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With Students 'Getting Ripped Off' by Wells Fargo, Elizabeth Warren Calls for Kicking Big Bank Off Campus

With Students 'Getting Ripped Off' by Wells Fargo, Elizabeth Warren Calls for Kicking Big Bank Off Campus

Julia Conley, staff writer

Nearly a year after angrily grilling Wells Fargo CEO Tim Sloan over his exorbitant compensation following several scandals at the bank, Sen. Elizabeth Warren (D-Mass.) took aim at the institution again Thursday with a letter attacking its practice of offering bank accounts to college students and then hitting them with steep fees—which have had what the lawmaker calls "disastrous effects" on students.

All Banks are Corrupt, but Fargo is way Corrupter!

In the future the definition of getting ripped off as in corrupt bank, one will say: ‘I’ve been Wells Fargoed’.

Stage Coach robs man. Film at 11…

Boycott Wells Fargo.

Local Credit Unions are safer and much more ethical.

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Babysteps.

The underlying problem, as you have pointed out, is not the lack of regulations or oversight. Regulations and oversight only kick in when the entity being regulated is CAUGHT and there no real point to the oversight if on being CAUGHT all that happens is a fine paid that is lower then the profits earned by the entity violating the regulations.

The system ensures that no matter the amount of oversight and regulation , persons in charge and immune from prosecution due to the limited liability of Corporations , will always seek to cheat because the entire purpose of the system called Capitalism is not to feed the hungry or shelter the homeless or provide people with educations, it to make profits.

Wells Fargo recently paid another fine of close to half a billion dollars which will flow to State Governments as Revenues. In return these States promised not to prosecute Wells Fargo for various crimes. The Government itself profits off crime.

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Made the switch to credit union(s) in '86. As the kids were growing up we got them youth accounts at the CU, which they’ve maintained and upgraded to permanent accounts into young adulthood.
It is my fervent hope they get through life without having to submit directly to the tender mercies of the banking cabal.

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Tom: everyday people are NOT totally helpless in this. People should MOVE THEIR MON EY OUT of WELLS FARGO (& the other Big Banks) & into small local banks or , better yet, CREDIT UNIONS. It’s slightly inconvenient–but, unlike voting NO ONE CAN STOP YOU from taking your money OUT of these legal swindlers. Americans need to start dong what is within our power to hold the corrupt accountable. (And I don’t know why you’re ragging on Elizabeth Warren: she;'s the one who pushed for some real accountability & LIMITS on the banks & Wall Street with the CFPB.)

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SuspiraDeProfundis: We The People can simply MOVE OUR MONEY OUT of Wells Fargo (& the other huge banks) & put our money in small local banks–OR BETTER YET, credit unions. Unlike voter suppression, there’s not a damn think they can do to stop us from taking our money away from these crooks. The problem is too many Americans have an attitude of “Give me convenience or give me death”. I’ve had my checking account in a small local bank for 25+ years & savings in a credit union. It is possi ble (& I;'m a low-income person).

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Yep - A credit union and an internet-based system is all one needs. Granted, for the severely income-limited, having access to the internet or hardware with app-capability is not assured.

AMEN!!   I’ve had my savings, checking and credit card through a local CU since 1981 and I have never had any problems of any kind.

Wells-Fargo, Citi, Chase, BoA and probably several other banks SHOULD have been abolished 10 years ago, and every officer from Branch Manager on up sent to prison.  Since – as usual – those responsible were let off the hook for their crimes (by P’Loser and O’Bummer in this case), a boycott is probably all we ordinary citizens can do.  Until “our” government makes ANY kind of BDS movement illegal, that is.  Which reminnds me — is it still illegal to criticize beef in Texas?

The CFPB is a toothless regulator… producing reports they can’t and won’t enforce, leaving Senators to “write letters”?

Congress is run by bankers (Barney Frank) and they chose Warren to oversee the TARP bailout goes to the bankers and then to oversee the creation of the CFPB to be under the Federal Reserve, also owned by those bankers. Those same bankers recommend the governor of the Federal Reserve to the POTUS and the corrupt Senate confirms the choice. [Trump claiming he made a mistake with Powell is all show.]

Warren plays ball with her corrupt colleagues in the Senate to pass toothless “regulation” and claim she is fighting for the public.

Sanders took a harder position of breaking up the banks and having him as POTUS would add weight to real solutions, not fake ones.

That’s exactly the point, Tom. In many cases the students may only have Wells Fargo as an “option.” I won’t argue your point that “all banks” are corrupt, but the CFPB report that is prompting her into action stated that WF is charging their student-clients four times as much as other banks charge students. I’d like to see WF–as the biggest crook among them–made an example of and given some fines that do more than tickle their feet.

While there have been an issue or two in her past that have given me reason to pause, I’d be happy to vote for Senator Warren if she is the Democratic nominee in 2020. I’d also vote for her as a write-in vote or as a third-party candidate if the DNC insists on forcing another neoliberal nominee down our throats. No more corporate goons!