5,300 Wells Fargo employees fired for creating over 2 million phony accounts

originally posted by: Sremmos80
a reply to: IgnoranceIsntBlisss
Guess you missed the obama post

After Obama was elected is right when all the corruption ramped up. And it ramped up exponentially after he was elected.

a reply to: IgnoranceIsntBlisss

Maybe, just says previous admins. I do hope that is was the intention and I would give it the benefit of the doubt.
If I was the ideologue then I am fine with that, thought I don't see how that statement can be seen as such.

originally posted by: NoCorruptionAllowed

originally posted by: Sremmos80
a reply to: IgnoranceIsntBlisss
Guess you missed the obama post

After Obama was elected is right when all the corruption ramped up. And it ramped up exponentially after he was elected.

That is funny, wonder how you are measuring that.

It's not that the top isn't corrupt, it just that it protects itself. The lower level people take the fall.

a reply to: roadgravel

Ya the bottom of the totem pole gets the short end of the stick. While the top directly telling someone to do this is a bit improbable to me, purely because of legal issues not morality, I am sure they found a way to indirectly pass this down to people to carry out.

The market sucks, need to keep it going?

No problem, we can just run it on fraud!!

Reminds me of the other new scam they have.

Send out new credit/debit cards that can be hacked with a $12 ebay card reader/writer...

Not only add the chip, send them with a number stuck directly to the card that activates it without id confirmation.

Subsequently my bank account was also drained a couple of weeks ago in 1 day at WF.
They were all charges at Lowes, a place where I spend thousands a month at.
When calling in to raise hell, they said "sorry, you added a verbal password, we can't talk to you"

I went in and asked what is was, and they said "smith", which sounds like a made up bs name.

Fn creative market stimulation imCTo

originally posted by: Sremmos80
a reply to: roadgravel

Ya the bottom of the totem pole gets the short end of the stick. While the top directly telling someone to do this is a bit improbable to me, purely because of legal issues not morality, I am sure they found a way to indirectly pass this down to people to carry out.

Exactly,

2 millon accounts, yeah that could probably be just a glitch.

...maybe just a couple knuckleheads.

(CO jet fires up in background, rats scurrying)

a reply to: roadgravel

This is one of the banks that was too big fail and had to be bailed out with Americans tax money ?

Nice of them to screw their tax paying customers twice

Seems they're as arrogant as ever with pushing beyond the rules in place to supposedly protect people

originally posted by: IgnoranceIsntBlisss
Well, we made it past the first half of the first page, at least, before an left/right ideologue chimed in.

Yes I noticed that, this is about a bunch of cheapskates who would steal their own granny's savings, which has already been creamed by whatever government happens to be aorund.

a reply to: roadgravel

I work another big bank and they really don't monitor anything. It is alarming! They shove these insane sales goals down your throat and threaten your job unless you meet them. These were both desperate and greedy employees. What they did I as wrong but these banks now a days only care about sales! Trust me I've wanted to make a thread on it for some time. I worked in banking in the late 90s early 2000s and it was vastly different. There were no sales goals. It was actually about helping customers better their situation but NOW it's ALL about getting you in more debt and saying it's helping you! It really is frustrating to worry about your job daily because the only thing they talk about is sales goals. Gotta get "cheeks in the seats" and that is when they try and basically strong arm you into signing up for more credit.

I know as a teller we don't get any pay incentive for sales but the personal bankers do and they're like used car salesmen when it comes to getting their sales. I've heard them lie to customers to get them to sign up or open an account and it pisses me off but I can't say anything. I like my job. I just do not agree with the way they shove sales down your throat. It doesn't matter how good you are at your job or if you are always there, it's all about that goal percentage!

i personally don't know how the customers didn't notice it. That's mind boggling to me!

originally posted by: roadgravel
a reply to: SLAYER69

That might well be the case. I bet some at the top got bonus money of the activity.

Oh they did! I know the bank I work for, one of the other big ones that people despise, everyone in the bank BUT the tellers get bonuses when sales goals are met. I don't know how much it is but it's enough and everyone on up gets one as long as goals are met throughout.

originally posted by: drock905
What do they expect?

These idiot companies hold their employees responsible for getting customers to sign up for these programs.

For example target, Macy's, lowes, Sears, every bank etc. Evertime someone asks you to sign up for something and you decline that person making minimum wage is getting in trouble for it and may lose their job.

I'm not schocked at all that employees were forced to fake it.

You are 100% correct! You should see the spreadsheets they keep on your sales. It's insane and your job is constantly threatened of you don't meet these goals. The goals are very hard to make unless you're in a highly populated area. I have heard people I work with tell customers they're pre-approved and that is just not true. There are no pre-approved offers at the teller line. They say this to get you to a bank who then tries to force you into signing up by making you think the points are saving you money and earning you money. To yeh average person these 1%, 2% and 3% cash back cards aren't worth it unless you spend at least $1000 a month on the card and pay it off monthly. I see people's accounts daily and I would say maybe 2% of the people I see spend this and pay it off. It's all a gimmick to make you think you're getting extra money. Yea you can get extra money if you're will to max your card out every month.

