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Wells Fargo Sued Again For Misbilling Car Owners And Veterans (reuters.com)
UnknowingFool writes:
A new class action lawsuit from a former Wells Fargo customer claimed the bank charged loan customers for auto insurance they did not need. With auto loans, the bank often requires that full coverage auto insurance be bought when the loan is made. However, lead plaintiff Paul Hancock says that Wells Fargo charged him for auto insurance even though he informed them he already had an insurance policy with another company. Wells Fargo also charged him a late fee when he disputed the charge. Wells Fargo does not dispute that it did this to customers and has offered to refund $80 million to 570,000 customers who were charged for insurance. The lawsuit however is to recoup late fees, delinquency charges, and other fees that the refund would not cover.
NPR describes Wells Fargo actually repossessing the car of a man who was "marked as delinquent for not paying this insurance -- which he didn't want or need or even know about." Friday the bank also revealed the number of "potentially unauthorized accounts" from its earlier fake accounts scandal could be much higher than previous estimates -- and that they're now expecting their legal costs to exceed the $3.3 billion they'd already set aside.
And Reuters reports that the bank will also be paying $108 million "to settle a whistleblower lawsuit claiming it charged military veterans hidden fees to refinance their mortgages, and concealed the fees when applying for federal loan guarantees."
NPR describes Wells Fargo actually repossessing the car of a man who was "marked as delinquent for not paying this insurance -- which he didn't want or need or even know about." Friday the bank also revealed the number of "potentially unauthorized accounts" from its earlier fake accounts scandal could be much higher than previous estimates -- and that they're now expecting their legal costs to exceed the $3.3 billion they'd already set aside.
And Reuters reports that the bank will also be paying $108 million "to settle a whistleblower lawsuit claiming it charged military veterans hidden fees to refinance their mortgages, and concealed the fees when applying for federal loan guarantees."
It's obvious that Wells Fargo has deeply ingrained corruption that is harmful to consumers to such an extreme that the bank should be broken up and sold off. Wells Fargo should cease to exist.
-- Will program for bandwidth
Non compos mentis, a fitting term, even for this fictitious entity. As a customer, it seems to me the only thing they've been good for is economic depletion and harassment at the teller window when you're hard up.
Huge fines for this kind of behavior should have direct legal consequences. If you do this kind of massive fraud, it is clearly illegal. The government should figure out who made the decisions, with the knowledge that deleting records = guilt.
They should figure out who was responsible and jail them for at least a year. Then double the fine if the convict's boss is not fired for cause. Because if he truly didn't know about the crime, then he has demonstrated incompetence. If he did, he should have gone to jail instead.
I am tired of seeing companies write these kinds of things off as the cost of doing business.
excitingthingstodo.blogspot.com
And, just like last time, Fargo is going to claim that since the victims are existing customers, they've already signed a binding arbitration clause, which prevents them from joining class-action suits.
These guys are a bigger bunch of mindless jerks than the marketing division of the Sirius Cybernetics Corporation.
In a civilized society, the executives would be in jail. In China, they would be executed.
Here in the Corporate States of America, they get paid hundreds of millions of dollars for being cooks. Part of it is that they bribed plenty of Congress.
And where is Trump on this?! Where's the tweet shit storm - Wells Fargo RIPPED OFF Veterans.
Donated over $14 million to Hillary Clinton's presidential campaign.
Wells should be seized as a criminal enterprise under RICO and the assets liquidated.
What does it take before a corporation gets their charter revoked? This company at this point seems more like an example of organized crime than a legitimate business. How far is it possible to go before enough is enough?
Communications companies, Banks, and Insurance companies seem to have no regard for their customers any more here's my short list of companies I won't do business with because of their arrogance to the concerns of their customers:
1. Wells Fargo
2. AT&T
3. Allstate
All these companies seem to care about is enriching management first, then shareholders second. Customers and employees are at the bottom of the list. They drive business to them due to their large advertising budgets. This would change if customers tuned out advertising, and did better research on the best product for their needs. Pessimistically, I think most people are lazy, and do business with the entity which advertises heavily. This props up these bad actors, and they rake the profits in.
Like judges do to people for minor things. We screwed veterans. Posted to doors and web sites where ever they do business.
