Wells Fargo Fires More Than 100 Employees for COVID-19 Relief Fund Abuse -

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Wells Fargo Fires More Than 100 Workers Over Relief Fund Abuse​

Hannah Levitt
October 14, 2020, 4:17 PM CDT Updated on October 14, 2020, 4:24 PM CDT
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Wells Fargo & Co. fired more than 100 employees for improperly getting coronavirus relief funds, according to a person with knowledge of the situation, Bloomberg News reports.

The firm found staffers who it believes defrauded the U.S. Small Business Administration “by making false representations in applying for coronavirus relief funds for themselves,” according to an internal memo reviewed by Bloomberg. The abuse was tied to the Economic Injury Disaster Loan program and was outside the employees’ roles at the bank, according to the memo.

“We have terminated the employment of those individuals and will cooperate fully with law enforcement,” David Galloreese, Wells Fargo’s head of human resources, said in the memo. Wells Fargo’s actions follow JPMorgan Chase & Co.’s finding that more than 500 employees tapped the EIDL program, and dozens did so improperly.
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Full story in the link.
 
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Absolutego

Middleman who didn't do diddly
True & Honest Fan
kiwifarms.net
What's the best bank to use that isn't corrupt?
In most cases, find a way to use a credit union with some kind of multi-state partnership program. They're more than adequately equipped (most of the time) to handle basic checking/savings accounts.
investing is a different beast where you'll have to compromise with a national bank to one degree or another, but if you're open to investing you should research more anyways.
 

Orange Rhymer

kiwifarms.net
Reminder about these fuckers...

lying to their 'customers' (loan-slaves):

defrauding veterans:

taking veterans' property, cars, and HOUSES while they were serving overseas:

and the best one:
which led to the 'repossession' of several homes for non-payment of mortgages OF WHICH THE HOMEOWNER NEVER OPENED. (mostly targeting overseas vets).

Several states banned Wells-Fargo from operating for YEARS. AFAIK all those temp-bans have been dropped. Lots of good lobby-bucks in banking.
Why this company is allowed in the US is truly mind-boggling.
 

Disgruntled Pupper

Thuuder only happens wlen its raisinl
True & Honest Fan
kiwifarms.net
What's the best bank to use that isn't corrupt?
In most cases, find a way to use a credit union with some kind of multi-state partnership program. They're more than adequately equipped (most of the time) to handle basic checking/savings accounts.
investing is a different beast where you'll have to compromise with a national bank to one degree or another, but if you're open to investing you should research more anyways.

Just to share my experience for anyone thinking about joining their local credit union but still unsure; I've been across the country and back and I've never had any issues using my CU debit or credit card, including in Hawaii. I'm pretty sure I even used it in Canada without issue. The one I joined is the largest in my home state and is partnered with Visa for the cards, which may have something to do with it, but so far it's been pretty much the same as US Bank or Wells Fargo. The only noticeable difference is their online banking has a smaller/more retro feel to it and is not as intuitive as others I've used, but not to the point it's prevented me from doing anything I wanted.

So yeah bretty gud 5/5 would recommend they accept weed cash 420 lmao
 

mindlessobserver

True & Honest Fan
kiwifarms.net
USAA remains the best nationwide bank in America IMO.

As a funny aside, Wells Fargo stole their online banking software, fought a no holds barred lawsuit over it and only once it was clear they would lose chose to settle and paid USAA off. And they got to keep that software for their own mobile banking App without having to develop it themselves. Wells Fargo is evil, but they are so damn good at it it's hard to be mad about it.

They are also pretending to be nice atm due to all the bad press. If you need to buy a car hit up Wells Fargo. They will loan you for one in a hot second
 

ShortBusDriver

kiwifarms.net
USAA remains the best nationwide bank in America IMO.

As a funny aside, Wells Fargo stole their online banking software, fought a no holds barred lawsuit over it and only once it was clear they would lose chose to settle and paid USAA off. And they got to keep that software for their own mobile banking App without having to develop it themselves. Wells Fargo is evil, but they are so damn good at it it's hard to be mad about it.

They are also pretending to be nice atm due to all the bad press. If you need to buy a car hit up Wells Fargo. They will loan you for one in a hot second
They're also a product of the old Wachovia, and First Union before that mergers.
 

mindlessobserver

True & Honest Fan
kiwifarms.net
They're also a product of the old Wachovia, and First Union before that mergers.

Wachovia was absolute fucking scum. They drowned on their poison. I have my old wachovia check book as a memento. A living relic of bank that realized you could not be evil AND stupid at the same time. Wells Fargo did win out by acquiring wachovia at the height of the great recession. It gave them all that hot sexy store space on the east coast. Unfortunately they also acquired Wachovias fucking retarded regional executives who did not learn one solitary fucking lesson from the unmitigated failure of their bank, I imagine most current wells fargo "customers" are like me. Holding a primary bank for most of our shit while sticking with Wells Fargo out of convenience for them being pretty much everywhere. All the while watching and waiting for the inevitable demise. Wells Fargo's mistake was they did not fire all of Wachovias ass hats when they bought all that sexy store front.

Bank of America didn't make this mistake. When they bought out those New York Investment firms, they sent those fuckers packing. Made a great show on CNN watching former Lehman Brothers workers being marched out of the office. Gonna blame the California mentality on this one. BofA is from North Carolina. They had no sympathy for failures with more class arrogance then common business sense. Wells Fargo was from San Francisco. They were out to save their fellow bankers. And as consequence they rewarded failure and integrated it into the fabric of their bank. They won't survive the next crunch.

In the meant time, Wells Fargo is giving away free money for cars and houses as they desperately try and convince people to bank with them. Low low rates. Just make sure you sign a hard fixed rate contract with them. I would say only trust them as far as you can see them, but they will try and hide something behind their back as they scurry away.
 
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Picklechu

kiwifarms.net
Undervalued + too big to fail = maybe profits. It's definitely something for investors to watch carefully.

That aside, I will never get tired of seeing Wells Fargo fuck up.

They're also a product of the old Wachovia, and First Union before that mergers.
Wachovia is like the core of their evil. It's like a demonic possession. Prior to the acquisition, Wells Fargo mostly looked squeaky clean, and were in a great position compared to other banks during the financial crisis.
 

ShortBusDriver

kiwifarms.net
Undervalued + too big to fail = maybe profits. It's definitely something for investors to watch carefully.

That aside, I will never get tired of seeing Wells Fargo fuck up.


Wachovia is like the core of their evil. It's like a demonic possession. Prior to the acquisition, Wells Fargo mostly looked squeaky clean, and were in a great position compared to other banks during the financial crisis.
I've had a college checking account that I set up with First Union for like 20 years and it got rolled to Wachovia which got rolled to Wells Fargo and none of them seem to have noticed this.

I savings thought in a local credit union I really just need to roll it all over there but never got around to it.

Wachovia was such a shit company, the were notorious for not updating their balances until 48 hours later which lead to people constantly getting hit with that 21 dollar over draft fee. The whole thing just seemed like it was by design.

Wells Fargo is my last hold over from a bygone era and i should really do something about it.
 
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