MTI107: Know Your Advisor, Monitor Your Credit, and Watch Wells Fargo

Money Tree Investing

Money Tree Investing Podcast

Stockmarket, Valuestocks, Investing, Finance, Passiveincome, Wealth, Business, Personalfinance

4.6 • 658 Ratings

🗓️ 7 October 2016

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

Wells Fargo, one of the largest commercial and business banks in the world, fired over 5,300 employees when thousands of accounts were opened without their customer’s approval. The panel discusses who was affected by this, how it could happen, and

Transcript

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0:00.0	Welcome to the Money Tree Investing Podcast.
0:04.0	Stock market, wealth, personal finance, value stocks, invest in your life.
0:10.0	Welcome to the special episode of a Money Tree Investing Podcast.
0:14.0	Today we're doing something a little different.
0:16.0	We don't have a guest, but we are talking about something that has been in the news recently. We are talking
0:22.4	about Wells Fargo. So who's ready to talk about Wells Fargo? There's a lot to talk about.
0:30.4	Right. So joining us today on the Money Tree Investing podcast, we have, as usual, we have Doug
0:35.7	Goldstein all the way from Israel. How are you doing today, Doug?
0:38.7	I'm very well all the way over here in Israel. Doing great. All right. We also have Linda P. Jones
0:47.0	from Be We wealthy and smart. Hey, Miranda. How you doing? I'm okay. And we also have Joe Saul
0:52.5	See high down there in Texas. I'm feeling great. I got my
0:56.9	raspy voice for you today. Yeah, baby. Nice. So here we go. We're going to talk about Wells Fargo. As you may
1:03.8	or may not know, Wells Fargo was recently hit with a fine because they were apparently signing their customers up for accounts.
1:16.1	They were signing their customers up for credit card accounts without letting their
1:19.6	customers know. And part of the problem with this was the compensation structure.
1:24.5	So account managers were being rewarded by the number of credit card
1:32.1	signups they had. And so to pad their numbers, to get their bonuses, to hit their marks,
1:36.4	they were just signing people up for credit cards unbeknownst to those folks. So let's go ahead and go around, I guess, and get kind of a take on this. I mean,
1:47.7	what does this mean for consumers? What does this mean you should be doing with your money in terms of
1:52.9	paying attention, I guess? So let's start with you, Linda. What do you think that this indicates?
1:58.3	Well, first of all, it's not just credit cards. It also included checking
2:02.0	accounts, loans, and other types of financial products. What I was most distressed about,
	...

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