The coolest place on the internet, according to this tagline.
AskArchiveFAQ

September 19, 2013

Wells Fargo announces slashing of nearly two thousand jobs

  • 1,800 jobs will be cut from Wells Fargo’s home loan business, following consistent declines in consumer demand for refinancing in recent years. The decision comes just weeks after the company confirmed it had already eliminated 3000 positions earlier this quarter. source
17:17 // 11 months ago
October 10, 2012

U.S. government sues Wells Fargo, claiming civil mortgage fraud

  • 6,320 loans reportedly had problems, but Wells Fargo never told the Federal Housing Administration, which insured the loans. The loans eventually failed, leaving the federal government on the hook.
  • $190M the amount these loans ended up costing the United States after the financial crisis hit; now the government is suing, saying Wells Fargo didn’t report issues even after the quality-review department flagged them for issues. source
9:18 // 1 year ago
September 7, 2012
How the theft of a single dime cost this dude his job with Wells Fargo
Um, this is just insane. On Feb. 2, 1963, Richard Eggers tried to put a piece of cardboard in the shape of a dime into a washer at a laundromat. He got convicted of “operating a coin changing machine by false means,” which sounds like the silliest thing in the world to get charged with, right? Yeah, it was pretty dumb. Recently, Eggers lost his job with Wells Fargo. Why? Well, the company, in an effort to follow new federal guidelines designed to stop white-collar criminals, did a background check on Eggers. They found the dime story, classified it as fraud — and fired him. Wells Fargo says they had to do it, because they were facing million-dollar-per-day fines for noncompliance. Anyone think they were just looking for an excuse to fire this guy? (photo by Andrea Melendez/The Des Moines Register; ht LoweringTheBar)

How the theft of a single dime cost this dude his job with Wells Fargo

Um, this is just insane. On Feb. 2, 1963, Richard Eggers tried to put a piece of cardboard in the shape of a dime into a washer at a laundromat. He got convicted of “operating a coin changing machine by false means,” which sounds like the silliest thing in the world to get charged with, right? Yeah, it was pretty dumb. Recently, Eggers lost his job with Wells Fargo. Why? Well, the company, in an effort to follow new federal guidelines designed to stop white-collar criminals, did a background check on Eggers. They found the dime story, classified it as fraud — and fired him. Wells Fargo says they had to do it, because they were facing million-dollar-per-day fines for noncompliance. Anyone think they were just looking for an excuse to fire this guy? (photo by Andrea Melendez/The Des Moines Register; ht LoweringTheBar)

18:48 // 1 year ago
March 8, 2012

Wells Fargo to begin charging for “free checking” in six states

  • $7 monthly fee to use “free checking” below a certain balance source

» After a trial in California and other Western states, the company plans to expand the policy to six more states — states it has not named yet. The rules: To avoid the fee, you must have a balance over $1500 monthly or direct deposits over $500 monthly, and if you choose to get your bills online, you can shave two bucks off the fee. That said, this policy mostly impacts longtime customers — the company hasn’t offered “free checking” to new customers since 2010.

Read ShortFormBlogFollow

14:16 // 2 years ago
December 1, 2011

Massachusetts Attorney General Martha Coakley moves on foreclosures

  • 5 major banks sued by Massachusetts over unlawful home foreclosures source

» The deluge of home foreclosures that the U.S. has suffered since the financial crisis has been a crippling blow to the general economy, land value rates in high-foreclosure areas, and most of all the families who’ve found themselves unceremoniously cast out. A notable amount of these foreclosures appear to have been fraudulently engineered, rife with examples of flat-out false documentation, as well as “robo-signing,” a practice in which foreclosure documents are fast-tracked with (in some cases) fraudulent signatures and without the signee ever having read them. This was the impetus for Massachusetts Attorney General Martha Coakley filing suit against five major banks — BofA, JPMorgan Chase, Wells Fargo, Citi, and Ally Financial.

Read ShortFormBlogFollow

14:36 // 2 years ago
October 29, 2011
9:51 // 2 years ago
August 17, 2011

Just what we all need: Wells Fargo to introduce a new fee on debit cards

  • 5 states will get a new $3 monthly fee from Wells Fargo; hooray!!! source

» Is one of them yours? Debit card users in Washington, Oregon, New Mexico, Nevada and Georgia could see a charge of $3 per month. Want to avoid the fee? Either sign up for a special account or simply stop using your debit card. Simple, right?

22:16 // 3 years ago
July 20, 2011

Federal Reserve slaps Wells Fargo with puny $85 million penalty

  • $85 millionpaid by Wells Fargo for its role in the subprime mortgage fiasco; the penalty was issued by the Federal Reserve
  • $25 billion received by Wells Fargo from the Troubled Assets Relief Program, colloquially known as the bailout source

» This is both the largest consumer protection fine ever levied by the Fed and the first time the institution has punished a bank for nudging customers into subprime loans. There’s more to come, too; in addition to the fine, the order also “requires that Wells Fargo compensate affected borrowers,” although it’s unclear how this will work. It’s better than nothing, but $85 million just seems a bit low; as a point of comparison, the bank made $2.5 billion in the first three months of 2010 alone.

Read ShortFormBlogFollow

23:20 // 3 years ago
May 25, 2011

clearXchange: The banking system’s years-late answer to PayPal?

  • what Three of the nation’s largest consumer banks — Bank of America, JPMorgan Chase and Wells Fargo — have created a system for simple money transfers via phone or e-mail.
  • why The new service, clearXchange, gets around a banking system that takes a really long time, requires a routing number, and has to go though the Federal Reserve’s tubes.
  • threat This model threatens PayPal, the  solution du jour for this problem — which will likely someday make more money than its corporate parent, eBay. Unless this new thing takes off. source

Read ShortFormBlogFollow

10:39 // 3 years ago
February 25, 2011
The current environment of heightened regulatory scrutiny has the potential to subject the corporation to inquiries or investigations that could significantly adversely affect its reputation.
A statement from Bank of America • Noting in a filing with the Securities and Exchange Commission that the company could be subject to huge penalties over their abusive mortgage practices. They’re not alone; Wells Fargo and Citigroup ware in the same boat, and it’s all thanks to the shady way that the trio dealt with their foreclosures. The reports from the companies suggest that all three will take a financial hit for said shadiness. Bank of America says that the state and federal inquiries “could result in material fines, penalties, equitable remedies (including requiring default servicing or other process changes), or other enforcement actions, and result in significant legal costs.” In other words, they’re screwed for screwing over homeowners. Oops. source (viafollow)
23:26 // 3 years ago