HAS HELL FINALLY FROZEN OVER IN THE US BANKING LAND???
Well’s Fargo Bank today fired 5300 employees across the nation and the bank has been fined $190 million to settle a consumer fraud case! Of the $190 million, $5 million will go to bank customers. Regulators say Well’s Fargo Bank employees pushed customers into fee-generating accounts that they never requested and/or did not want. The bank settlement was with Federal Banking Regulators and California prosecutors.
The suit was filed against Well’s Fargo in May 2015 in which California prosecutors alleged that the bank pushed customers into costly financial products that they didn’t need nor request. These products included savings accounts, credit card, and online accounts that all generate fees.
Well’s Fargo told their employees that the average customer uses about 6 financial tools and the bank encouraged their employees to jack that up to EIGHT! As a result more than 2 million deposit and credit cards were opened and some may have NOT been authorized by customers! Well’s Fargo officials said today, “We regret and take responsibility for any instances where customers may have received a product that they did not request.” That’s all fine and well BUTtttttttttttttt…………………
The bank encouraged their employees to get customers to use 8 financial tools and now that the bank has been found guilty of FRAUD they’ve fired those very employees that the BANK encouraged anyway! If you need any more proof that the American banking system is CRIMINAL look no further!! Let us not forget the banks SACKING OF THE US TREASURY (aka: Bailouts). You remember, that’s when Paulson the Bush 2’s Treasury Secretary told Congress in the midst of the night (literally) that if Congress didn’t approve the bailout there would be Marshal Law in the streets of America the next day! So Congress approved the bailouts without even knowing what was in the legislation. Of course, MOST CONGRESSMEN do NOT real ANY BILLS prior to voting on them so MOST CONGRESSMEN AND SENATORS have no clue as to what is actually in those bills. Incompetent? BINGO and ought to be FIRED all 535 of the RATS!!
I knew when the bailouts were made that our Banks were criminal and now Well’s Fargo has proved it to me beyond any doubt. If you ask me some of the upper crust of the bank should be criminally prosecuted and set in a Federal Prison somewhere! Why do these banks keep getting away with their CRIMES???? And here’s something else. Well’s Fargo was caught DEFRAUDING CUSTOMERS but HOW MANY BANKS DOING THE SAME THING HAVE NOT YET BEEN CAUGHT? Plenty I’d bet!!
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