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Wells Fargo in Hot Water, Again

Back in May, we reported that the City of Los Angeles was suing Wells Fargo over high-pressure sales and signing up customers for services without their knowledge and consent.

Now, the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Bank are looking into Wells Fargo’s selling practices. Other banks are coming under fire as well and I wouldn’t be surprised to see more focus in this area by the Consumer Finance Protection Bureau (CFPB).

BankScoop will soon add a monthly summary of consumer banking complaints submitted to the CFPB. It will show the types of complaints, the most complained about banks, and the regions of the country with the most complaints.

Meantime, stay vigilant! Read the account disclosures given to you by your bank and check your statements. If anything seems amiss, call the bank’s 800-number immediately to get an explanation.

My experience is that most issues are easily corrected by working directly with your bank. Because banking is a competitive business, most banks work to maintain good relationships with their customers. Try to resolve any issues with the bank before escalating your complaint to a bank regulator or the CFPB.

What do you think?

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Written by Alpine Jennings

The founder of BankScoop, Alpine is a banking expert with over 20 years experience leading financial institutions to improve their products. He is a well-known customer advocate and has earned recognition from the FDIC for his work helping people to become better savers. You can reach him at alpine@bankscoop.com.

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  1. wells fargo practices in the review of loans for latina women is of concern. even when making equal to or more than white me the scrutiny from underwriters in unprecedented. i recently had experience first hand. applying or a 1m loan when i made over 1m annually. i was tracking my coincidence a loan with similar conditions with a while male friend and completely different level of detail was required. i was very disappointed as this is a repeated occurrence with their minority embracing programs

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