More proven bank dodgyness

[Paul]

http://www.zerohedge.com/news/2016-09-08/wells-fargo-fires-5300-engaging-massive-fraud-creating-over-2-million-fake-accounts

Dodgy shenanigans over Stateside

Key quote from article

" Wells Frago opened 1.5 million bank accounts and "applied" for 565,000 credit cards that were not authorized by their customers".

I wonder if this practice has been done in the UK or is going to be the next PPI, card protection charging scandal over here??

Remember each time you go into a branch (that is still actually open) and you get the third degree because their screen flash you up as a "good mark customer"

i.e. profitable to THEM, often it is never a good deal for YOU .

When you have money, have savings, no borrowing, no debt, no loans  they will give you the world, when you can actually afford it outright.

When you are in difficulties and don't have a pot to p**s in, there's the door, you are too big a risk/computer says no.

I do everything to avoid dealing in branch for any of my banking needs because of these practices, but i'm well practice of saying NO THANK YOU.  

With Lloyds it is nearly every you visit. The sickly smile and then the sales patter to buy whatever debt product the computer is trying to push

Nice to be on your toes with the knowing what the best deals are for ISAs, loans, market leading APR for a credit card or loan to catch them out saying you can get better elsewhere.

I got hassled last week in town in the marketplace by from a young 20 something purporting to be from Vanquis credit card and would i like to sign up to a credit card with a guy in the street with a pop up banner, clip board and a iPad.  He did have a suit on him to give him credibility.

Knowing Vanquis are totally scandalous, subprime and not being in no hurry I engaged him and let him sing its benefits.  

My first question, "what is the APR % ? ",

eerrrrrr............" it will be a MINIMUM of 39.9% (!) "

My second " That is the MINIMUM do you think that is fair or competitive ? you would look more honest & credible wearing a black and white striped jumper and a swag bag"

I would have stopped and talked further, but i sensed then he knew he wasn't going to get a sign up from young Paul here, so i walked away

 

[Pipers]

Quite honest the banks can commit fraud all day  long and nothing is done about it.  Only lowly employees are ever prosecuted. I think it's called regulatory capture when a business sector runs the regulator and a also makes the laws through lobbying and have men on the inside.  We certainly see this more in the financial sector banking sector than any other.  

[Paul]

http://www.zerohedge.com/news/2016-09-12/supervisor-massive-fraud-wells-fargo-leaves-bank-125-million-bonus

I have been following this USA and more info has come out 

The exec who was at the head of this dodgyness has been criminally punished rewarded with a golden goodbye to the tune of $100+ million as she has chosen to step down

Key paragraph to take away 

"Carrie Tolstedt, the Wells Fargo executive who was in charge of the unit where employees opened more than 2 million largely unauthorized customer accounts, is leaving the giant bank with an enormous pay day, some $124.6 million".

In any real world, heads would be rolling and people going to jail for this illegal wrongdoing.  

[whitesands1]

"In the real world" 

The Untouchables always escape with the swag bag.

Separately I am mega suspicious of Carnage.  Interest rates on the floor, talk of negative rates, pumping up the money supply and wants to get rid of the 1p coin....... massive inflation on the way.  Time to get a bulldog into that job, I think.