The announcement is the latest sign that some of the practices exposed by the Wells Fargo fake accounts scandal in 2016 weren't confined to that bank.
    • @OduseiOP
      15•2 years ago

      When the fines are less than the profits, what’s there to learn? Just the cost of doing business.

  • SaltyEggs
    4•2 years ago

    I’m glad I bank with Wells Fargo

    • @CatZoomies
      8•2 years ago

      LMAO I enjoyed this comment. For those who don’t know, Wells Fargo also did something similar and was signing up their custodians for credit accounts without their permission.

      The bank paid a fine and of course no one went to jail (legal immunity).

      “If the punishment for the crime is less than the profits you made committing that crime, that is legal immunity. That is a very, very loud signal in a system of democracy that says, ‘Do it again, only this time leverage more!’" - Andreas Antonopoulos

  • @[email protected]
    3•2 years ago

    When I was in my early twenties, I decided to open my first savings account (already had a checking account) at BofA. The agent at the branch didn’t tell me there was a minimum balance of $50 and let me open it with $20. Immediate penalty. I was too young and naive to know how to stand up for myself. I’d get that shit reversed today on grounds that she failed to properly inform me. At ~22, I just took the hit.

    I’m sure she got commission on that shit, else why would she let that happen? The banking industry is fraudulent from top to bottom.

  • Jaysyn
    2•2 years ago

    It sure is weird how if I committed millions of dollars in fraud, I’d go to prison for 10-20 years.

    • @OduseiOP
      4•2 years ago

      Are you sure? Have you tried it?