I just cant understand how they still have a license to do business. A coy of it should e used to beat the CEO to death with. Then others might but I doubt it think twice.
of the NPR story where the guy whose car was repossessed goes to a Wells Fargo bank branch with all his documentation, and the staff can't figure out what's going on. Then the staff starts calling the part of Wells Fargo involved in this loan and they keep getting put on hold for over two hours.
If the bank itself puts its own employees on hold when they're trying to get an answer to a simple question, it's quite clear the bank is trying to cover up its criminal actions.
Why people are still customers of this corrupt organization is a mystery.
it would be called fraud & grand larceny on a grand scale.. cease fire stand down.. catch our breath keep our heads..
Corporations are people aren't they? Restrict its liberty and take away but a small fraction of it's income. After all, that is what happens to people with a history of fraud and theft.
putting the 'B' in LGBTQ+
The first rule of dealing with Wells Fargo is: Do not deal with Wells Fargo.
If you have a bank account with them,close and move to someone else. If you have a credit card with them, close it and choose another provider. If you have a mortgage with them, refinance with someone else. If they end up buying your loan, refinance again.
Wells Fargo is the shittiest bank I've ever had the displeasure of doing business with. They will absolutely go out of their way to screw you over. If you haven't been screwed over yet, it will only be a matter of time before they do so. I refinanced my mortgage just to get away from them after the BS they kept trying to pull with my mortgage. The final straw was when the deliberately STOPPED my automatic mortgage payments for absolutely no reason and never sent any notification of any kind, presumably so they could try and snowball late fees (this was years ago).
So all these scandals involving WF don't really come as any surprise to me. In fact, I suspect there will be many more. I wouldn't trust those assholes with a wooden nickel.
~X~
In that case, Wells Fargo is a criminal enterprise and should be examined as such by the DOJ. The DOJ should use all pertinent laws to punish those responsible as if Wells Fargo were the Mafia. Fines are no longer enough.
E Proelio Veritas.
Another US bank defrauding its customers: Nothing to see here, folks; move along. The government (double, for the Republican side) has clearly demonstrated that they won't punish the banks for bad behaviour; of course, such behaviour will continue.
In case you haven't noticed it is considered STANDARD OPERATING PROCEDURE for large US Corporations to engage in outright fraud against US Citizens. It is codified and completely legal
What happens is, Wells Fargo (or AT&T or whoever) comes up with a fraud scheme. They do the math to figure out how much money they will make. If it's a Billion or more, they go for it, knowing the Us Gov't will settle for hundreds of millions, leaving them with a good profit. In the case they get it wrong, the Government will let them keep a portion of the ill gotten gains as they did when they let AT&T keep 30% of the money made from FRAUDULENT BILLING
The rule of law only applies to Tax Paying Scum
Start putting them in prison for fraud, that or fine the company a large percentage of their revenue over the period of time this was going on. Out of business? Their own fault.
What's getting confused here is the concept of liability insurance, which is bought by the motorist to cover liability in the event of accidents and is required in most states, and the concept of insurance against a borrower failing to make all of the payments on the loan they took out to purchase their vehicle. They're not the same thing, but people lump them together under the blanket of insurance because people are so used to talking about insurance, especially in relation to vehicles, in the context of liability that the term insurance has practically become synonymous with liability in the vehicle space. If a borrower can be required to pay the premiums for PMI in a mortage, which protects the lender and not the borrower, then why not in a vehicle loan?
Wells Fargo, for the longest time was a well respected financial institution. It was so good and profitable that it went out and bought Wachovia, headquartered in Winston-Salem NC. Walkalloveryou was a fee troll and it appears that the higher ups at Walkalloveryou took the top spots at Wells Fargo. On the day of that purchase, Wells Fargo was dooomed since they liked the Walkalloveryou approach. Now they are just beginning to pay for their mistake.
Life is in a state of dynamic equilibrium, it both blows and sucks
By what you wrote AC, I can tell you know nothing. You're a communist indoctrinee. Read Adam Smith. Hamilton. Capitalism isn't a fraud. It works and works well. Best system the world has seen and we don't even want to teach it in the US anymore due to stupid people that think communism is better.