THE ELEPHANT IN THE ROOM (a.k.a. The Debacle Which is Wells Fargo)

One of America’s premier banking institutions, “Wells Fargo” by name, has recently experienced its share of significant problems, as the result of “stepping on its own tail.”

Employees of the bank were strongly encouraged to order pre-approved credit cards for their customers; without their knowledge or consent. They also created fraudulent checking and savings accounts, and signed their hapless customers up for car insurance. And as a result, multiplied thousands of unauthorized credit cards, accounts and subscriptions were created.

Ultimately, Wells Fargo was ordered to pay a 1 billion dollar fine to the United States Treasury; which, in the scheme of things, should teach this corporation a very hard lesson; one which they are bound to avoid in the future.

I was scrolling through my Facebook home page yesterday and came across a Wells Fargo advertisement. Oddly enough, the caption referred to their hope, expectation and power to help their customers avoid financial scams.

I can tell you the irony of the advertisement was not lost on dozens and dozens of people who responded to the ad; myself included.

Following are an sort of comments which appeared under the advertisement:

“Are you kidding me? I mean, give me a break. Your bank perpetrated the biggest fraud ever perpetrated on the American banking public.”

(and)

“Uh, correct me if I’m wrong, but Wells Fargo messed over hundreds of thousands of unsuspecting customers, and you want to talk about bank fraud?”

(and)

“I, for one, was ‘taken to the cleaners’ by Wells Fargo. You guys opened a couple of accounts in my name which I never authorized. If there ever was a scammer, it’s Wells Fargo.”

Pt. 2

I can tell you that for every positive comment beneath the ad, there were ten negative ones, and they all, almost without exception, referenced the fraud which Wells Fargo perpetrated on their own customers.

I actually left a response which read something like,

“It is ironic that your bank has the gall to post an advertisement on social media which references financial fraud. That’s like the pot calling the kettle black! Shame on you!”

Interestingly enough, each and every time a customer referenced Wells Fargo’s recent fraud, and the financial losses they incurred, rather than admit the scam ever existed, with accompanying apologies, a representative of the bank wrote,

“Please contact Wells Fargo privately with your name, account number and information related to the situation, and we would be happy to address the matter with you.”

As I have previously inferred, I believe this great company would, in the indefinite future, be wise to avoid publishing any advertisement which speaks to financial fraud. It can only backfire on them, and backfire badly.

Did I mention I am a Wells Fargo customer?

(Well, I am).

Did I say anything about remaining with this particular financial institution?

(No, I didn’t).

It’s not just an elephant in the room. It’s a whole herd of them.

By William McDonald, PhD. Excerpt from "(Mc)Donald's Daily Diary" Vol. 81. Copyright pending

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