Less people, more money. Interesting business strategy.
Doubtless a certain type of USian voter will go for it.
Wells Fargo are thieves who steal from their customers. If you use them, you’re about 15 years delayed in getting out. Security issue.
I had a teller LITERALLY try to steal money from me.
A number of years back I was depositing cash from doing some side-hustle party entertainment work, I counted the cash, handed the cash to the teller and he counted it off, and it was short $100.
The thing was, I was doing magic tricks at parties, I had taught myself a bunch of very basic card tricks and slight-of-hand, not amazing but well enough to impress grade-schoolers, so I caught when the teller did a thing with his hands as he counted, he seemed to palm a bill and I felt immediate unease and wasn’t sure what to do, so I called the manager over and my partner and got the attention of another teller, I figured if I got enough people around he couldn’t pull any further tricks. I said we were “missing” a 100-dollar bill, and the teller acted really confused, pretended to look everywhere, then suddenly the missing bill “appeared” in his drawer. I let it go because I just wanted to go home.
I can even forgive that, that’s one person, not an entire institution. I wouldn’t have a gripe with Wells Fargo if that was all that ever happened. But they did things later on in my life like when I rented a car, they sent me on an overdraft-fee spiral that made my account -$5000 by the time I called the bank. They undid the erroneous charges after lots of shouting.
Later on, I had no choice but to finance a vehicle through WF, I will save the whole, long, horrible story and the shouting matches, but to give an idea how bad-faith they are, they fucking REFUNDED ME THE ENTIRE CAR with a series of “apology checks” over a period of three years after they repossessed it wrongly.
The only reason I didn’t lose tens of thousands of dollars to Wells Fargo is because I learned to fight, fight and scream and yell when they tried to scam me. This shouldn’t be on the customer to be aggressive and angry just to guarantee normal business.
We should do an uno reverse and nationalize wells fargo.
Musk would just learn from them and open a bunch of bank accounts for everyone in the USA and have him control them all.
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This is literally what he wants Twitter to be.
They should have been nationalized in 2009 instead of receiving $25 billion bailout loan.
“Loan”
They did pay it back.
How much of that was subsidized by the US government bailing out AIG?
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Why don’t you go find out for yourself. I already said they should have been privatized, I’m not here to do everyone’s research for them.
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Democrats need to inject FUD into all privatization efforts, by saying they will investigate and reverse it if it happens.
Any entity that participated in privatization volunteers to be socialized.
They all volunteered to be socialized when they fucked up in 2008.
Why do you think the democrats are going to do anything?
They have been sitting on their hands the whole time time Trump is doing all of this shit just like they sat on their hands after Biden won.
Abandon democrats.
I strongly support the notion that any federal assets sold off illegally by trump should be imminent domained.
If I was put in charge of a privatized Post Office I 'd start by stopping regular mail service and focus on packages. Just not profitable enough.
Thank you for articulating one of the many reasons that it should not be privatized.
Profit shouldn’t be the point
Some things -and I know this is wild- do not need to be profitable! Courts, fire departments, schools… There are segments of a functioning society that have nothing to do with making money! I know it sounds Cuckoo bananas and like some woke Marxist shit but those beloved Founding Fathers they talk about on Fox News wrote about weird ideas like “Common Defense” and “General Welfare” and “Pursuit of Happiness” Not so much on profitability.
They want to privatize schools too. They are morons whom probably drank to much lead as kids.
These are the folks that don’t understand King Midas is a cautionary tale.
The Gilded Age 2 Electric Boogaloo
It’s a public fucking service. It’s not supposed to be profitable. It was never intended to be profitable. Asking “but where’s the profit” about fucking EVERYTHING is literally the cancer that’s killing our civilization in general, and this country in particular.
I agree. I am was just talking about a hypothetical privatized postal co. It is a service. Imagine how many people would send Christmas cards at $10 a card.
The vast, VAST majority of physical letters that are sent out these days are mass mailers from corporations or hard copy documents. I’d be willing to bet that the average zoomer has probably sent less than 10 actual letters in their life.
