Did this coupon
work for you?
work for you?
Sorry, this deal has expired.
Get notified of deals like this in the future.
Add Deal Alert for this Item
Frontpage
Advertiser Disclosure
Wells Fargo: New Checking Customers: Deposit $25, Get Expired
$250 Bonus
(Fees Apply)
Wells Fargo offers a $250 Bonus to New Customers who open an Eligible Wells Fargo Everyday Checking Account From The Webpage Linked with the Minimum Opening Deposit of $25 by March 24, 2017 and fulfill the Bonus Qualifications Listed Below. Thanks airsuper
Please Note: Per the offer: The account must be opened online from their webpage only. Some account service fees apply, see the offer page for complete details.
Eligibility:
Please Note: Per the offer: The account must be opened online from their webpage only. Some account service fees apply, see the offer page for complete details.
Eligibility:
- Everyday Checking is eligible for the $250 bonus.
- You cannot be:
- An owner on a current Wells Fargo consumer checking account
- A Wells Fargo team member
- A recipient of a consumer checking bonus in the past 12 months (limit one bonus per customer)
- Open a new Everyday Checking account with a minimum opening deposit of $25 (not including the bonus) from the online promotional webpage by March 24, 2017.
- Within 60 days of account opening, make 10 purchases/payments with your Wells Fargo Debit Card.
- The 10 debit card purchases/payments must be from the primary linked consumer checking account opened for this offer. Transactions at an ATM do not count as a debit card purchase/payment.
- Offer available only online at wellsfargo.com. Offer subject to change and may be discontinued at any time.
- Offer cannot be:
- Paid without a valid W-9 and U.S. taxpayer ID
- Combined with any other consumer deposit offer
- Reproduced, purchased, sold, transferred, or traded
Original Post
Written by
Edited March 8, 2017
at 07:14 PM
I called Wells Fargo to confirm the deal. My wife was envious when I got a fat check from the previous deal.
I showed my sympathy by calling to confirm the deal is still around. They renewaled it.
https://www.wellsfargo.
To receive your $250 welcome bonus, open an Everyday Checking account ONLINE FROM THIS WEBPAGE ONLY by March 24, 2017, and complete a few steps:
1. Deposit at least $25 to fund your account.
2. Make 10 debit card purchases/payments within 60 days of opening your account.
3. Qualify to receive a $250 bonus in your account.
This is an exclusive, online only offer and not valid for branch or phone account opens.
How to avoid the monthly service fee
Avoid the $10 monthly service fee on your Everyday Checking account with one of the following (during each fee period):
-10 or more posted debit card purchases/payments from this checking account. This does not include transactions at an ATM.
-Qualifying direct deposits totaling $500 or more
-$1,500 minimum daily balance
-A linked Wells Fargo Campus ATM or Campus Debit Card
Receive a $5 monthly service fee discount when the primary account owner is between the ages of 17 and 24.
Important things to know about the offer:
Eligibility:
Everyday Checking is eligible for the $250 bonus.
You cannot be:
An owner on a current Wells Fargo consumer checking account
A Wells Fargo team member
A recipient of a consumer checking bonus in the past 12 months (limit one bonus per customer)
Bonus qualifications:
Open a new Everyday Checking account with a minimum opening deposit of $25 (not including the bonus) from this online page by March 24, 2017.
Within 60 days of account opening, make 10 purchases/payments with your Wells Fargo Debit Card.
The 10 debit card purchases/payments must be from the primary linked consumer checking account opened for this offer. Transactions at an ATM do not count as a debit card purchase/payment.
Offer available only online at wellsfargo.com. Offer subject to change and may be discontinued at any time.
Wells Fargo will deposit the bonus into your new checking account within 45 days after eligibility and qualifications have been met.
You are responsible for any federal, state, or local taxes due on your bonus and we will report as income to the tax authorities if required by applicable law. Consult tax advisor.
I showed my sympathy by calling to confirm the deal is still around. They renewaled it.
https://www.wellsfargo.
