HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » Latest Breaking News (Forum) » Wells Fargo says U.S. con...

Thu May 6, 2021, 08:52 PM

Wells Fargo says U.S. consumer watchdog has opened new probe on mishandling of accounts

Source: Reuters

Wells Fargo and Co. is facing a new probe from the U.S. consumer watchdog over how it disclosed and assessed monthly fees on certain consumer bank accounts in 2016, the bank disclosed in a regulatory filing on Thursday.

The Consumer Financial Protection Bureau (CFPB) is “investigating certain of the Company’s past disclosures to customers regarding the minimum qualifying debit card usage required for customers to receive a waiver of monthly service fees on certain consumer deposit accounts,” the bank said.

The probe is the latest regulatory hurdle for the San Francisco-based lender, which has been mired in scandal related to unauthorized product sales since it revealed here in 2016 that it had opened potentially millions of depository and credit card accounts without clients' permission.

In its latest filing, Wells Fargo reported that losses from all potential pending litigation related to its sales scandals as of March 31 could be as high as $2.6 billion, up from $2.4 billion at the end of last year.

Read more: https://www.reuters.com/article/wells-fargo-cfpb/wells-fargo-says-u-s-consumer-watchdog-has-opened-new-probe-on-mishandling-of-accounts-idUSL1N2MT2XU

6 replies, 1317 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 6 replies Author Time Post
Reply Wells Fargo says U.S. consumer watchdog has opened new probe on mishandling of accounts (Original post)
left-of-center2012 May 6 OP
Enter stage left May 6 #1
Ponietz May 6 #2
cinematicdiversions May 7 #3
Ford_Prefect May 7 #4
oldsoftie May 7 #5
The Jungle 1 May 7 #6

Response to left-of-center2012 (Original post)

Thu May 6, 2021, 09:08 PM

1. Uhhhh...what is it the repuq assholes say?

Tots & pears!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to left-of-center2012 (Original post)

Thu May 6, 2021, 11:13 PM

2. Amazes me there are, still, people too stupid to not bank there

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Ponietz (Reply #2)

Fri May 7, 2021, 12:08 AM

3. Thank You

Both this and Bank of America... I just don't get it.

It's like having your wedding reception at Arby's.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to left-of-center2012 (Original post)

Fri May 7, 2021, 02:55 AM

4. This still pocket money to them. At most it is the earnings for 1/4 of one year and comes nowhere in

comparison to their net worth of $365 billion. At worst it will be written off as a cost of doing business.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to left-of-center2012 (Original post)

Fri May 7, 2021, 07:17 AM

5. I actually have a GOOD WF story;

They held a rather large check for over a week even though i provided proof from the bank the check was written from that funds had been transferred.

About 3 weeks later i got a letter from Wells apologizing for the "error" and a check for $150 that I happily cashed

Reply to this post

Back to top Alert abuse Link here Permalink


Response to left-of-center2012 (Original post)

Fri May 7, 2021, 08:23 AM

6. Wells fartgo is a filthy corrupt operation.

Boycott them

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread