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    A Wells Fargo bank branch in the Lehigh Valley will soon close its doors for good, marking yet another casualty in the ongoing trend of brick-and-mortar bank closures. The Slatington branch at 541 Main St. is permanently closing, PA communications representative Elise Corbett told DailyVoice.com. “Branches continue to play an important role in the way we serve our customers, and we continuously evaluate our branch network in light of changing customer needs, the increase in the use of digital banking, market factors, and economic trends,” Corbett said. “We apologize for any inconvenience this might cause, and customers can continue to bank with us at our other nearby locations." The branch’s last day open will be Wednesday, Aug. 3. The next closest Wells Fargo branch is about five miles away on Route 309 in Schnecksville. Meanwhile, customers are encouraged to take advantage of online banking services with the Wells Fargo mobile app. Wells Fargo Bank, 541 Main St, Slatington, PA 18080
    SAN FRANCISCO (KGO) -- 7 On Your Side has been reporting about a widespread scam using the popular Zelle quick pay app. Bank imposters trick victims into sending them money through Zelle.Lately, imposters have targeted Wells Fargo customers. And the bank denied claims for refunds. But now, Wells Fargo is discreetly giving their money back. And it's happening quietly.7 On Your Side asked Wells Fargo why so many customers were losing money to this scam. The bank said it was heartbreaking, but impossible to reverse Zelle payments, even if it's fraud. Now, without any notice, customers are getting a big surprise in their bank accounts."The money is gone," said Cynthia Marin of Concord. "It's gone. It, like, disappeared.""Wiped my account out, had a zero balance," echoed Kelly Reynolds of San Jose."Oh my, oh my!" exclaimed Lisa Landry of San Jose.VIDEO: Bank impostor taunts Bay Area woman after stealing $3,500 using her nameEMBED More News Videos How are scammers able to take over your Zelle account -- all while sounding like a real bank employee? Here's how one woman found out,...
    Wells Fargo customers use ATMs outside of a Wells Fargo bank on July 14, 2021 in San Francisco, California. Enough is enough. It’s time to throw Wells Fargo away. Just throw the whole company away. It is trash. I wrote in 2019 that the big banking business had practically become synonymous with discriminatory lending accusations; a Bloomberg News report released on Friday shows the bank apparently has no plans of changing.  In 2020, the same year that Wells Fargo agreed to pay $7.8 million in back wages and interest to resolve allegations of hiring discrimination, the company approved only 47% of refinancing applications launched by Black homeowners, Bloomberg reported. That number for white homeowners was 72%. For a few points of comparison: JPMorgan Chase & Co. approved 81% of Black homeowners' refinancing applications compared to 90% approved from white homeowners. Bank of America gave 66% of Black applicants the green light compared to 78% of white ones, and Rocket Mortgage approved 79% of Black applicants compared to 86% of their white counterparts, Bloomberg reported. Engineer Mauise Ricard III, one of those Black...
    CONCORD, Calif. -- Amid the rise in popularity of quick-pay apps, scammers are also increasingly using digital payment platforms like Zelle to drain victims' bank accounts.ABC Owned Television Stations first reported on widespread Zelle schemes involving Bank of America customers, but scammers are taking advantage of the platform's instantaneous, irreversible transactions -- and the federal government's ambiguous regulations -- to get more creative in their ploys.In the latest development, fraudsters are now posing as Wells Fargo bank employees to solicit money.Our sister station KGO-TV reported that Cynthia Marin of Concord, California, received a text asking if she had approved a Zelle transaction to "TRAVIS" for $3,500. She replied, "No."Soon after, she received a call from a Wells Fargo number. This was likely an instance of spoofing, meaning the caller deliberately falsified the information transmitted to Marin's caller ID display.VIDEO: Chase customer loses total of $7,000 in Zelle scam: Here's what you need to know EMBED More News Videos Criminals are targeting other bank customers, in addition to Bank to America, tricking them into sending them money through Zelle. Marin said...
    CONCORD, Calif. (KGO) -- ABC7 has been reporting about a widespread scam using the popular Zelle quick pay app to steal money from Bank of America customers.Now that scam is rearing up again -- and targeting Wells Fargo customers.RELATED: Banks tell customers they're responsible if they pay Zelle scammersSeveral came to 7 On Your Side's Michael Finney, who decided to shed light on their stories.The scammers are using the same tactics they did before, but this time they're posing as Wells Fargo bank employees. They claim to be helping victims stop fraud. But really, they're tricking them into sending money to the crooks.Cynthia Marin of Concord is still in disbelief. She was convinced it was her bank on the phone, helping her stop fraud, and sending her money safely back to her account.Instead, it's all gone. "The money is gone. Gone. It just disappeared. Yeah... all the money's gone," she said. If you're on the ABC7 News app, click here to watch live"It's... it's just scary. It's a scary feeling," Marin said.Like so many scams, it began with...
