Tag: Wells Fargo is a criminal enterprise

Wells Fargo paid more in criminal penalties than it paid in interest to its depositors

Guest Post by Simon Black

Last week Wells Fargo paid the largest fine yet for one of it’s many scandals– $3 billion.

This time, the fine was for opening bank accounts under customers’ names without the customers’ knowledge or consent.

Workers at Wells Fargo did this to boost their own sales goals. They forged customers’ signatures, falsified records, and engaged in outright fraud.

This internal identity theft ended up costing customers millions of dollars in unnecessary fees and overdraft charges. And it went on for fourteen years.

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This banking scandal is awful… even for Wells Fargo

Guest Post by Simon Black

I guess none of this should surprise me anymore.

Our old friends at Wells Fargo are involved in yet another banking scandal. And this one is really bad… people wrongfully lost their homes and ended up on the street.

But before I get into the details of this particularly atrocious mishap, let’s have a quick recap of Wells’ “greatest hits.”

Back in April, Wells was hit with a $1 billion fine for selling 570,000 clients auto insurance they didn’t need and also charging mortgage borrowers erroneous fees.

By the bank’s own estimates, as many as 20,000 of those clients may have had their cars repossessed as a result of their inability to pay for the insurance Wells Fargo illegally stuck them with.

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Guess which bank just froze my funds over a simple transfer

Guest Post by Simon Black

What I’m about to tell you is a true story that highlights just how pathetic the banking system has become.

A few months ago I was presented with a compelling opportunity to invest with a prominent, well-established private business based in the UK.

And, after extensive due diligence, I decided to make the investment… around $4 million.

Because this particular investment happened to be denominated in US dollars, though, the funds were routed through the United States via one of the major Wall Street banks.

We’ve talked about this before– the vast majority of global trade and commerce is denominated in US dollars and clears through the US banking system.

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One More Reason to Avoid Wells Fargo

I got an Email from my least-respected banking organization today:

Cash deposits will be limited to account owners or authorized signers

What is happening

To help reduce criminal activity and protect your account, we’ll be making changes to our policy for cash deposits made at Wells Fargo branches.

Once our policy takes effect in a few weeks, we’ll only accept cash deposits into your Wells Fargo Consumer checking or savings accounts if it is coming from an account owner or authorized signer.

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And . . . yet another Wells Fargo banking scandal

Guest Post by Simon Black

Is it Friday again? Must be time for another banking scandal!

Seriously– these banking scandals are happening with such regularity and predictability it would be almost comical. . . were it not for the millions of people who have had their lives turned upside down.

The latest transgression involves, once again, our old friends at Wells Fargo.

Bear in mind that the ink isn’t even dry yet on the $1 billion check that Wells Fargo wrote last week as a penalty to settle its previous scandal, where they defrauded 570,000 clients in a car insurance scam.

By the bank’s own estimates, as many as 20,000 of those clients may have had their vehicles repossessed as a result of their inability to pay for the car insurance that Wells Fargo illegally stuck them with.

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