Wells Fargo agrees to $575 million payout for improper sales practices

[Yo_Mama_Been_Loggin]

Wells Fargo & Co. has agreed today to pay out $575 million to customers affected by its improper sales practices.

Those improper practices affected retail sales, auto collateral protection insurance (CPI), Guaranteed Asset/Auto Protection (GAP) and mortgage interest-rate lock matters, Wells Fargo says. The San Francisco-based bank reached the agreement with all 50 state attorneys general and the District of Columbia.

“This agreement underscores our serious commitment to making things right in regard to past issues as we work to build a better bank,” Tim Sloan, president and chief executive, says in a statement.

Wells Fargo says it has already accrued $400 million of the settlement so far and will have accrued the rest as of the end of the year.

As part of the agreement, Wells Fargo also agreed to: employ teams to review and respond to customer inquiries; create a website with more details on the remediation efforts; and give progress reports on those efforts.

The settlement is only part of the hurdle Wells Fargo is facing in an effort to clean up its operations.

The bank is still embroiled in a consent order with the Federal Reserve System, which capped Wells Fargo's assets at $1.95 trillion until it puts proper risk-management plans in place. The Fed rejected Wells Fargo's latest plan up for approval this month, saying the bank needs stronger checks on management.

https://www.bizjournals.com/seattle/news/2018/12/28/wells-fargo-payout-fraud-loans-mortgages.html?ana=e_mc_prem&s=newsletter&ed=2018-12-31&u=ColXVN5SPzQtLHFP87ho2w07857290&t=1546285361&j=85777981

[Mr. Quackers]

1. hand slap

ghouls

[lindysalsagal]

2. I think the bastads held my mortgage check so that it was late and they soaked me the extra fee.

But I have no way of proving it, so I'm going to pay my mortgage in person and get a receipt from now on.

I never contracted with the swine: they bought my mortgage from another bank. I hate that! 21st century banking is all b.s.

[Wellstone ruled]

3. Ah ha,

you my friend are not alone. This is a common practice,heard this first hand from someone works as a Collections Officer for Wells. All about the Date Stamp,and you understand how the mail deliveries work, your payment can sit in their mail-room with incoming mail dumped on top of previous days mail.

Read your disclosure statement on the back of your payment coupon,it gives them a license to steal legally.

[lindysalsagal]

4. Really? Well, there's an office right down the street and I'm carrying it in from now on and getting

a receipt.

[Wellstone ruled]

5. We used to be Wells

Mortgage Suckers twice. Both times we were burned by their Policy at lease once. In fact the Second time we went to our Local Office and raised holy hell about this crap. The Local Branch Manager was so embarrassed when both my spouse and I burned his sorry ass to the ground that they not only refunded our late fees,and produce a letter of apology which we used when we Canceled our Checking account and savings accounts via letter to the Corporate office in Minneapolis,we kept this account for almost thirty five years,way back when it was called Minnesota Savings and Loan.

This have the official response and documentation we received from Wells Corporate as well as the stubs from the Certified Checks that were sent to us. BTW ,we were Credit Union Members at the same time,one phone call and Wells was not our new Mortgage Lender of Record. Our Credit Union took one look at our Credit History and within days,Wells was toast. And the best part,all the paperwork was done via the Internet .

The only way to be these bastards at their game is,get in their faces and pay any Payments that you might have with them via electronic payment . And do it through a Credit Union,Wells Hates Credit Unions to no end.

[lindysalsagal]

7. The more I read the more certain I do NOT want to set up auto pay

because they'll have access to my account. So, no, I'm going to walk it in and get my damned receipt. The check I write is from the credit union on the corner: I fired HSBC after 30 years for screwing up totally.

I'll never go back to a bank. When I'm done with this mortgage I probably won't own again, but if I'm tempted, it will be a credit union for sure.

BASTARDS!!!

[Wellstone ruled]

8. Or better yet,

take it to the Drive thru,oh how they hate that one. Especially if you are a few days early. They have to do double data entry because of being early.

[bluestarone]

6. Just seems like every business steals billions and

Pays back millions!! Something very wrong with this picture!!!