• NatakuNox@lemmy.world
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    1 year ago

    Private banks are criminal organizations. When you remove regulations and leave investments up to those that control both ends of transactions they will steal money.

  • AutoTL;DR@lemmings.worldB
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    1 year ago

    This is the best summary I could come up with:


    “Entirely panicked,” Matherly said, she raced to a local Tom Thumb convenience store to get a money order, and ended up having to borrow $500 from a friend to get the funds necessary to secure her new keys.

    This week’s incident mirrored one encountered by Wells Fargo customers in March, which the company then blamed on an unspecified “technical issue.”

    The outage comes as NBC News reports phony bank accounts have resurfaced at Wells Fargo.

    Jeani Cortez, a single, disabled, self-employed accountant and Alaska resident, says she was supposed to have paid her rent, gas, electric and internet payments for the month by now with funds she deposited Wednesday.

    For Brent Morrison, a Texas resident and father of two, the Thursday outage was doubly painful: He was laid off less than two weeks ago.

    While the funds — approximately $2,000 — ultimately did appear in his account, Morrison said he’d also been affected by the March outage, so he is now looking to move his money to a local bank, he said.


    I’m a bot and I’m open source!

  • Skanky@lemmy.world
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    1 year ago

    Wells Fargo? The bank you can trust? I’m shocked!

    From wiki:

    The company has been the subject of several investigations by regulators. On February 2, 2018, account fraud by the bank resulted in the Federal Reserve barring Wells Fargo from growing its nearly $2 trillion asset base any further until the company fixed its internal problems to the satisfaction of the Federal Reserve.[10] In September 2021, Wells Fargo incurred further fines from the United States Justice Department charging fraudulent behavior by the bank against foreign-exchange currency trading customers.[11] Bloomberg Businessweek reported in March 2022 that Wells Fargo was the only major lender in 2020 to reject more home refinancing applications from Black applicants than it approved.[12]

    In December 2022, the U.S. levied a $3.7 billion loan-management fine upon Wells Fargo. In March 2023, Wells Fargo blamed a technical glitch for misstating the balances of customers’ accounts, in many cases incorrectly deeming the customers as having a negative bank balance.[13] Subsequently, in 2023, prison sentencing took place for employee-directed money laundering and funneling cash illegally to Mexico through the creation of fictitious accounts.[14]

  • joekar1990@lemmy.world
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    1 year ago

    Is wells Fargo the worst run of the big banks? The seem to constantly have the worst shit (that’s reported on).

  • experbia@kbin.social
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    1 year ago

    Wells Fargo are simply criminal, it has been demonstrated again and again. It would not surprise me in the slightest if I were to learn that this was an intentional test to see how many people would notice a missing deposit or two and gauge how often they can simply swipe some deposits “accidentally”.

  • CodeBlooded@programming.dev
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    1 year ago

    I’m willing to bet a team of untrained, uneducated, software/data engineers receiving big salaries are responsible for this.

    It’s my understanding that big brand banks live on top of brittle, low quality, poorly tested code- and that’s if they’re not straight up using excel to run production processes.

    • joelthelion@lemmy.world
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      1 year ago

      I’m willing to bet a team of untrained, uneducated, software/data engineers receiving big salaries are responsible for this.

      I’d be willing to bet that they’ve outsourced to India instead.

      • CodeBlooded@programming.dev
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        1 year ago

        While they do rely on COBOL and old mainframes a great deal, that isn’t the only software supporting the company and its operations. That fact doesn’t negate what I’m speculating would be the cause.

        These big banks have multiple programming teams that use different programming languages and work on different products.

        If you go to their careers page, you will find tons of Java, .NET, and Python jobs posted. I’ve never seen a COBOL posting at a big bank (which doesn’t mean it’s never happened, but I can see any of these more modern languages posted any given day).

        • Intelligence_Gap@beehaw.org
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          1 year ago

          Why are you assuming it’s not just the ceo ordering theft, which is kinda their thing, and blaming some programmers just because they have a living wage?