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Well Fargo Accused Of Pressure-Cooker Sales, Costing Unwary Customers

Sunday, December 22, 2013 - 12:16 PMWells Fargo Bank - Details
In its top story on Page 1 of today's Los Angeles Times, the newspaper investigates allegations by bank employees and managers of such severe pressure to sell various accounts and add-on services (loaded with fees) that many accounts, credit cards, and other have been opened without customers asking for them. The allegations include that sales quotas are so high that supervisors are forced to work overtime without required overtime pay, and that employees are fired regularly for missing quotas. Others allegedly open accounts for unaware customers in order to meet the quotas.
 
One of the various examples given was six checking and savings accounts pushed on and opened for a homeless woman who needed only one account to get her Social Security disability payment, with monthly fees totaling $39. 

From the story:
To meet quotas, employees have opened unneeded accounts for customers, ordered credit cards without customers' permission and forged client signatures on paperwork. Some employees begged family members to open ghost accounts.
...
"It's all manipulation. We are taught exactly how to sell multiple accounts," the former manager said. "It sounds good, but in reality it doesn't benefit most customers."
Well Fargo denies all. 

http://www.latimes.com/business/la-fi-wells-fargo-sale-pressure-20131222,0,5474088.story
5
me1004me1004343 posts since
Jan 16, 2010
Rep Points: 2,350
1. Sunday, December 22, 2013 - 5:06 PM
Great post me1004! The article confirms what many of us suspected regarding WFC for a long time.
4
ShorebreakShorebreak2,364 posts since
Apr 6, 2010
Rep Points: 12,578
2. Sunday, December 22, 2013 - 5:42 PM
I read the article this morning and it confirms everything I already knew about Warren Buffet's favorite bank. When my Wachovia CD matured this past summer, I went into the bank to close the account and have the funds wired to another institution. The bank manager proceeded to try to sell me money market accounts, credit cards, and a line of credit. I told him his sales spiel would be a lot more effective if they actually had competitive products or deposit rates. He knew I was right and immediately stopped bugging me.
6
loulou521 posts since
Aug 3, 2010
Rep Points: 3,237
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