#WellsFargoBoycott #WellsFargo
What follows was taken from Bess Levin at Vanity Fair<bess_levin@condenast.com> It is a newsletter to which you can subscribe and we suggest you do – it is very good and timely and thoroughly researched.
Remember – Call all of your friends, neighbors, colleagues, acquaintances and tell them about this Wells Fargo Boycott. Cancel your savings account and let Wells Fargo know why. Let them know you will not do business with them. Cancel your checking account. Cancel your investment accounts and any other accounts you have with Wells Fargo. Nothing else has caused them to change. There have been hundreds of law suits filed against them. They have changed management and put out marketing claiming they are making a new start, but the problems still keep coming. It looks as though they are a Criminal Enterprise where different mafia groups have set up house in different parts of the bank and management does not know or does not care to clean house to become a substantial bank serving the public in the way banks agree to do such. Wells Fargo is destroying the lives of tens of thousands of people and many within the bank are making millions of dollars in the process.
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“Since 2016, Wells Fargo has made a name for itself as the go-to bank for people hoping to get screwed over by a financial institution. In that time, it’s emerged that the San Francisco lender opened millions of fake accounts, often in customers names and always without said customers’ permission; charged hundreds of thousands of customers for auto insurance they didn’t want or need, leading to people having their cars repossessed; overcharged clients in its foreign-exchange business; paid $50 million to settle a lawsuit accusing it of overcharging hundreds of thousands of homeowners for unnecessary appraisals; paid $108 million to settle claims that it charged military vets hidden fees to refinance their mortgages; and literally told shareholders they can’t sue over misleading statements by management like we’re changing ours ways and we want to regain your trust, because said management is full of s–t (or, as it’s known among corporate lawyers, the “puffery” defense).
All of that, obviously, has played a major role in catapulting Wells Fargo to the No. 1 search result when one searches for things like worst bank ever or I want to be abused by a registered broker-dealer. But apparently, all this time, Wells was cooking up something that would make all its past “missteps” look like child’s play:
Wells Fargo says a computer glitch is partly to blame for an error affecting an estimated 545 customers who lost their homes. The giant bank filed papers with the Securities and Exchange Commission last month, revealing it incorrectly denied 870 loan-modification requests. About 60 percent of those homeowners went into foreclosure.
In an interview, Jose Aguilar, one of the affected homeowners, told CBS News that after falling a few months behind on mortgage payments while trying to fix a mold problem in his family’s home, he asked Wells Fargo to modify their loan to lower their monthly payments. After being told he might qualify for a modification, Aguilar heard nothing for months and then was forced to start the process over again. Ultimately, it took the lender a year to get back to him, at which point he was turned down and his house went into foreclosure. With his credit destroyed, no one would rent to Aguilar, and he and his son had to move into the basement of a friend’s house. (Aguilar and his wife split up after they lost their home.) Speaking to ABC News, Aguilar said that he “thought about suicide many times.” “It’s been very hard for me. It’s something I wouldn’t wish upon anybody,” he told CBS reporter Anna Werner.
Then, last September—three years after Wells Fargo basically ruined his life—Aguilar received a letter from the bank that read: “Dear Jose Aguilar. We made a mistake . . . we’re sorry.” It wrote that the decision to deny his loan modification was based “on a faulty calculation,” and acknowledged that it should have been approved. The bank also sent him a check for $25,000, which his attorney Marc Dannsaid “doesn’t begin to cover his total losses.” (The bank told CBS that it plans to work with affected customers to reach a resolution and, after literally kicking people out of their houses, is generously offering no-cost mediation.)
Incidentally, six months before Aguilar received his “Oops, our bad” letter from Wells Fargo, C.E.O. Tim Sloan received a 36 percent raise—bumping his 2017 compensation up to a not-too-shabby $17.4 million—, which he angrily defended when questioned by Wells critic Elizabeth Warren. Sloan has not yet commented on the bank’s latest f–kup.”
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