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So much not to love about Wells Fargo

January 8th, 2014 at 04:25 pm

From American Banker....

The Los Angeles Times recently reported that at Wells Fargo, where employees are pushed to sell eight products and services to each customer household, staff have opened hundreds of unneeded and unrequested accounts for customers, ordered credit cards without customers' permission and forged client signatures on paperwork.

"One former branch manager who worked in the Pacific Northwest described her dismay at discovering that employees had talked a homeless woman into opening six checking and savings accounts with fees totaling $39 a month," the paper reported. After the article was published, 70 more former and current Wells Fargo employees and customers came forward with similar stories of sales of unwanted and unneeded products at the bank.

The rest of the story is here:
http://www.americanbanker.com/issues/179_5/the-downside-of-the-data-driven-decision-1064719-1.html?zkPrintable=1&nopagination=1

7 Responses to “So much not to love about Wells Fargo”

  1. ThriftoRama Says:

    ...because they had incentives to cheat, because the execs set completely unrealistic goals.

  2. Amber Says:

    A friend of mine quit, she stated the quota was simply not doable for her and in turn made her job very unpleasant. She hated it there, and was written up for not meeting her monthly goal.

  3. M E 2 Says:



    My aunt used to work at PNC and encountered the same thing. Not so much the illegal practices but being pushed to "sell" stuff to customers of the bank. Most of her "regulars" were elderly and would get really annoyed with HER. She ended up retiring (quitting) as well.

  4. Thrifty Ray Says:

    I appreciate more and more the benefit of not having to work at a bank for this very reason. Youd think eventually it would be obvious this force feeding of products doesn't work...

  5. CB in the City Says:

    It probably works temporarily, and managers are very short-sighted creatures.

  6. FreebieQueen Says:

    This is the major reason I left Wells Fargo for Ally. I hated going into the branch and having the teller push all these products on me. It also stunk that to get the good rates you had to jump through way too many hoops to make it worthwhile.

  7. Single Guy Says:

    This is nothing new. I was pushed for a credit card when I opened a checking account at a bank 15 years ago. I kept declining, finally told them to send me a brochure so I could think about it. Two weeks later a CC arrived along with the $60/year annual fee already baked in. Ummm.... yeah, that didn't last long. I quickly got the card cancelled and fee removed. Looking back, I didn't blame the teller / agent, as I realized they asked them to do stupid things like this.

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