Seriously, Another Wells Fargo Scandal?

I really can't make this up. In fact, I think that I have lost track of the number of scandals.

Seriously, Another Wells Fargo Scandal?

I really can't make this up. In fact, I think that I have lost track of the number of scandals. If the identity theft of their customers or the overcharging of their customers was not bad enough, this new set of allegations could really do some PR damage. I say PR damage because beyond that nothing is going to happen to Wells Fargo besides a fine which does not seem to hurt them. Further, none of this story is really hitting the media. Any employee who had this much scandal in their background would be terminated. Most companies would not survive even one of these scandals. For whatever reason, this bank continues on with a corrupt culture and apparently continues to rip off its' customers.

It appears that several executives have resigned (see fired) as a new Justice department and SEC investigation is being launched into Wells Fargo Wealth Management Unit.

Some of the charges they are being accused of:

Overcharging Customers

Inappropriate advice and recommendations

Selling Wells Fargo Products when not in the best interest of their clients

Made improper Customer Referrals that violated securities laws

So this begs the question. Why are people still doing business with bank that has such a corrupt culture? At some point, you have to take a good hard look and assess if this bank is acting in your best interest whether it is banking or financial advising. How can you trust a bank with such a track record of scandal? Stay a customer at your own risk. This is way to many scandals in such a short period of time.

Lets face it, a large number of people/consumers don't really make good decisions. They don't make good personal, financial or political decisions. Some candidates can do everything wrong and people will continue to support them. Some people will be mistreated in their personal relationships and remain in the relationship. And some consumers can be cheated by their bank, and remain a customer. I believe "people" are the problem!

We had emailed about the fine print in bank agreements and I wouldn't be surprised if nothing comes of this either since to open an account at most banks you unwittingly give them almost total immunity. It will take an outside Federal agency to get anywhere on this, and as you say, it will probably be only a fine.

Wow! That is so fishy and probably illegal! You can't close accounts without the client's signature nor could you open them! Wells Fargo is totally and completely doing everything wrong.

@JosephC - thanks for posting - it seems that their culture of corruption is starting to cave-in on them.

I still have an acct there bcuz I haven't experienced any of that. I've been with them for years. Maybe it's a limited area where this is happening.

@Bsm1955 - as I wrote in another piece, that is the catch 22. You might be in the situation where you have relationships and have had a good experience - that is a tough one to move away from.

My sister works for WF. She is on the commercial side. They are trying to repair their rep.

@Bsm1955 - that is going to be a long process - having said that, consumers have a short memory.