To receive your $250 welcome bonus, open an Everyday Checking account ONLINE FROM THIS WEBPAGE ONLY by March 24, 2017, and complete a few steps:
1. Deposit at least $25 to fund your account.
2. Make 10 debit card purchases/payments within 60 days of opening your account.
3. Qualify to receive a $250 bonus in your account.
This is an exclusive, online only offer and not valid for branch or phone account opens.
How to avoid the monthly service fee
Avoid the $10 monthly service fee on your Everyday Checking account with one of the following (during each fee period):
-10 or more posted debit card purchases/payments from this checking account. This does not include transactions at an ATM.
-Qualifying direct deposits totaling $500 or more
-$1,500 minimum daily balance
-A linked Wells Fargo Campus ATM or Campus Debit Card
Receive a $5 monthly service fee discount when the primary account owner is between the ages of 17 and 24.
Important things to know about the offer:
Eligibility:
Everyday Checking is eligible for the $250 bonus.
You cannot be:
An owner on a current Wells Fargo consumer checking account
A Wells Fargo team member
A recipient of a consumer checking bonus in the past 12 months (limit one bonus per customer)
Bonus qualifications:
Open a new Everyday Checking account with a minimum opening deposit of $25 (not including the bonus) from this online page by March 24, 2017.
Within 60 days of account opening, make 10 purchases/payments with your Wells Fargo Debit Card.
The 10 debit card purchases/payments must be from the primary linked consumer checking account opened for this offer. Transactions at an ATM do not count as a debit card purchase/payment.
Offer available only online at wellsfargo.com. Offer subject to change and may be discontinued at any time.
Wells Fargo will deposit the bonus into your new checking account within 45 days after eligibility and qualifications have been met.
You are responsible for any federal, state, or local taxes due on your bonus and we will report as income to the tax authorities if required by applicable law. Consult tax advisor.
in
Financial Tools & Services
(5)
If you purchase something through a post on our site, Slickdeals may get a small share of the sale.
Check Out Similar Financial Tools & Services Deals
View All
These responses are not provided or commissioned by the bank advertiser.
Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser.
It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
981 Comments
Your comment cannot be blank.
Featured Comments
Sign up for a Slickdeals account to remove this ad.
In the Wells Fargo online banking site, you can transfer money to external bank accounts. It's the easiest thing to set up in the world. You just need your other bank's routing number and account number.
we are still waiting as well. I was already a customer for savings only, and completed the requirements in about 2 weeks, and was funded within a month
Sign up for a Slickdeals account to remove this ad.
===Higher costs charged to African-American and Latino borrowers===
Illinois Attorney General [[Lisa Madigan]] filed suit against Wells Fargo on July 31, 2009, alleging that the bank steers African Americans and Latinos into high-cost [[subprime]] loans. A Wells Fargo spokesman responded that "The policies, systems, and controls we have in place – including in Illinois – ensure race is not a factor..."{{cite web|url=http://www.reuters.com/article/hotStocksNews/idUSTRE56U6Q920090731 |title=Illinois Files Bias Suit Against Wells Fargo |publisher=Reuters.com |date=2009-07-31 |accessdate=December 30, 2012}} According to Beth Jacobson, a loan officer at Wells Fargo interviewed for a report in ''The New York Times'', "We just went right after them. Wells Fargo mortgage had an emerging-markets unit that specifically targeted black churches, because it figured church leaders had a lot of influence and could convince congregants to take out subprime loans." The report goes on to present data from the city of [[Baltimore]], where "more than half the properties subject to foreclosure on a Wells Fargo loan from 2005 to 2008 now stand vacant. And 71 percent of those are in predominantly black neighborhoods."Michael Powell (June 6, 2009). [https://www.nytimes.com/2009/06/0...=all&_r=3& Bank Accused of Pushing Mortgage Deals on Blacks]. ''The New York Times.'' Retrieved May 4, 2015.
