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Online Critics Decry Even More Wells Fargo Fraud Scandals (boingboing.net)
On Saturday author/blogger Cory Doctorow launched a new barrage of criticism towards Wells Fargo:
It's been a whole day since we learned about another example of systematic, widespread fraud by America's largest bank Wells Fargo (ripping off small merchants with credit card fees), so it's definitely time to learn about another one: scamming mortgage borrowers out of $43/month for an unrequested and pointless "home warranty service" from American Home Shield, a billion-dollar scam-factory that considers you a customer if you throw away its junk-mail instead of ticking the "no" box and sending it back.
$43/month gets you pretty much nothing: people who tried to actually use their AHS insurance found it impossible to get them to actually do anything in exchange for this money. Here's a quick Wells Fargo fraud scorecard: stealing thousand of cars with fraudulent repos; defrauding mortgage borrowers; blackballing whistelblowers; creating 2,000,000+ fraudulent accounts, and stealing millions with fraudulent fees and penalties.
Life Pro Tip: if you don't like banks, join a credit union.
$43/month gets you pretty much nothing: people who tried to actually use their AHS insurance found it impossible to get them to actually do anything in exchange for this money. Here's a quick Wells Fargo fraud scorecard: stealing thousand of cars with fraudulent repos; defrauding mortgage borrowers; blackballing whistelblowers; creating 2,000,000+ fraudulent accounts, and stealing millions with fraudulent fees and penalties.
Life Pro Tip: if you don't like banks, join a credit union.
The habit of having a "negative agreement" where you have to check a box and send back if you don't want a service is not legal in some areas.
If builders built buildings the way programmers wrote programs, then the first woodpecker would destroy civilization.
I'm surprised that they're legal *anywhere*.
There’s no point in acting surprised about it. All the planning charts and demolition orders have been on display at your local planning department in Alpha Centauri for 50 of your Earth years, so you’ve had plenty of time to lodge any formal complaint and it’s far too late to start making a fuss about it now What do you mean you’ve never been to Alpha Centauri? Oh, for heaven’s sake, mankind, it’s only four light years away, you know. I’m sorry, but if you can’t be bothered to take an interest in local affairs, that’s your own lookout. Energize the demolition beams.
I'm not entirely sure how this quote applies to the situation described in the article, but if we make the effort I'm sure we can find a way.
Or perhaps you're just one of the millions of people who've been screwed.
Why these recidivist fuckers aren't in jail ? Is that because they're WASP ? Is that because white collar crimes actually pay well ? Where the God damn fuck is justice in all of this ?
Desjardins, the biggest credit union in North America has actually become worse than a bank.
Maybe you can be fine with a small credit union somewhere but the GP is pretty much right nowadays.
Everything I write is lies, read between the lines.
The difference is that they are owned by the depositors. Hence they are not subject to the same commercial pressures that regular banks are. Unfortunately most of the mutual financial organizations in the UK where destroyed in the 1980/1990's when the building societies converted to banks. During the financial crisis the building societies in the UK weathered the storm much better than the banks and demutilized former building societies did for example.
Where is it legal? Asking for a friend and his company with the amazing monthly paper clip delivery service that's just $999 a month.
Oh freddled covfefe,
Thy micturations are to me,
As plurdled gabbleblotchits,
On a lurgid bee,
...
"Here's a quick Wells Fargo fraud scorecard: stealing thousand of cars with fraudulent repos; defrauding mortgage borrowers; blackballing whistelblowers; creating 2,000,000+ fraudulent accounts, and stealing millions with fraudulent fees and penalties."
Lists of blatantly corrupt and illegal activities don't mean jack shit unless you do something about it.
And by do something, I mean shut them the fuck down, and throw executives in prison.
Since Greed N. Corruption took over as CEO of US Capitalism, Inc. that will never fucking happen.
How ironic that if any US citizen did this, it would be labeled terrorism. The fact that nothing is ever done only clarifies just how unethical and corrupt the Banking Industrial Complex has become.
It's neither legal not ethical for a company to"offer" services on an opt-out basis, but why does this rant focus on Wells Fargo (scummy though they also be)?
I see you just outed yourself as not reading the link, because had you done so, your question would have already been answered. So since you were too lazy to look, I'll do you a favor and summarize. Various Wells Fargo mortgage customers went over their monthly statements and found a mysterious charge (about $43 a month) for a service they never agree to or asked for, namely the home warranty from AHS. And when customers tried to get Wells Fargo to take it off their bills, they failed. So Wells Fargo fully participated in billing customers for a service they never chose to receive and that's why the rant focuses on them.
Not all junk offers are illegal.
My point is perhaps they should be. And until you can clearly define the difference between a scam and a "junk offer", perhaps we should get rid of the latter bullshit term and call it what it is.
I already said that if the company did what the summary described, it was illegal. What more do you want?
From TFS:
"Here's a quick Wells Fargo fraud scorecard: stealing thousand of cars with fraudulent repos; defrauding mortgage borrowers; blackballing whistelblowers; creating 2,000,000+ fraudulent accounts, and stealing millions with fraudulent fees and penalties."
There's certainly more than one reason Wells Fargo was called out here. Commonly referred to calling a spade a spade. What more do I want? Shutting down unethical and corrupt businesses would be a refreshing start. Either that, or get rid of laws that define ethics in business; we obviously ignore the shit out of them anyway.
Wells Fargo for my mortgage for 10 years, AHS for about 7 years. I'm currently battling Wells against their attempts to foreclose on my home (for the second time) and I dumped AHS 3 years ago after I got a local consumer investigative reporter to contact them regarding fraudulent work their chosen AC contractor told me I HAD to pay for (new pad for a replaced AC unit when the old pad was fine, new wiring harness for same when the old was fine, etc). Wells had been okay with my incremental catch up payments for 6 months (I'm behind due to a recent divorce)...but last month I made the mistake of telling them I'll be current probably within 60-90 days...and 5 days later I got the "pay us now or we accelerate the loan to foreclosure by 8/23". I have the ability to do that so I will...but it pisses me off that a previously agreed upon plan was jettisoned when they understood that the late payment penalties are about to stop and they'll lose any legal chance to steal my home. Effing bastards. I can't recommend more strongly for any and everyone to avoid both these companies as if they were plutonium gonorrhea.