“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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