HAS HELL FINALLY FROZEN OVER IN THE US BANKING LAND???
Well’s Fargo Bank today fired 5300 employees across the nation and the bank has been fined $190 million to settle a consumer fraud case! Of the $190 million, $5 million will go to bank customers. Regulators say Well’s Fargo Bank employees pushed customers into fee-generating accounts that they never requested and/or did not want. The bank settlement was with Federal Banking Regulators and California prosecutors.
The suit was filed against Well’s Fargo in May 2015 in which California prosecutors alleged that the bank pushed customers into costly financial products that they didn’t need nor request. These products included savings accounts, credit card, and online accounts that all generate fees.
Well’s Fargo told their employees that the average customer uses about 6 financial tools and the bank encouraged their employees to jack that up to EIGHT! As a result more than…
View original post 292 more words