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WELLS FARGO IS A DANGER TO THE MIDDLE CLASS

  • Wells Fargo is hurting more than helping their middle-class clientele.
  • People with checking and savings accounts are more likely to become homeowners, move up a rung on the socioeconomic ladder, or start a new business.
  • According to Violation Tracker, Wells Fargo paid about 15 billion dollars in penalty since 2000 with a record number of violations tally at 105.
  • Customer-focused financial institutions can genuinely help their clients leap forward to the middle class and stay there.

According to various studies, people with checking and savings accounts are more likely to become homeowners, move up a rung on the socioeconomic ladder, or start new businesses.  However, Wells Fargo’s middle-class clients have been experiencing the opposite.

Over the past decade, Wells Fargo inaccurately foreclosed on their clients, signed them up for insurance, credit cards, and other financial products without their consent, and depleted their checking accounts by charging them excessive fees.

According to Violation Tracker, Wells Fargo paid about 15 billion dollars in penalty since 2000 with a record number of violations tally at 105. Wells Fargo’s violations are ranging from mortgage to toxic securities abuses.

Customer-focused financial institutions can genuinely help their clients make the leap forward to the middle class and stay there. Wells Fargo is hurting more than helping their middle-class clientele.  Let’s hope they indeed can re-establish themselves in 2019

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