Why does Wells Fargo Suck? Let’s Find out. | Corporate Casket

iilluminaughtii

Blair Zoń

Documentary, Education, Business, Society & Culture

4.4 • 961 Ratings

🗓️ 15 September 2022

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

Go to http://hellofresh.com/CASKET16 and use code CASKET16 to get 16 free meals across 7 boxes AND 3 free gifts! Go to http://joinhoney.com/CASKET to get Honey for free. Welcome to the Corporate Casket, a semiweekly series where bad businesses go to die. We will discuss any and everything from bad charities, terrible CEOs, and businesses that have a lot to hide. Wells Fargo is one of the most well-known Banks in the United States. But while their names are well-known, their scandals have made them infamous. Their history of blatant racism has been raising eyebrows and ruining lives almost since their inception. But their decade-long scam of opening fake accounts for customers without their permission catapulted them into the limelight in the worst of ways. To this day, the company is still reeling from its decade-long mistake, but it still can’t seem to keep itself out of trouble. Connect with me: https://linktr.ee/iilluminaughtii Sources: https://justpaste.it/7mua1 Writers/Researchers/Helpers: Jess Hubbert This episode was edited and mixed by: G. Thomas Craig Album cover art created by: Betsy Primes Intro Song Credits: Last to Fall- Will Van De Crommert Outro Song Credits: Sacred and Profane- Nicholas Rowe Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Most of us have had the displeasure of using banks. We all put our money in and
0:12.1	pray that the bank will simply just leave it there, and just maybe if we get lucky, we can get some interest on our savings too.
0:17.5	That's really about it. But many of us have also experienced the terrible parts of banks, like those pesky overdraft fees that
0:23.9	insist that since you have no money, you somehow need to find a way to pay the bank extra money.
0:28.3	Like, how in the world does that make any sense?
0:31.6	But overall, we expect our banks to be relatively reliable, trustworthy, and fair.
0:36.0	Unfortunately, Wells Fargo never seemed to get that memo.
0:40.0	Wells Fargo find nearly $200 million for setting up millions of fake accounts.
0:45.8	Rebecca Jarvis has a detail.
0:46.8	And if you were a Wells Fargo customer for roughly 14 years in the 2000s,
0:50.9	you may have been unlucky enough to discover that firsthand.
0:54.4	It could be any random day.
0:55.8	You could be doing your laundry, watching TV, you know, just living your life.
0:59.4	When suddenly an employee from Wells Fargo calls your phone and tells you that the worst thing possible has happened.
1:04.2	Someone has stolen your account.
1:06.6	The fraud is so extreme that they recommend you close it
1:09.3	and open a new one.
1:10.6	And reluctantly, you may agree. I mean mean if someone at a bank is telling you
1:14.1	that your money might be stolen and you should create a new account you just
1:16.9	kind of do it right? But while they're signing you up for that they sneak in some
1:21.5	other things too and just like that you're signed up for that. They sneak in some other things too.
1:22.8	And just like that, you're signed up for online banking.
	...

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