    New York (CNN Business)Fees for bounced checks or lacking enough money in your account could soon be a thing of the past.Bank of America (BAC) is the latest major financial institution to announce that it is ending fees for insufficient funds. It also plans to cut overdraft fees from $35 to $10.The end of the bounced check fee goes into effect next month, Bank of America said in a press release Tuesday. The overdraft fee reduction will begin in May. Bank of America said that once all these latest changes go into effect, the bank will wind up slashing its fees for overdrafts by 97% from 2009 levels."Over the last decade, we have made significant changes to our overdraft services and solutions, reducing clients' reliance on overdraft, and providing resources to help clients manage their deposit accounts and overall finances responsibly," said Holly O'Neill, president of retail banking for Bank of America, in the release. Read MoreBank of America's move comes a little more than a month after Capital One (COF), the nation's sixth-largest consumer bank by assets, said it...
    Wells Fargo reached a $37.3 million settlement with the Justice Department over accusations that it overcharged hundreds of customers who used its foreign exchange services. The complaint and settlement agreement filed on Monday in the U.S. District Court in Manhattan alleges that Wells Fargo defrauded nearly 800 commercial customers from 2010-2017, according to Bloomberg. Among the clients involved were small- and mid-size banks and businesses, according to the DOJ. The lawsuit accused the country’s fourth-largest bank of “brazen and wide-ranging fraud.” Shares of Wells Fargo tumbled nearly 4% upon the news before regaining some losses to close down at less than 1%. WARREN CALLS ON FED TO BREAK UP ‘UNGOVERNABLE’ WELLS FARGO In the lawsuit, prosecutors contend some foreign exchange employees took home bonuses in excess of $1 million. “As a result of the improper incentives and lack of oversight, a culture developed in which Wells Fargo FX sales specialists were comfortable repeatedly defrauding the bank’s customers,” the complaint read. “FX sales specialists openly discussed and even celebrated transactions resulting in larger FX spreads...
    In this article WFCWells Fargo signage on May 5th, 2021 in New York City.Bill Tompkins | Michael Ochs Archives | Getty ImagesWells Fargo paid $37 million to settle a government lawsuit accusing the bank of defrauding hundreds of commercial customers. The bank allegedly overcharged 771 businesses on foreign-exchange transactions from 2010 through 2017, according to the U.S. Justice Department lawsuit filed Monday. Shares of the bank fell 1.4%. The settlement is the latest regulatory matter resolved under Wells Fargo CEO Charles Scharf, who was hired in 2019 to clean up a litany of legal woes that began with a 2016 fake accounts scandal. Earlier this month, Wells Fargo was hit with a $250 million fine on the same day it announced the resolution of a Consumer Financial Protection Bureau consent order. Wells Fargo told the commercial customers that they were being charged certain fixed rates, but then incentivized salespeople to "overcharge FX customers," according to the suit. The bank then concealed the overcharges from customers and obtained "millions of dollars in FX revenue to which the bank was not entitled,"...
    Sen. Elizabeth Warren (D-MA) urged the Federal Reserve to break up Wells Fargo, pointing to the persistent stream of scandals pouring forth from America’s third largest bank by assets. Warren, who sits on the Senate Committee on Banking, Housing, & Urban Affairs, sent a letter Monday to Federal Reserve Chairman Jerome Powell asking him to revoke one of the key operating licenses to force a split between Wells Fargo’s banking and Wall Street businesses. “Every single day that Wells Fargo continues to maintain these depository accounts is a day that millions of customers remain at risk of additional negligence and willful fraud,” Warren said in her letter. “The only way these consumers and their bank accounts can be kept safe is through another institution—one whose business model is not dependent on swindling customers for every last penny they can get.” This is my shocked face that @WellsFargo is cheating their customers again. Giant banks will only clean up their act when their executives know theyll face handcuffs when they preside over massive fraud. Let’s pass The Ending Too Big to Jail Act.https://t.co/i6kcsZpkFY — Elizabeth Warren...
    Sen. Elizabeth Warren called on the Federal Reserve to break up Wells Fargo , one of the largest banks in the world. In a Tuesday letter sent to Fed Chairman Jerome Powell , the Massachusetts Democrat urged the Federal Reserve’s leadership to use its authority to revoke Wells Fargo’s status as a financial holding company and separate its banking subsidiary from its financial services business. In the six-page letter to Powell, which details several instances of the bank’s “misconduct” over the past decade or so, she made the case that Wells Fargo, which is currently led by CEO Charlie Scharf, must be reined in. SEC CHIEF TELLS WARREN AGENCY SHOULD HAVE MORE AUTHORITY TO REGULATE CRYPTO “Continuing to allow this giant bank with a broken culture to conduct business in its current form poses substantial risks to consumers and the financial system,” she wrote. Warren pointed out that in 2016, bank employees surreptitiously created millions of bank and credit card accounts without the knowledge of the customers involved. Wells Fargo fired thousands of...
