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 Author: crow
PostPosted: Wed Sep 21, 2016 6:27 pm 
Since Wells Fargo seems to be thriving here, the Grant County community needs to hear if there are local victims.
In an ongoing story about Wells Fargo employee issuing 2 million unsolicited credit cards to unsuspecting account holders the question naturally arrises, did it happen at this Silver City branch? Since over 5300 bank employees were fired, where any fired at this branch?

When account holders began to receive charges and complained, a federal investigation was undertaken and completed with Wells Fargo being fined $185 million and CEO John Stumpf, who admitted to knowing about the scam since 2013 kept his job. The reason for the scam was to meet an internal "quota" so big money could be made by the top admins like CEO Stumpf. The scam seems to have begun in 2011 or before.

Since Wells Fargo seems to be thriving here, the Grant County community needs to hear from local victims.

 Author: Kevin B
PostPosted: Thu Sep 22, 2016 8:58 pm 
I'd been doing business with WF since the early 80's. When we moved to Silver City in 2003 we transferred our funds to this branch and continued our relationship with them. I'm thinking it was four or five years ago that I noticed our statement had some nondescript charges on a "free" checking account. On digging into the matter it turned out the "free" part had been boldly advertised in big read letters while the 'cost' part (they informed me) had been buried in the fine print. After trying to thus convince me the charges were in line with their policy I informed them the charges were not in line with my policy and I'd be finding a new bank. That resulted in further conversation with someone higher up in the chain of command who concluded it was all a big mistake, she was very sorry, of course the charges would be reversed, which they were while I waited. The next day I found a new bank anyway and we've no difficulty since.

The charges, 'conveniently' deducted right out of our account by the way, only amounted to a small amount of money, under $30 as I recall. It seemed like they expected we wouldn't notice or be bothered to question it. It just felt like they were being sneaky and when we called them on it they resorted to the "it's our policy" defense, a tactic that does not sit well with me. In the end all they really did was loose our trust along with our personal and business accounts and any possibility of ever getting our business back. What a dumb way of trying to make a buck.

And one other thing really worth mentioning. Every time I needed to talk with somebody over there I had to sit around for most an hour before anyone was available. There's none of that with the bank I'm at now. I walk in, I'm immediately greeted, I'm in, I'm out, and I grab a cup of coffee on the way. A much better arrangement.

 Author: crow
PostPosted: Thu Sep 22, 2016 11:01 pm 
Kevin, your experience is within the time frame of the scam. Did you find this "fine print charge" in your original contract or were you shown the "fine print charge" by the bank? I suspect not. Perhaps the higher up had the authority to cancel the bogus credit card or some related scam and reverse all charges thereby warding off any further investigation on your part? (ie: a coverup). Were the lower down employees instructed to give that answer to anybody who inquired about this specific charge and to send people to "higher up's" if the customer didn't except this excuse?

I suspect few people scrutinize their banks statements and even fewer keep them.

Bloomberg reported that there are a couple of suits against the bank which may turn into class action suits.

 Author: Kevin B
PostPosted: Fri Sep 23, 2016 10:12 am 
At the time I just thought the whole thing was really cheesy, and whether the result of a corporate wide initiative or just something going on with this particular branch I didn't really care, so I didn't ask any further questions either, I just found a new bank. But recall, this was just following our nation's mortgage market collapse and TARP bailouts. WF was deep into that gravy train too, just behind JP Morgan and BoA, so they were already smelling badly thanks to that bit of skulduggery.

As for the charges being reversed, I'd love to discuss how that actually went down but can't really get into those details here. Maybe we can discuss it offline sometime.

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