===Failure to monitor suspected money laundering===
In a March 2010 agreement with federal prosecutors, Wells Fargo acknowledged that between 2004 and 2007 Wachovia had failed to monitor and report suspected money laundering by narcotics traffickers, including the cash used to buy four planes that shipped a total of 22 tons of cocaine into Mexico.Smith, Michael (June 29, 2010). [http://www.bloomberg.c
===Overdraft fees===
In August 2010, Wells Fargo was fined by U.S. District Judge [[William Alsup]] for overdraft practices designed to "gouge" consumers and "profiteer" at their expense, and for misleading consumers about how the bank processed transactions and assessed overdraft fees.{{cite news |url=http://www.philly.com/inquirer/business/20100815_Consumer_10_0__How_Wells_Fargo_held_up_debit-card_customers.html |title=Consumer 10.0: How Wells Fargo held up debit-card customers |first=Jeff |last=Gelles |date=August 15, 2010 |newspaper=The Philadelphia Inquirer}}{{cite web |url=http://agonist.org/numerian/20100812/the_checking_account_scam_how_wells_fargo_gouged_its_customers |title=The checking account scam—How Wells Fargo gouged its customers |work=The Agonist |author=Numerian |date=August 12, 2010 |accessdate=August 15, 2010}}{{cite news |url=http://articles.latimes.com/2010/aug/10/business/la-fi-wells-20100810 |title=Wells Fargo loses consumer case over overdraft fees |date=August 10, 2010 |newspaper=Los Angeles Times}}
===Settlement and fines regarding mortgage servicing practices===
On February 9, 2012, it was announced that the five largest [[mortgage servicers]] ([[Ally/GMAC]], [[Bank of America]], [[Citi]], [[JPMorgan Chase]], and Wells Fargo) agreed to a settlement with the federal government and 49 states.{{cite web|url=http://www.nationalmortgagesettlement.com/faq|title=Joint State-Federal Mortgage Servicing Settlement FAQ|publisher=NMS|accessdate=15 June 2015}} The settlement, known as the [[National Mortgage Settlement]] (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in direct payments to the states and federal government. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the [[Tobacco Master Settlement Agreement]].{{cite web|url=https://www.nytimes.com/2012/02/10/business/states-negotiate-26-billion-agreement-for-homeowners.html|title=Mortgage Plan Gives Billions to Homeowners, but With Exceptions|date=February 10, 2012|work=The New York Times}} The five banks were also required to comply with 305 new mortgage servicing standards. [[Oklahoma]] held out and agreed to settle with the banks separately.
On April 5, 2012, a federal judge ordered Wells Fargo to pay $3.1 million in punitive damages over a single loan, one of the largest fines for a bank ever for mortgaging service misconduct.{{cite web|url=http://www.huffingtonpost.com/2012/04/09/elizabeth-magner-new-orleans-wells-fargo_n_1412412.html|title=Wells Fargo Slapped With $3.1 Million Fine For 'Reprehensible' Handling Of One Mortgage|work=The Huffington Post|accessdate=December 28, 2014}} Elizabeth Magner, a federal bankruptcy judge in the Eastern District of Louisiana, cited the bank's behavior as "highly reprehensible",{{cite web|url=http://www.scribd.com/fullscreen/88494700|title=Scribd|publisher=[[Scribd.com]]|accessdate=December 28, 2014}} stating that Wells Fargo has taken advantage of borrowers who rely on the bank's accurate calculations. She went on to add, "perhaps more disturbing is Wells Fargo's refusal to voluntarily correct its errors. It prefers to rely on the ignorance of borrowers or their inability to fund a challenge to its demands, rather than voluntarily relinquish gains obtained through improper accounting methods."''Jones'', supra
