Elizabeth Warren Tells CEO ‘Wells Fargo Doesn’t Belong at Colleges’
“Wells Fargo has a history of aggressively and sometimes illegally squeezing its customers to boost its profits”
Isn’t it nice of Elizabeth Warren to make decisions like these for everyone else?
The Washington Examiner reports:
‘Wells Fargo doesn’t belong at colleges,’ Elizabeth Warren tells CEO
The “exorbitant” fees Wells Fargo charged students who opened credit cards and other accounts under lucrative marketing agreements with U.S. colleges show the embattled lender doesn’t belong on campuses, Sen. Elizabeth Warren says.
In a letter to CEO Tim Sloan, whom the Massachusetts Democrat and presidential candidate has frequently criticized, Warren asked when the San Francisco-based bank learned of the findings in a Consumer Financial Protection Bureau report that showed its college customers paid an average of $46.99 in fees a year, more than three times the average of other banks, and how it responded.
“Wells Fargo has a history of aggressively and sometimes illegally squeezing its customers to boost its profits, and this report illustrates that the bank is deploying similar tactics on America’s college campuses to target vulnerable students,” Warren wrote. “When granted the privilege of providing financial services to students through colleges, Wells Fargo used this access to charge struggling college students exorbitant fees.”
Even before the CFPB review, Wells Fargo had begun “customer-friendly actions that support students, such as sending automatic zero balance alerts, and waiving monthly service fees” on checking accounts held by 17- to 24-year-olds, a spokesman said Thursday. “We will continue to take additional steps to better serve our student customers and help them succeed financially.”
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Comments
“Isn’t it nice of Elizabeth Warren to make decisions like these for everyone else?”
All “right thinking people” strive to do this for us. It is uproarious that they describe themselves and their co-conspirators as “right thinking people.”
Neither do you, Liawatha.
Wells Fargo must have missed a payment to her presidential campaign. Not to worry. I’m sure they got the message and will cough up a check soon.
Wells Fargo is also the only major bank that has refused to stop doing business with the firearms industry and gun owners. Several other finance companies are weaponizing the government controlled banking system to strip Second Amendment rights under the cover of being a “private” business.
You know how to avoid those exorbitant fees? Pay your damn bills.
Or, better yet…don’t run up credit cards in the first place.
Or, even better yet…don’t even HAVE any credit cards.
Silly me…this is the 21st century. 8 year olds probably have credit cards these days to go along with their smart phones.
My Senator is a fraud and a crackpot. Sad.
I commiserate with you here in Vermont. They deserve each other. You and I deserve neither.
Exorbitant fees? LOL…college students have almost no credit history and are a huge risk.
I wonder, why doesn’t this lying old Marxist whore just shut the fuck up and go away?
How did you hear what I said to myself?