As someone who lives pay check to pay check I feel for many of our customers and I feel horrible trying to make them sign up for loans and credit cards. I see these people spending habits and I know they're like me and can't afford a credit card or a loan. It's crazy what they tell people to get them to sign up. Banking has changed so much since I first worked in it. If I could find another job I would but I need the one I have and I enjoy it. I just don't enjoy the very pushy sales side.

Not even surprised at this.

originally posted by: SLAYER69
a reply to: roadgravel

Oh, I think it was directed from the top. Sure, they'll blame "Employees" for this but I bet dollars to Doughnuts some CEO someplace let it happen if not made it happen.

Who profited from these fees?

The Bank, that's who
Who'll take the rap? Some employees who were allowed to continue the practice...

Slayer is right on with this, follow the money to the top, and you'll find the culprit.
2

originally posted by: gunshooter

originally posted by: SLAYER69
a reply to: roadgravel

Oh, I think it was directed from the top. Sure, they'll blame "Employees" for this but I bet dollars to Doughnuts some CEO someplace let it happen if not made it happen.

Who profited from these fees?

The Bank, that's who
Who'll take the rap? Some employees who were allowed to continue the practice...

Slayer is right on with this, follow the money to the top, and you'll find the culprit.
2

I say no. It was more than likely the low men/women on the totem pole. I work for another big bank and I could see this happening which is scary. I could see the bankers telling their other buddy bankers about it and even some management getting involved. Everyone is so desperate to meet their sales goals to keep their job. It's absolutely insane, you have no idea. I doubt anyone higher up had anything to do with it. If anything their insane sales goals is what made these employees resort to such horrible tactics. I'm sure bonuses were a motivation as well. As long as you meet your goal you get paid and so does management and upper management.

Just from what I've seen in my banking centers it doesn't surprised me that employees have gone so far as to commit crime to meet their numbers and make money. It's purely messed up.

a reply to: roadgravel

I worked at Wells Fargo for 6 years, the only thing that surprises me about this is that there was only 5300 employees fired. Hopefully many of them were upper management, most likely not, but a girl can dream.

Shortly after I quit, at one of the other branches in my town, all employees were fired (except 1) for opening fake accounts.

While at Wells Fargo I saw things that were not right and contacted investigations multiple occasions with nothing ever happening. Well, that's not exactly true, I did get an earful from my district manager for not calling her first, why would I call her when she was constantly pressuring people for more accounts and yelling at people when the goals weren't met.

They used to have something called 'Friends and Family Day' on the first buisness day of the year. Every employee was expected to walk in with 6 accounts that we sourced from friends and family. Total bs, I never participated in that bs and did get written up too.

Glad their practices are finally coming to light, it's disgusting.

a reply to: Misterlondon

Lots of people don't check their statements, you'd be surprised.

Also, many online accounts were set up for people with fake emails, (granted the customer was probably unaware they even had an online account) the statements could have gone there.

originally posted by: roadgravel

Wow. This is hard to believe. Employees upping their sales with fake accounts and bank customer's money. 5300 employees, and no auditor noticed all this fake activity for years.

I suppose I really shouldn't be surprised at what banks do to get people's money.

I've known a lot of people who've worked for wells fargo, and they have NOTHING good to say about it. The moment you're out of training they hound you constantly about your numbers, and if you don't hit said numbers, don't expect your job to last long.

So with how aggressive WF is to their employees about their numbers it makes sense that people would do this in desperation, especially in this economy. Nobody likes wondering if they're going to lose their job because customers don't want another credit card. : /

a reply to: Jennyfrenzy

While at Wells Fargo I saw things that were not right and contacted investigations multiple occasions with nothing ever happening. Well, that's not exactly true, I did get an earful from my district manager for not calling her first, why would I call her when she was constantly pressuring people for more accounts and yelling at people when the goals weren't met.

why should anyone take your seriously when the gov't agencies you are contacting can get a big pay off from the offending company if they let the situation fester long enough?

The bank agreed to pay full restitution to all victims and a $100 million fine to the Consumer Financial Protection Bureau's civil penalty fund — the largest in the regulator's five-year operating history. Wells Fargo will pay a separate $35 million penalty to the Office of the Comptroller of the Currency, and an additional $50 million to the city and county of Los Angeles.


www.usatoday.com...

these fools probably put some people out on the street and yet it wouldn't surprise me if it was governmental agencies that failed to protect the consumers that got the most of the money that the offending bank paid out.
It's a nice racket where everyone but the consumers win in the end!

a reply to: dawnstar

Why should anyone take your seriously when the gov't agencies you are contacting can get a big pay off from the offending company if they let the situation fester long enough?

It wasn't a government agency that I contacted, it was WFB's internal investigations department, all internal nothing to do with the government. Why wouldn't WFB take me seriously?

I saw customers getting signed up for accounts that were not aware that those accounts were being set up, it should have been taken very seriously. I saw people signing customers up at online stations using the "generic" email as we were instructed to use by upper management 'if the customer didn't have an email'. It wasn't the customer setting up online, it was the banker so they could meet their goals.