===Alleged racial discrimination during foreclosures===
In 2011, the [[Department of Housing and Urban Development]] (HUD) launched an investigation of Wells Fargo for [[Housing discrimination (United States)|racial discrimination practices]], the second federal probe in 2012 of alleged violations of misconduct with regard to race. The other, began in 2011 by the National Fair Housing Alliance has found "overwhelming" and "troubling" evidence that six of the nation's major banks handle foreclosures in neighborhoods populated primarily by minorities differently than in white communities.{{cite web|url=http://www.huffingtonpost.com/2012/04/12/wells-fargo-racial-discrimination-hud_n_1416188.html|title=Wells Fargo Racial Discrimination Investigation Launched By HUD|work=[[The Huffington Post]]|accessdate=December 28, 2014}}
On July 13, 2012, Wells Fargo entered a settlement agreement with the [[U.S. Department of Justice]] for allegedly discriminating against [[African-American]] and [[Hispanic and Latino Americans|Hispanic]] borrowers from 2004 to 2009. Wells Fargo agreed to pay $125 million to subprime borrowers and $50 million in direct down payment assistance in certain areas, for a total of $175 million.{{cite news|last=Broadwater|first=Luke|title=Wells Fargo agrees to pay $175M settlement in pricing discrimination suit|url=http://articles.baltimoresun.com/2012-07-12/news/bs-md-ci-wells-fargo-20120712_1_mike-heid-wells-fargo-home-mortgage-subprime-mortgages|accessdate=2012-07-13|newspaper=[[The Baltimore Sun]]|date=July 13, 2012}}{{cite news|last=Yost|first=Pete|title=Wells Fargo settles discrimination case|accessdate=2012-07-13|newspaper=Associated Press and the Express|date=July 13, 2012}} Wells Fargo spokespersons denied all claims and are settling only to avoid contested litigation.{{cite web|last=Suris|first=Oscar|title=Wells Fargo Announces Settlement with U.S. Department of Justice Regarding Mortgages|url=https://www.wellsfargo.com/press/2012/20120712_WellsFargoAnnouncesSettlment|publisher=Wells Fargo Bank|accessdate=2012-07-13}}
===SEC fine due to inadequate risk disclosures===
On August 14, 2012, Wells Fargo agreed to pay around $6.5 million to settle [[U.S. Securities and Exchange Commission|SEC]] charges that in 2007 it sold risky [[mortgage-backed securities]] without fully realizing their dangers.{{Citation |last=Blumenthal |first=Jeff |publication-date=August 14, 2012|title=Wells Fargo paying $6.5M to settle charges with SEC |periodical=[[Philadelphia Business Journal]]|at=bizjournals.com |url=http://www.bizjournals.com/philadelphia/news/2012/08/14/wells-fargo-paying-65m-to-settle.html|accessdate=September 9, 2012}}{{cite news|last= Schroeder|first=Peter|title=Wells Fargo to pay $6.5 million to settle SEC charges|url=http://thehill.com/blogs/on-the-money/banking-financial-institutions/243583-wells-fargo-to-pay-65-million-to-settle-sec-charges|newspaper=[[The Hill (newspaper)|The Hill]]|at="On The Money" blog|date=August 14, 2012 |accessdate=August 15, 2012}}
===Lawsuit by FHA over loan underwriting===
On October 9, 2012, the U.S. federal government sued the bank under the [[False Claims Act]] at the federal court in [[Manhattan]], [[New York (state)|New York]]. The suit alleges that Wells Fargo defrauded the [[Federal Housing Administration]] (FHA) over the past ten years, underwriting over 100,000 FHA backed loans when over half did not qualify for the program. This suit is the third allegation levied against Wells Fargo in 2012.{{cite web|url= http://online.wsj.com/article/SB1...|title=U.
