS_Russia]

Generating buzz @ reddit
https://www.reddit.com/r/personalfin...other_massive/

Hillary said "cut it out".

[MumblesBadly]

Bump with a related story (and request to Druff).


Who Snatched My Car? Wells Fargo Did
http://www.npr.org/2017/08/02/541182...ells-fargo-did

Wells Fargo is back in the spotlight for another scandal. This time, for signing up 490,000 auto-loan customers for insurance they didn't need.

This comes less than a year after the bank generated a massive public outcry for opening millions of unwanted accounts for customers.

Customers who already had car insurance say they had no idea they were being charged for this insurance from Wells Fargo. And the bank acknowledges that tens of thousands of people wound up in default, which affected people's credit scores, and thousands had their cars repossessed.

...

Druff: Perhaps you should rename this thread. To something like this:

"*** Official Wells Fargo Repeatedly Screwing Customers Thread".