Wednesday, November 29, 2017

Wells Fargo Overcharged Hundreds of Customers

Wells Fargo bankers chasing bonuses charged hundreds of clients inflated foreign transaction fees, the Wall Street Journal reported Monday. The report comes just over a year since Wells Fargo paid a $185 million fine for "widespread illegal" sales practices involving fees on 2 million deposit and credit-card accounts opened without customers' knowledge. An internal Wells Fargo review in the latest breach showed that only 35 business clients out of about 300 were charged the actual price they had been quoted by Wells Fargo bankers for their currency trades, two employees told The Journal. They heard the conclusions of the bank investigation in a conference call in June, the paper said. Sources told the newspaper that four foreign-exchange bankers have been fired and federal investigators have opened their own inquiry.

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I'm sure they will self-regulate now that the Consumer Protection Bureau is no more.

Comments

and in the class action lawsuit we each get 20 cents. BRILLIANT!

#1 | Posted by AuntieSocial at 2017-11-29 12:16 PM

and in the class action lawsuit we each get 20 cents. BRILLIANT!

#1 | Posted by AuntieSocial

Dont worry. Your party is getting rid of the ability for class action lawsuits against banks. Because helping banks rip off americans is what you voted for right? Isn't that MAGA?

#2 | Posted by SpeakSoftly at 2017-11-29 05:46 PM

Isn't that MAGA?

#2 | Posted by SpeakSoftly

Making America Greedy Again!

#3 | Posted by donnerboy at 2017-11-29 05:58 PM

Not to worry. Mick Mulvaney is on it.

#4 | Posted by Danforth at 2017-11-29 06:09 PM

Of course, I was speaking to Wells Fargo.

#5 | Posted by Danforth at 2017-11-29 06:09 PM

We have "originalists" sitting on the SC, sitting in Congress. In truth, the founders would have already taken Wells Fargo's corporate charter and put them out of business. Sort of shows how corporatism has become immune to justice in this formerly great nation. Now we have a President and a Pig Congress who want to further corporatize our nation, in short they want to further corrupt our nation and allow corporations to steal without penalty or to penalize them well below the amount of profit they realized with their crime.

#6 | Posted by danni at 2017-11-30 09:16 AM

Dont worry. Your party is getting rid of the ability for class action lawsuits against banks. Because helping banks rip off americans is what you voted for right? Isn't that MAGA?

#2 | POSTED BY SPEAKSOFTLY AT 2017-11-29 05:46 PM | FLAG: | NEWSWORTHY 2

And Obama, Hillary Clinton and Elizabeth Warren's Consumer Protection Board did such a great job of making sure this wouldn't happen. And you think making this board accountable won't improve it? That board was a complete scam created to line those three's pockets.

#7 | Posted by fishpaw at 2017-11-30 10:26 AM

"And Obama, Hillary Clinton and Elizabeth Warren's Consumer Protection Board did such a great job of making sure this wouldn't happen."

There are over 2 billion reasons they succeeded.
www.justice.gov

#8 | Posted by Danforth at 2017-11-30 10:29 AM

And Obama, Hillary Clinton and Elizabeth Warren's Consumer Protection Board did such a great job of making sure this wouldn't happen.
#7 | POSTED BY FISHPAW

Yeah, they caught them for the first round and helped punish them.... So this got caught far earlier and Wells Fargo is taking it very seriously.

I'm so glad we could agree on something.

#9 | Posted by Sycophant at 2017-11-30 10:29 AM

And Obama, Hillary Clinton and Elizabeth Warren's Consumer Protection Board did such a great job of making sure this wouldn't happen. And you think making this board accountable won't improve it? That board was a complete scam created to line those three's pockets.

#7 | Posted by fishpaw

That board won billions back from banks who had scammed customers. The money went back to the customers, not into obama's pocket stupid, no matter what breitbart tells you.

#10 | Posted by SpeakSoftly at 2017-11-30 01:18 PM

Couldn't the Consumer Protection Bureau have been created out of another existing federal agency? Like the FTC or whoever oversees banks already?

Not saying it's a bad thing, just asking.

#11 | Posted by boaz at 2017-12-01 09:25 AM

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