In October 2012, Wells Fargo was sued by U.S. federal attorney [[Preet Bharara]] over questionable mortgage deals.{{cite news|title=U.S. Accuses Bank of America of a 'Brazen' Mortgage Fraud|newspaper=The New York Times|date=October 24, 2012|url=https://dealbook.nytimes.com/2012/10/24/federal-prosecutors-sue-bank-of-america-over-mortgage-program/|accessdate=October 26, 2012}}
===Lawsuit due to premium inflation on forced place insurance===
In April 2013, Wells Fargo settled a suit with 24,000 Florida homeowners alongside insurer [[QBE Insurance|QBE]], in which Wells Fargo was accused of inflating premiums on forced-place insurance.{{cite web | url=http://www.propertycasualty360.com/2013/05/17/wells-fargo-qbe-agree-on-193m-force-placed-settlem | title=Wells Fargo, QBE Agree on $19.3M Force-Placed Settlement | publisher=Property Casualty 360 | date=May 17, 2013}}
===Lawsuit regarding excessive overdraft fees===
In May 2013, Wells Fargo paid $203 million to settle class-action litigation accusing the bank of imposing excessive [[overdraft]] fees on checking-account customers. Also in May, the New York attorney-general, [[Eric Schneiderman]], announced a lawsuit against Wells Fargo over alleged violations of the national mortgage settlement, a $25 billion deal struck between 49 state attorneys and the five-largest mortgage servicers in the US. Schneidermann claimed Wells Fargo had violated rules over giving fair and timely serving.
===Violation of New York credit card laws===
In February 2015, Wells Fargo agreed to pay $4 million for violations where an affiliate took interest in the homes of borrowers in exchange for opening credit card accounts for the homeowners. This is illegal according to New York credit card laws. There was a $2 million penalty with the other $2 million going towards restitution to customers.{{cite web|last1=Freifeld|first1=Karen|title=Wells Fargo to pay $4 million for violations on credit card accounts: New York|url=http://www.reuters.com/article/2015/02/05/us-wells-credit-settlement-idUSKBN0L92C720150205|publisher=Reuters|accessdate=5 February 2015}}
===Executive compensation===
With CEO John Stumpf being paid 473 times more than the median employee, Wells Fargo ranks number 33 among the S&P 500 companies for CEO–employee pay inequality. In October 2014, a Wells Fargo employee earning $15 per hour emailed the CEO – copying 200,000 other employees – asking that all employees be given a $10,000 per year raise taken from a portion of annual corporate profits to address wage stagnation and income inequality. After being contacted by the media, Wells Fargo responded that all employees receive "market competitive" pay and benefits significantly above federal minimums.{{cite news|url=http://www.huffingtonpost.com/2014/10/09/wells-fargo-email_n_5960072.html|title=Wells Fargo Employee Calls Out CEO's Pay, Requests Company-Wide Raise In Brave Email|work=The Huffington Post|first=Kevin|last=Short|date=October 9, 2014}}{{cite news|url=http://www.startribune.com/business/279224582.html|title=Schafer: Wells Fargo missed mark after worker requested $10,000 raises for all|work=Star Tribune|location=Minneapolis|date=October 15, 2014|last=Schafer|first=Leo}}
===Tax avoidance and lobbying===
In December 2011, the non-partisan organization [[Public Campaign]] criticized Wells Fargo for spending $11 million on [[lobbying]] and [[tax avoidance|not paying any taxes]] during 2008–10, instead getting $681 million in tax rebates, despite making a profit of $49 billion, laying off 6,385 workers since 2008, and increasing executive pay by 180% to $49.8 million in 2010 for its top five executives.{{cite web|last=Portero |first=Ashley |title=30 Major U.S. Corporations Paid More to Lobby Congress Than Income Taxes, 2008–2010 |url=http://www.ibtimes.com/articles/264481/20111209/30-major-u-s-corporations-paid-lobby.htm |work=[[International Business Times]] |accessdate=26 December 2011 |archiveurl=http://www.webcitation.org/64D9GyQG0?url=http://www.ibtimes.com/articles/264481/20111209/30-major-u-s-corporations-paid-lobby.htm |archivedate=December 26, 2011 |deadurl=yes |df=mdy }} As of 2014 however, at an effective tax rate of 31.2% of its income, Wells Fargo is the fourth-largest payer of corporation tax in the U.S.{{cite web|url=http://www.forbes.com/pictures/mef45kghl/4-wells-fargo/|title=Wells Fargo - In Photos: The 25 U.S. Corporations That Pay The Highest Taxes|author=Christopher Helman|work=Forbes}}
