Ignore Anything You Have Read in this Forum Regarding Wells Fargo

@Irene_L.A. wrote:

Wasn't it you that started this thread saying "Warning" No reply needed.

Yes, I started this thread entitled, "Warning to Shoppers Who Opened New Accounts with Wells Fargo." I didn't write "warning" in ALL CAPS or add a bunch of exclamation points. I also did not write "no reply needed." I started this thread to inform fellow shoppers who may have accounts with Wells Fargo about the recent issue with this particular bank. It wasn't even necessarily related to the accounts opened while performing a shop. It could pertain to any customer of Wells Fargo.

Why are you always trying to start a wildlife where there is none?

Create an Account or Log In

Membership is free. Simply choose your username, type in your email address, and choose a password. You immediately get full access to the forum.

@Sybil2 wrote:

Why are you always trying to start a wildlife where there is none?

I must admit I started giggling with 'wildlife' Sybil, though I do wish that you and Irene would stay at arm's length. You both should toggle each other and just leave it that way rather than peeking just to get annoyed.

There were none others when I posted....

Since we cannot send you to separate rooms, I agree with Flash you should just toggle and ignore each other. This spat has crossed way too many threads.

Equal rights for others does not mean fewer rights for you. It's not pie.
"I prefer someone who burns the flag and then wraps themselves up in the Constitution over someone who burns the Constitution and then wraps themselves up in the flag." -Molly Ivins
Never try to teach a pig to sing. It's a waste of your time and it really annoys the pig.

Irene can come and go as often as Irene desires..... unless you are the chief of who comes and goes now?

@Sybil2 wrote:

@Irene_L.A. wrote:

I didn't mean they would go out of business, they will take a loss, this is a large account, that's all, no business is happy when they lose even if overhead is low.

@Irene_L.A., then why did you say the following?

@Irene_L.A. wrote:

Just my observation, this MSC should be worried, they may be out of business.....
Perfect example of the Chicken Little Syndrome.

I thought you were leaving this forum for good, for the third time. Why come back after only a week?

You and Sybil coincidentally started the threads at the same time this morning so neither of you would have seen the other. The other one picked up traction because the word "warning" was included in the subject line.

I alerted the mods hours ago, asking to have the threads combined; nothing!

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

Poor customer service? Don't get mad; get video.

@Flash wrote:

@Sybil2 wrote:

Why are you always trying to start a wildlife where there is none?

I must admit I started giggling with 'wildlife' Sybil, though I do wish that you and Irene would stay at arm's length. You both should toggle each other and just leave it that way rather than peeking just to get annoyed.

Okay, a funny typo for me. I'll leave it the way it is so everyone can get a good laugh.

As far as toggling goes, I don't toggle anyone. But Irene_L.A. has stated publicly in this forum and privately in PMs to other forum members that she has toggled me. So why is she responding to the majority of my posts if she has toggled me and can't see my posts? I call fire, fire, pants on fire. Or should it be, I call wildlife, wildlife, pants on wildlife! {imagining a bear in the woods wearing pants}

It takes two to tangle. As for bears wearing pants, just think about Smokey Bear.

@Flash wrote:

It takes two to tangle. As for bears wearing pants, just think about Smokey Bear.

He is hot!

@CANADAMOMMY wrote:

Irene can come and go as often as Irene desires..... unless you are the chief of who comes and goes now?

Yes, she can. But why lie about it then? Just like she has told everyone that she has toggled me umpteen times. Toggle me, don't toggle me. I don't care one way or the other. But there is no reason to continually lie about it.

Back to your original post, Sybil, the problem at WF came about as the result of sales contests within the bank. Having been a stock broker and supervisor among my various roles in the industry, I can tell you that sales contests rarely have 'best interests of the client' outcome. For example, probably only 1 in 50 clients is well served selling them an annuity and probably only 1 in 500 is best served selling them an annuity. Imagine my skepticism when I saw a broker stuff 40% of his clients into the annuity company that was offering a posh and expensive prize. I'm sure the 7% sales credit (like a commission but just with a different name) helped make his vacation a whole lot sweeter. But at least his clients signed the paperwork. In the WF case additional accounts were opened without the client's knowledge and some of those accounts had fees that apparently were paid out of existing accounts.

@Flash, I know. When I started this thread, I just posted some links to the news about WF. I didn't go much further than that. In fact, I suggested that if people had concerns, they should talk to their financial adviser and not take advice from random people on a public forum. I never said that WF was going out of business or the MSC that has a current project with WF was going out of business. I provided some links that people had free will over if they wanted to read the articles or not.

@CANADAMOMMY wrote:

There were none others when I posted....

So we cross-posted. No big deal. There are bigger things to worry about like if the sky is falling.

@Sybil2 wrote:

@CANADAMOMMY wrote:

Irene can come and go as often as Irene desires..... unless you are the chief of who comes and goes now?
Yes, she can. But why lie about it then? Just like she has told everyone that she has toggled me umpteen times. Toggle me, don't toggle me. I don't care one way or the other. But there is no reason to continually lie about it.

