Wells Fargo accidentally sent apology letters to 38,000 people in error after the bank was caught foisting auto insurance on more than 800,000 customers who only wanted to take out auto loans.
Tacking insurance onto the loans were part of the bank's "cross-selling" practice of offering products across different segments - which also included opening millions of credit card and bank accounts for people who never asked for them.
It gets better: the expense of the unneeded auto insurance (which covered collision damage) pushed some 274,000 Wells Fargo customers into delinquency and resulted in almost 25,000 wrongful vehicle repossessions. And the cherry on top: "among the Wells Fargo customers hurt by the practice were military service members on active duty."
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8 comments:
You and I would be in prison for any one of these scams.
The recent penalties imposed on WF by the Federal reserve are not harsh enough. None of this happened on its own: The corruption is systemic at Wells.
How many scams can they get away with?
Too big to fail
I'm sorry letters are unacceptable A contract refund might be acceptable. But, they need to look at the damage done to the people credit report and rating. Well Fargo, Bank of America, and etc. just SUCKs. It's ALL about greed. You would be better off placing your hard earned money in a mattress. At less there are no make fees and taxes.
And experts are advising people to buy their stock.Seriously.
7:41
Wells Fargo is a part of the Federal Reserve Bank. They are creating US Dollars out of thin air (counterfeiting the currency). They are immoral criminals. Our labor is being exchanged for a worthless currency.
Hey Jim, our resident expert on the Chinese - did you get your Wells Fargo letter?
(snicker snicker)
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