===Prison industry investment===
{{main article|Prison–industrial complex}}
The [[GEO Group]], Inc., a multi-national provider of for-profit [[private prison]]s, received investments made by Wells Fargo mutual funds on behalf of clients, not investments made by Wells Fargo and Company, according to company statements.{{cite web
|url=http://www.rawstory.com/rs/2011/11/10/group-calls-on-wells-fargo-to-come-clean-about-private-prison-investments/
|title=Wells Fargo takes heat over investments in private prison industry
|author=Eric W. Dolan
|date=November 10, 2011
|work=news, commentary
|publisher=[[The Raw Story]]
|accessdate=November 8, 2012
|archiveurl=http://www.webcitation.org/6C1NimO4c?url=http://www.rawstory.com/rs/2011/11/10/group-calls-on-wells-fargo-to-come-clean-about-private-prison-investments/
|archivedate=November 8, 2012
|quote=The advocacy group Small Business United on Thursday called on Wells Fargo to provide a full accounting of investments related to private prisons and immigrant detention centers.
|deadurl=yes
|df=mdy
}} By March 2012, its stake had grown to more than 4.4 million shares worth $86.7 million.
{{cite web |url= http://www.salon.com/2012/04/11/w..._cash_cow/
|title= Wells Fargo's prison cash cow
|author= Greenwald, Glenn
|authorlink= Glenn Greenwald
|date= April 12, 2012
|work= [[Salon.com]]
|accessdate= November 8, 2012
|quote= The bailed-out bank has used its taxpayer money to invest in private prisons.
}} As of November, 2012, the latest SEC filings reveal that Wells Fargo has divested 33% of its dispositive holdings of GEO's stock, which reduces Wells Fargo's holdings to 4.98% of Geo Group's common stock. By reducing its holdings to less than 5%, Wells Fargo will no longer be required to disclose some financial dealings with GEO.{{cite web
|url= http://prisondivestmen
|title= Correction Wells Fargo private prison divestment
|author= Cervantes-Gautschi, Peter
|date= November 2, 2012
|format=
|publisher= National Prison Divestment Campaign
|accessdate= November 8, 2012
|quote= In a press release dated October 24, 2012, we erroneously stated that Wells Fargo divested 75% of its Geo stock. We regret the error.
}}
While a coalition of organizations, National People's Action Campaign, have seen some success in pressuring Wells Fargo to divest from private prison companies like GEO Group, the company continues to make such investments.Charles A. Gallagher, Cameron D. Lippard (eds). ''Race and Racism in the United States [4 volumes]: An Encyclopedia of the American Mosaic.'' [[ABC-CLIO]], 2014. [https://books.google.co
===Consumer Financial Protection Bureau fines===
In September 2016, Wells Fargo was issued a combined total of $185 million in fines for creating over 1.5 million checking and savings accounts and 500,000 credit cards that its customers never authorized. The Consumer Financial Protection Bureau issued $100 million in fines, the largest in the agency's five-year history, along with $50 million in fines from the City and County of Los Angeles, and $35 million in fines from the Office of Comptroller of the Currency.{{Cite web|url=http://www.usatoday.com/story/money/2016/09/08/wells-fargo-fined-185m-over-unauthorized-accounts/90003212/|title=Wells Fargo fined $185M for fake accounts; 5,300 were fired|access-date=2016-09-09}} The scandal was caused by an incentive-compensation program for employees to create new accounts. It led to the firing of nearly 5,300 employees and $5 million being set aside for customer refunds on fees for accounts the customers never wanted.{{Cite news|url=http://www.wsj.com/articles/wells-fargo-to-pay-185-million-fine-over-account-openings-1473352548|title=Wells Fargo Fined for Sales Scam|date=September 9, 2016|last=Glazer|first=Emily|newspaper=The Wall Street Journal|page=A1|issn=0099-9660|access-date=2016-09-09}} [[Carrie Tolstedt]], who headed the department, retired in July 2016 and received $124.6 million in stock, options, and restricted Wells Fargo shares as a retirement package.