Don't respond to my posts and everything will be fine. I never start. We don't do the same jobs, so for you and I there is nothing to comment on. I'm happy to not respond to what you write, unless you choose to call me names. end of discussion.

Live consciously....

@LisaSTL wrote:

Since we cannot send you to separate rooms, I agree with Flash you should just toggle and ignore each other. This spat has crossed way too many threads.

Lisa, I couldn't agree more, tell her to leave my posts alone, I certainly won't bother her, and am happiest when I don't have to see her calling names to anyone. I'm 100% for the two of us staying away.....how about you Sbyil?
Added...toggle doesn't show her posts, but when she comes onto my posts, I see it....answer?

Live consciously....

Edited 1 time(s). Last edit at 09/10/2016 12:47AM by Irene_L.A..

Really?!

@Sybil2 wrote:

@Irene_L.A. wrote:

I didn't mean they would go out of business, they will take a loss, this is a large account, that's all, no business is happy when they lose even if overhead is low.

@Irene_L.A., then why did you say the following?

@Irene_L.A. wrote:

Just my observation, this MSC should be worried, they may be out of business.....
Perfect example of the Chicken Little Syndrome.

I thought you were leaving this forum for good, for the third time. Why come back after only a week?

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

I noticed Wells Fargo is completely gone from the one scheduler's board. I kept my account open for the 30 Days+ shop.

I wonder what the consumer fallout will be from this.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

There likely will be overall very little consumer fallout. WF has indicated they will make whole all those customers who were abused. I suspect that determining who was harmed and by whom was part of the interior document review when defending the case that has led to the fines. I also suspect that the bad actors are being summarily fired and likely funds have already been returned to client accounts.

One website found it odd that no bank executives were faulted. Only the hired help ...

best, that's a good point. Firing over 5000 employees means that there is a serious problem farther up the chain. WAY up.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

In reality it is not that surprising. I feel sure that the supervisory levels were not eligible for the contests that appear to have led to this deceit. I was truly disturbed working in the financial industry the extent to which there seemed to be an attitude of if you aren't caught and told not to, it is okay. When the deceits of the rank and file are things they have been specifically told not to do, then their supervisors are in the hook for 'failure to supervise' when they do it, but when the deceit is something that industry basics and common sense say should not happen the supervisor can walk away unscathed if they did not detect it. Creating accounts for clients without their knowledge or approval falls into that category of being something that common sense and industry basics say should just never happen or even cross the mind of a banker, broker or other professional.

I find it difficult to believe approval at a higher level than the average bank employee, wasn't complicit in this problem.

Most supervisory types are presented with a folder of several hundred things to 'sign off on' at a time. Unless there is cause to believe there is a problem, that sign off is frequently done while dealing with other things as well. Not that I am making excuses for them. Certainly unless there was cause to believe there was a problem the supervisory person would not compare signatures on new accounts to existing accounts.

@Sybil2 wrote:

One of the well-known MSCs has had an ongoing project to open a new account with Wells Fargo. Of course we can NOT name the MSC since I am naming the client. If you participated in this program, you should be aware of this news event.

[www.yahoo.com]
Wells Fargo Fined $185 Million Over Fake Credit Card & Deposit Accounts

FYI: I did NOT do any of these shops. $40.00 is not nearly enough money to have your SS# run and have to open and maintain a new account for a period of time.

ETA: Here is another article...
[money.cnn.com]
5,300 Wells Fargo employees fired over 2 million phony accounts

I just want to say this. This case has been in litigation for years, it happened years ago, it is NOT HAPPENING NOW. This is a fine and the END of the litigation. The penalty that Wells Fargo is paying for what they did.

True! But when I say high up the chain, I mean on a CEO level. The complicit culture is set "up there." The branch employees follow suit, from the VPs (branch managers) down to the personal bankers who open the accounts.

@bestofbothworlds wrote:

I find it difficult to believe approval at a higher level than the average bank employee, wasn't complicit in this problem.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

Perhaps, Flash. An interesting counter to that can be read here:

[money.cnn.com]

IMO since Wells Fargo is now involved in a huge legal issue regarding their employees I wouldn't touch one of their shops with a 20 foot pole.

****************

Motivation increases when we assume large responsibilities with a short deadline.

I have no axe to grind one way or the other. I do have accounts with WF. I also am aware that 'nobody ever got fired for their own malfeasance'. And a plethora of 'innocents' who are now completely out of the financial services industries speaks volumes because once you are out for malfeasance you don't get back into the business. Indeed the environment may have been high pressure and toxic, but I have seen people leave what seemed to be good jobs to work in other environments where their ethics were not offended. And surprise, I sold out my book to my partner because my ethics were offended. I could retire early and did.

@pammie8223 wrote:

IMO since Wells Fargo is now involved in a huge legal issue regarding their employees I wouldn't touch one of their shops with a 20 foot pole.

By now the investigation is done, the fines have been levied, it would appear that the employees in question are gone. Whether you decide to do the shops or not is a personal decision, but the case is closed.

Sorry, only registered users may post in this forum.

Click here to login

Ignore Anything You Have Read in this Forum Regarding Wells Fargo

Create an Account or Log In

Official List of Mystery Shopping Companies

Mystery Shopper Magazine