Ironworks Gaming Forum - View Single Post - Judge orders Wells Fargo to pay back $203M in fees

Bungleau · 08-12-2010, 12:37 PM

IMHO, it is an objectionable business practice. I understand it, but it's a great way to piss off your customers.

WRT WF, in 2008 they were a $41.9 billion company with profits of $2.7 billion. As TL says, this is a drop (albeit a big one) in the bucket.

The ripples are what I think will be interesting. If WF did this to me several years ago and caused me to default on my nearly-paid car loan, and that car was repossessed, would I have cause to go back to WF to seek compensation, since what they did was "unfair and deceptive"? How about that house that was foreclosed on? The appliances that were repossessed? The apartment I couldn't get into because I couldn't afford the deposit, since WF absconded with so much of my money?

And of course, extend that to other financial institutions. They've *got* to be examining this for how it will impact them.

We haven't heard the last of this, I'm thinking.

08-12-2010, 12:37 PM	#4
Bungleau 40th Level Warrior Join Date: October 29, 2001 Location: Western Wilds of Michigan Posts: 11,752	Re: Judge orders Wells Fargo to pay back $203M in fees IMHO, it is an objectionable business practice. I understand it, but it's a great way to piss off your customers. WRT WF, in 2008 they were a $41.9 billion company with profits of $2.7 billion. As TL says, this is a drop (albeit a big one) in the bucket. The ripples are what I think will be interesting. If WF did this to me several years ago and caused me to default on my nearly-paid car loan, and that car was repossessed, would I have cause to go back to WF to seek compensation, since what they did was "unfair and deceptive"? How about that house that was foreclosed on? The appliances that were repossessed? The apartment I couldn't get into because I couldn't afford the deposit, since WF absconded with so much of my money? And of course, extend that to other financial institutions. They've got to be examining this for how it will impact them. We haven't heard the last of this, I'm thinking. __________________ B Save Early, Save Often Save Before, Save After Two-Star General, Spelling Soldiers -+-+-+ Give 'em a hug one more time. It might be the last.