{{cite journal|last1=Gandel|first1=Stephen|title=Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million|journal=[[Fortune (magazine)|Fortune]]|date=September 12, 2016|url=http://fortune.com/2016/09/12/wells-fargo-cfpb-carrie-tolstedt/|accessdate=13 September 2016}}{{cite news| url= https://www.nytimes.com/2016/09/2...=September 20, 2016|last=Corkery|first=Michael|newspaper=New York Times| title= Illegal Activity at Wells Fargo May Have Begun Earlier, Chief Says|accessdate=20 September 2016}} On October 12, 2016, [[John Stumpf]], the then Chairman and CEO, announced that he would be retiring amidst the controversies involving his company. It was announced by Wells Fargo that President and Chief Operating Officer [[Timothy J. Sloan]] would succeed, effective immediately. Following the scandal, applications for credit cards and checking accounts at the bank plummeted dramatically.{{cite web|last1=Roberts|first1=Deon|title=Wells Fargo reveals latest post-scandal customer traffic numbers|url=http://www.charlotteobserver.com/news/business/banking/bank-watch-blog/article115298388.html|website=CharlotteObserver.com|publisher=Charlotte Observer|accessdate=5 December 2016}} In response to the event, the Better Business Bureau dropped accreditation of the bank,{{cite web|last1=Roberts|first1=Deon|title=Wells Fargo loses Better Business Bureau accreditation|url=http://www.charlotteobserver.com/news/business/banking/bank-watch-blog/article109010487.html|website=The Charlotte Observer|publisher=Charlotte Observer|accessdate=28 October 2016}} Standard & Poor's lowered its outlook to negative from stable, and Massachusetts suspended the bank as a bond underwriter for a year.
===Racketeering Lawsuit for Mortgage Appraisal Overcharges===
In November 2016, Wells Fargo agreed to pay $50 million to settle a racketeering lawsuit in which the bank was accused of overcharging hundreds of thousands of homeowners for appraisals ordered after they defaulted on their mortgage loans. While banks are allowed to charge homeowners for such appraisals , Wells Fargo frequently charged homeowners $95 to $125 on appraisals for which the bank had been charged $50 or less. The plaintiffs had sought triple damages under the U.S. [[Racketeer Influenced and Corrupt Organizations Act]] on grounds that sending invoices and statements with fraudulently concealed fees constituted mail and wire fraud sufficient to allege racketeering.{{cite web|last1=Aubin|first1=Dena|title=Wells Fargo agrees to $50 million settlement over homeowner fees|url=http://www.reuters.com/article/us-wellsfargo-settlement-idUSKBN12V27F|website=[[Reuters]]|publisher=Reuters|accessdate=10 November 2016}}
=== Dakota Access Pipeline Investment ===
Wells Fargo is a top investor in the [[Dakota Access Pipeline]] project in [[North Dakota]], a 1,172-mile-long (1,886 km) underground oil pipeline project in the United States. The pipeline has been controversial regarding its necessity, and potential impact on the environment.{{Cite news|url=http://www.yesmagazine.org/people-power/how-to-contact-the-17-banks-funding-the-dakota-access-pipeline-20160929|title=How to Contact the 17 Banks Funding the Dakota Access Pipeline|last=Fuller|first=Emily|newspaper=[[Yes! (U.S. magazine)|YES! Magazine]]|language=en|access-date=2016-11-26}}
In February 2017, [[Seattle, Washington]]'s city council unanimously voted to not renew its contract with Wells Fargo "in a move that cites the bank's role as a lender to the Dakota Access Pipeline project as well as its "creation of millions of bogus accounts." and saying the bidding process for its next banking partner will involve "social responsibility." The City Council in [[Davis, California]], took a similar action voting unanimously to find a new bank to handle its accounts by the end of 2017.{{Cite news |url=http://www.npr.org/sections/thetwo-way/2017/02/08/514133514/two-cities-vote-to-pull-more-than-3-billion-from-wells-fargo-over-dakota-pipelin |title=2 Cities To Pull More Than $3 Billion From Wells Fargo Over Dakota Access Pipeline |last=Chappell |first=Bill |date=February 8, 2017}}2 Cities To Pull More Than $3 Billion From Wells Fargo Over Dakota Access Pipeline