And that’s what they mean when they want to run the government like a business… It’s been clear from the current administration that their goal is to get rid of everything that doesn’t bring in profit… Because the numbers must go up… It’s so frustrating… This is just another level… The business’s that lobby to make everything shitty are now trying to cut out the middle man I guess…
This sounds like a scheme hatched in 1887.
Right? I thought this was a side plot in The Music Man
It’s gone so well for us in the UK, I can’t imagine the entire organisation being asset stripped and then held for random at the taxpayer’s expense.
Who more qualified than a company that is banned from doing business in some parts of the US due to being caught defrauding customers?
Meanwhile, in developed countries, post offices offer banking services.
Seriously FUCK these guys who think everything should be run like a business
Stupidy, if Wells Fargo weren’t greedy dumbasses they could intergrat there banking into the Post Office.
WELLS FARGO??
The only mail I get is junk. They can keep that garbage.
Good for you. Lots of people depend on getting medication by mail, especially in rural areas.
Ads generally get more frequent after privatization.
The US Postal Service is a constitutionally-mandated service for all residents of the USA. It is not a for-profit business
For anyone thinking it. I can confirm it feels great to close your wf account.
I closed mine when they were still called Wachovia 🤗
What? Wells Fargo was founded in 1852.
Wachovia was a smaller bank that got bought out by Wells Fargo, iirc it was during the 2008 recession
Whack off ova-ya.
Reminder that Wells Fargo was caught opening millions of accounts without permission. This company should not be trusted with anything.
One of the rare cases where a company actually paid a huge $3 billion settlement.
I was one of those millions. Cost me way more than I got back in the settlement. Wells Fargo is a criminal organization.
Fuck, I’m sorry that happened to you. It’s ridiculous that every victim of their fraud wasn’t at least made whole, but in addition to the people who should have gone to prison, you and all their victims honestly should have been given a modest fortune as proper restitution for these crimes.
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3B is peanuts to them. I want to see fines that cripple a company’s yearly profits so that, in lieu of criminal investigations and repercussions, the execs at the very least get punished by their board of directors and shareholders. There’s only one language they understand. Another poster called it “operating costs”. That’s what we need to get rid of; punitive fines need to regain their punitive nature in order to be anywhere close to effective.
Needs executive jail time of 1 year per million dollars too.
If a corporation is effectively a ‘person’ under the law, any corp that has caused death should receive the death penalty, and their executives executed by firing squad.
Also, as a legal entity as that of personhood, are corps even allowed to identify as anything under new anti dei ‘laws’?
I don’t know Wells Fargo’s gender. That’s illegal now.
To add on to what you said, the way I’ve always described my stance on the corporations are people argument is that I will believe they are people when Texas gives one the death penalty.
No doubt. If fines and settlements are all we can muster, then there needs to be real personal consequences for those responsible as well as the corporation taking responsibility. Until we fully decouple money and politics, I have a hard time imagining that kind of proportionate punishment ever being doled out.
Yep if there was any justice in the world this would have put Wells Fargo deep in the ground but fucking no
Seriously. There’s no reasonable argument that they should have been allowed to continue to exist after that.
This is true. At the time it sounded so serious. Hand slaps and finger wags. It’s totally ok to cheat steal and lie if you are rich. Rules don’t apply to you. It’s completely mad.
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Hold on, what victim was being blamed in the comment you replied to?
Are you suggesting that Wells Fargo was a victim? That’s literally the only way I can figure out to interpret this.
It hardly made a dent, though.
Totally. It wasn’t close to being enough. The entire board should have been arrested for fraud, at the very least. At least it wasn’t some laughably low amount like we’re used to, I’m surprised it was even this high.
I really wish we’d start prosecuting and imprisoning leadership boards for really anything the company does wrong. It’s really amazing the way we let companies just get away with every single thing, I mean how much more predictable could the slide to shittiness be?
Damn straight.
Just an operating cost.
This is exactly why fees would be revenue based. A flat 1% of annual revenue per offense would very quickly get that shit to stop.
Talked to the board and my state senator and they are good with this, so long as at every 100 offenses it rolls over back to 0 like an odometer.
I was looking for this comment. ALL fines should run as a percentage of annual income or profits. This includes traffic tickets and other fines.
Didn’t a country do speeding tickets as a percent of income?
And was banned from doing business in California
