Stupid Wells Fargo question

[Recursion]

This is one I've never understood.

Wells Fargo is in the news again over scamming the small business bailout, because Wells Fargo gonna Wells Fargo. But I've had a question ever since the long-ago fake-accounts scam they got nailed for:

How did signing customers up for accounts they didn't want actually make the bank any money? Or is that the wrong rubric and it was about internal goals being set for different teams?

[stopbush]

1. Most likely the bank made $ citing the increased customer accounts in their PR efforts

to entice businesses and other customers to open accounts with WF. Healthy bottom line bs.

[WhiskeyGrinder]

2. It was all about the internal metrics -- WF has always led the industry in cross-selling.

[Freddie]

3. It was the low-paid tellers that mostly did that

They were under pressure to open a certain number of accounts per month or be fired. Tellers were desperate to keep their jobs. A few complained to high up management and were mysteriously fired. To my knowledge nothing has been done to help the employees wrongly fired.
My son used to work for another bank and his boss had previously been a branch manager for Wells Fargo. He told my son about this years before it was made public.

[TheFarseer]

4. The accounts generated banking fees

In many cases, like they may have had a minimum balance requirement or something like that.

[lagomorph777]

12. That's correct. They charged fees and fines on accounts customers didn't even know about.

It was simple theft.

[Aristus]

5. I worked as an accounts officer for Wells Fargo right before I gave up the rat race

and went back to school.

What a horrible, horrible job. The pressure they put on us to open more accounts, and to stick on large numbers of 'products' (which is what they call services) to each account: credit cards, online bill-pay, overdraft insurance, home-equity loans, you name it, was unbearable.

I was putting my wife through school, and supporting an ever-growing family (my step-son moved in with us, my step-daughter had a child, etc.) so beggars couldn't be choosers.

It was a nightmare. I came home with a headache from the stress every night.

They finally fired me for underperformance. In any other bank, I would have earned an award for my productivity level. But, like you said, Wells Fargo gonna Wells Fargo, and my best wasn't good enough for them.

I was so overjoyed to be fired, I sang all the way home...

[SWBTATTReg]

6. Seems like all banks are like this. My little sister worked for a bank in Joplin MO, she finally ..

left and moved to Seattle WA to become a property manager. She was very happy. The pay scale that these people have at banks too, was a big joke. I don't blame you for moving on, into another field perhaps than banking. My sister was always happy w/ her decision.

[Aristus]

7. Next year marks twenty years in the medical field.

As a Medical Assistant first, now as a Physician Assistant. Best career move ever...

[SWBTATTReg]

8. Congratulations and of course, thank you for your service. If one wants to talk about a noble ...

profession, the medical field is one high up on my list. This is especially true now.

I know that I don't need to say this, but I will. Be safe, be careful, and take care of yourself, and Congrats on a successful career change. Many people don't do a career change very well.

[Aristus]

11. Mrs. Aristus and I both made the transition well.

I was working to put her through dental hygiene school. She worked in banking, too, but it gave up after being present at too many armed robberies.

Once she graduated and started making good money, it was my turn to try a different career. She wanted me to keep working at the bank just until she got her feet under her as a dental hygienist, so I agreed reluctantly; the stress was killing me.

That's one of the reasons I was so happy to get fired. That ended it for me. I took a month off and then started plotting my second career.

[lagomorph777]

13. Wells Fargo became the armed robber.

[SWBTATTReg]

15. That's wonderful to have a support pillar like your wife. One goes through literally hell for their

SO, and would go through hell again if need be. Some times being fired is the best thing that can change people's lives for the better. Many people fear the unknown, what's going to happen, etc., why people resist change, and thus don't change their lives, their careers, etc.

You at least, had the support of your SO, a major factor, and your desire to move into another profession. A good combination!

[Aristus]

17. I've never lost sight of how fortunate I have been in my marriage and my career.

I never want to.

It would be a crime to take for granted everything I've been graced with.

[Wellstone ruled]

10. Yes Wells Fargo just being Wells Fargo is

so darn true. Everything you mentioned was so true,saw and heard the chatter from each and every Office that was one of my Business Service Accounts.

Do recall the Senior VP of Mortgages bragging about how her tack on Mortgage Insurance Policies as well as Auto Loan Polices were earning her some nice fat bonus's. She later become a interim CEO as the truth hit the fan,only to be outed as the real author of many of these scams.

Do remember the Ladies Office manager whom was my contact person,saying,watch out,this crap is going to explode in our faces and that was in 2001.

[Grins]

19. Friend of mine is a bankruptcy attorney...

Said of ALL the banks he had to deal with, Wells Fargo was THE WORST.

Anytime he or the court got to hammer them, made his day.

[Aristus]

20. Tell him from me to keep hammering them.

[ismnotwasm]

9. We took very bad advice from a Wells Fargo employee

Long story short, we were very stupid here, and take full responsibility for it. Anyway, Took a “temporary” high interest loan for home improvement and credit card debt, while this guy was working on getting us refinanced through Wells Fargo. He and two other people then started telling us, pressuring us, we couldn’t get refinanced, we would be foreclosed, and to sell our house whole it still had equity. Maybe get a condo. We were horrified. Lots of stress.

All three employees got kickbacks of a few grand from the high interest loan company, cause I guess that’s how it works.

So I don’t know about Wells Fargo as a corporate entity, but those people made money off the loan.

My husband, said in effect, Fuck this shit and refused to give up. Took a year, but we finally got refinanced through a different company at a decent rate. We had an idea about suing, but were too exhausted at the end of everything

Got a LinkedIn match on the original guy, he’s still working in Real estate. Fuck you Rick.

[Aristus]

14. I had worked for a small local bank before getting hired by Wells Fargo.

The local bank owned all of the mortgages, and stood by each one, helping out clients as needed.

Wells Fargo sold their mortgages as soon as the ink was dry on the documents. To places that used them for mortgage-backed securities. WF insisted to all unhappy mortgage holders that they were no longer responsible for the loans. Six years after I left WF, the meltdown happened...

[ismnotwasm]

18. They're still sketchy as hell from all I can tell

Those employees weren’t directly representing Wells Fargo, because we really thought one was a friend, but damn that was ugly. They learned it from somewhere. They were planning on profiting on the sale of our house.

Interesting how they all left Wells Fargo immediately. Assholes.

[tazkcmo]

16. What baffles me

Why anyone still Banks with them at all.