CFPB Orders Wells Fargo to Pay $3.7 Billion for Widespread Mismanagement of Auto Loans, Mortgages, and Deposit Accounts

 Why would anyone continue to do business with Wells Fargo? They have a LONG history of abusing consumers! The highest level of management has repeatedly forced their employees to take advantage of consumers resulting in appalling situations... repeatedly... time and time again.

If you are a Wells Fargo customer, the #1 item on your to-do list is to find a financial institution that will treat you as a valued customer rather than a schmuck to take advantage of. Most consumers can join a Credit Union which is consumer owned rather than a bank that is beholden to stockholders.

"The Consumer Financial Protection Bureau (CFPB) is ordering Wells Fargo Bank to pay more than $2 billion in redress to consumers and a $1.7 billion civil penalty for legal violations across several of its largest product lines. The bank’s illegal conduct led to billions of dollars in financial harm to its customers and, for thousands of customers, the loss of their vehicles and homes."

"Consumers were illegally assessed fees and interest charges on auto and mortgage loans, had their cars wrongly repossessed, and had payments to auto and mortgage loans misapplied by the bank. Wells Fargo also charged consumers unlawful surprise overdraft fees and applied other incorrect charges to checking and savings accounts. Under the terms of the order, Wells Fargo will pay redress to the over 16 million affected consumer accounts, and pay a $1.7 billion fine, which will go to the CFPB's Civil Penalty Fund, where it will be used to provide relief to victims of consumer financial law violations."

Pay attention to the REAL news, not Tik Tok or Facebook or YouTube. Check out this story from NPR: https://www.npr.org/2022/12/20/1144495984/wells-fargo-to-pay-3-7-billion-over-mistreatment-of-its-customers

Wells Fargo ex-CEO banned from financial industry for life

At last regulators (U.S. Office of the Comptroller of the Currency) are going after the people behind egregious financial behavior rather than just fining corporations. Former Wells_Fargo CEO John Stumpf was fined $17.5 million over the fake accounts scandal and barred from working in the industry for the rest of his life. (The Wall Street Journal, 1/24/20). Seven of the other top executives responsible for the multiple Wells Fargo scandals were also charged.
The amount of the fine makes me wonder how much money this guy amassed during his banking career (while screwing customers and employees, and ruining their financial lives). He can easily retire in comfort with no need for further employment.
For more explanation of the egregious behavior of the Wells Fargo CEO and his top officers simple do an internet search for Wells Fargo Scandal to get the details.
With so many financial institutions to choose from, why stay with Wells Fargo?

Wells Fargo CEO got 5% pay raise despite all the company's anti-consumer & illegal behavior!

The Wall Street Journal (3/14/19) reports that Wells Fargo CEO Timothy Sloan received (note I did not use the verb "earned") "$18.4 million in compensation for 2018, including a $2 million incentive award."
WOW! Can you believe #1 that level of compensation and #2 in the face of all the illegal and anti-consumer practices of that nefarious company? Writer Maria Armental also reports: "The pay disclosure comes a day after the San Francisco bank received a rare rebuke from a top regulator, minutes after Mr. Sloan finished testifying before Congress, and as regulators consider whether to force out top executives or directors."
Yikes! Get rid of those guys! It's time for a clean sweep at WF. If you aren't familiar with all the many misdeeds and misbehaviors of Wells Fargo executives, simply search online for "Wells Fargo Scandals."
And we wonder why we have an escalating gap between the 1% and the rest of us!
WF execs and board members are probably the same people who argue against raising the minimum wage!
If you are STILL a Wells Fargo customer... WHY?!?

More Bad News About Wells Fargo

As reported in The Wall Street Journal (5/10/18, p. B1): "Wells Fargo & Co. has acknowledged that it pocketed fee rebates that should have been passed on to a public pension fund in Tennessee while acting as its trustee...."

Wow! What hasn't this bank done to screw its consumer and corporate customers? Drop this bank like a hot potato. Find a credit union that will treat you right. Need I say more?

Wells Fargo Bad behavior...once again

According to Ken Sweet, writing for the Associated Press,
"Wells Fargo will pay $1 billion to federal regulators to settle charges tied to misconduct at its mortgage and auto lending business, the latest punishment levied against the banking giant for widespread customer abuses."
The bank "has admitted to a number of abusive practices across multiple parts of its business that duped consumers out of millions of dollars."
If you are still a Wells Fargo customer... WHY? It's time to join your local credit union!

Time to leave Wells Fargo after one more scandal

It is LONG past time for consumers to leave Wells Fargo Bank after one more revelation of customer mistreatment to enhance the bottom line. This time the bank has admitted charging  570,000 of its customers for auto insurance that duplicated coverage they were already paying for, causing financial strain that resulted in many to lose their vehicles. The bank is offering an apology and refunds of overcharges but this is little comfort to people who lost their vehicles and had their credit rating damaged by Wells        Fargo executives lining their own pockets.
This latest scandal of consumer abuse comes on top of last year's sales scandal where bank employees were coerced into opening 2.1 million accounts using ficticious info or unauthorized customer info, according to Emily Glazer in The Wall Street Journal (7/29-30/17). Also reported by The New York Times. The insurance Wells Fargo forced on its customers was more expensive than the coverage the vehicle owners already had paid for on their own policies.
Wells Fargo customers need to wake up and leave their bank for another bank or a credit union!