=== Failure to Comply with Document Security Requirements ===
In December 2016, the Financial Industry Regulatory Authority fined Wells Fargo $5.5 million for failing to store electronic documents in a "write once, read many" format, which makes it impossible to alter or destroy records after they are written.{{cite web|title=FINRA fines Wells Fargo, others $14 mln for records' changeable format|website=Reuters|publisher=Reuters|accessdate=13 January 2017}}
=== SEC settlement for insider trading case ===
In 2015, an analyst at Wells Fargo settled an insider trading case with the SEC. The former employee was charged with insider trading alongside an ex-Wells Fargo trader.{{cite news
| title = UPDATE 2-Ex-Wells Fargo trader beats SEC insider trading charges | publisher = ''reuters.com'' | date = September 14, 2015 | url = http://www.reuters.com/article/us...MU20150914 | accessdate = January 18, 2017 }} [[Sadis & Goldberg]] obtained a settlement that permitted the client to continue in securities industry, while neither admitting nor denying one charge of negligence-based § 17(a)(3) claim, and paying a $75,000 civil penalty{{cite news | title = Ex-Wells Fargo Analyst Settles Insider Trading Case | publisher = ''law360.com'' | date = May 28, 2018 | url = https://www.law360.com/articles/6...ading-case | accessdate = January 18, 2017 }}
Would you like to look that up, and see your Hero Billy say it himself???
1) when you submit application & get approval message, it has your acct #. screenshot the entire page.
2) call their customer service, ask for help to sign up online. they give you temp login info and set it up right a way - 5 min thing.
3) initial deposit made during application taking forever to deposit ( I m sure their system is overloaded). so I made another transfer once my Id was set up by pay $3 fee from bank of America - took 3 days to show up
4) once you see some money in your account, then call customer service to order a debit card ( they won't ship card unless you have some money in account). I m sure you can do this by going to branch n getting temp card or whatever... I was too lazy to go to branch & it's like 15 miles drive
5) after u get debit card (took me 3 days but the 2nd one took about a week - again could be just too many orders), make 10 transactions....takes a day or 2 to get posted.
6) after 2 days of posted transactions, you get your $250.
7)take money and run if you like but don't forget to send secure message to cancel the account
fyi-
I have closed both account and burn their card already, still hasn't show up in my ck report yet !! good luck
Why need the temp login info?
My guess is so you can deposit the money right away into the WF account from another bank account?
Same here. After signup I could not complete the online account setup but customer service was excellent.
Why need the temp login info?
My guess is so you can deposit the money right away into the WF account from another bank account?
Because you won't be able to sign up online unless you have real card & I was personally told by CSR that they won't ship out card unless the account has cleared deposit. Of course, this experience was shared based on what happened couple for months ago, unless something changed and their service got faster- it took forever to clear the deposit/ get actual card so that you could sign up online. So, my statements above applies to folks who actually like to take money ASAP and run away....
Please add this to FAQ.
Sign up for a Slickdeals account to remove this ad.
===Higher costs charged to African-American and Latino borrowers===
Illinois Attorney General [[Lisa Madigan]] filed suit against Wells Fargo on July 31, 2009, alleging that the bank steers African Americans and Latinos into high-cost [[subprime]] loans. A Wells Fargo spokesman responded that "The policies, systems, and controls we have in place – including in Illinois – ensure race is not a factor..."{{cite web|url=http://www.reuters.com/article/hotStocksNews/idUSTRE56U6Q920090731