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RE: NEVER had a problem with Wells Fargo...

Posted by Dave_K on July 24, 2020 at 13:39:42

In Reply to: NEVER had a problem with Wells Fargo... posted by Ivan303 on July 24, 2020 at 07:29:24:

As far as the uninvited credit card scandal, this was more to do with employees defrauding the company to win bonuses than a strategy of management. Did management incentivize fraud? Likely not intentionally, as they paid the bonuses to the REAL fraudsters and many (most?) folks turned back the cards(as did we). Can imagine, as a sales guy, if I booked a phony order at the end of a quarter just to get a my bonus, guess what would have happened? "Former employee Ivan..."

It wasn't just bonuses. Branches were given quotas to meet. There may not have been direction from the top telling employees to sign customers up for services and accounts they didn't want, but the problem did start from the top. The company created a system of punishments and rewards that incentivized branches to do it. If you create a high pressure sales environment, you'll get shady sales practices.

Besides, if you were one of the people who had accounts opened in your name without your knowledge or services with fees added to your account without your knowledge, I don't think you'd care who in the system was responsible.

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