    New York (CNN Business)Democratic Senator Elizabeth Warren is calling on the Federal Reserve to break up Wells Fargo following years of scandal at America's most troubled big bank.The push from Warren marks an escalation in her long-running campaign to hold Wells Fargo (WFC) accountable for ripping off customers."Every single day that Wells Fargo continues to maintain these depository accounts is a day that millions of customers remain at risk of additional negligence and willful fraud," Warren wrote in a letter sent to Federal Reserve Chair Jerome Powell on Monday. The New York Times first reported the letter.Warren urged the Fed to revoke Wells Fargo's status as a financial holding company and require the company to separate its traditional banking activities from nonbanking activities. In effect, that would break up one of the nation's largest lenders. Warren pointed out the Bank Holding Company Act requires financial holding companies to be both "well capitalized" and "well managed.""The only way these consumers and their bank accounts can be kept safe is through another institution —one whose business model is not dependent on swindling...
    New York (CNN Business)Federal regulators slapped Wells Fargo with yet another fine for failing to move fast enough to compensate customers who were victims of the bank's "unsafe or unsound" practices. The Office of the Comptroller of the Currency, the banking regulator within the Treasury Department, told the scandal-plagued bank it must pay $250 million because it couldn't -— or wouldn't — make good on its promises. The punishment stems from a 2018 order that found problems with the bank's auto and home lending operations, including insufficient risk-management practices and improper fines imposed on customers. At the time, as part of a $1 billion settlement, the bank agreed to improve its practices and pay restitution to customers. But that's not happening fast enough, according to the OCC."Wells Fargo has not met the requirements of the OCC's 2018 action against the bank. This is unacceptable," said Acting Comptroller Michael J. Hsu.In addition to the fine, the regulator is restricting the bank's mortgage business until it can address the problems. Read MoreWells Fargo has struggled to get its house in order after a series...
    New York (CNN Business)Wells Fargo has decided to allow some customers to keep their personal lines of credit, partially reversing a controversial decision after a month of outrage from consumers and advocates.The bank last month decided to shut down all of its existing personal lines of credit, which Wells Fargo (WFC) noted could hurt customers' credit scores. A spokeswoman for the bank said Wells Fargo changed its mind ... sorta."We heard feedback from our customers and that feedback is very important to us," the spokeswoman said. "We are responding by ensuring customers can keep these lines of credit open."Only customers who have been using their lines of credit can continue to maintain them, the bank said. Wells Fargo customers who haven't borrowed against their credit lines over the past 12 months have to call the bank or use their line or credit to maintain it. Other inactive customers' accounts will be closed on December 2. CNBC first reported the news. Wells Fargo shuts down all personal lines of credit, sparking outrageWells Fargo said last month it had decided to shut...
    Wells Fargo signage on May 5th, 2021 in New York City.Bill Tompkins | Michael Ochs Archives | Getty Images Wells Fargo is reversing a decision to shutter personal lines of credit for its customers. Last month, CNBC reported that the bank had informed its customers that the revolving credit lines would be closed after a product review. The decision drew criticism from consumers who lean on the product as well as Sen. Elizabeth Warren, a frequent critic of the banking industry. Now, the bank has decided to keep the products available for those who actively used them or want to reactivate old ones, according to a spokeswoman for the San Francisco-based company. It will not offer the credit lines to new customers, however. Here is the statement: As part of our strategic review of businesses last year, we determined that our suite of other consumer products serve our customers better than personal lines of credit. As a result, we ceased opening these lines in May 2020, and recently notified customers that we planned to close existing lines. We heard feedback from...
    U.S. Senator Elizabeth Warren (D-MA) questions Charles P. Rettig, commissioner of the Internal Revenue Service, during the Senate Finance Committee hearing titled The IRS Fiscal Year 2022 Budget, in Dirksen Senate Office Building in Washington, D.C., June 8, 2021.Tom Williams | Pool | Reuters Wells Fargo's decision to pull customers' credit lines was lambasted by Sen. Elizabeth Warren. The bank has been notifying customers that their personal lines of credit would be closed, a move that could potentially damage their credit scores, CNBC reported Thursday. "Not a single customer should see their credit score suffer just because their bank is restructuring after years of scams and incompetence," Warren, a Massachusetts Democrat, tweeted Thursday evening. "Sending out a warning notice simply isn't good enough – Wells Fargo needs to make this right." It was the latest controversy to afflict Wells Fargo since its fake accounts scandal emerged in 2016. Bank employees were found to have improperly created millions of unneeded accounts to hit aggressive sales goals. The Federal Reserve took the unusual step of constraining the bank's balance sheet in 2018,...
    WELLS Fargo is set to axe loans known as personal lines of credit in a move affecting thousands of struggling customers. The loans, usually worth between $1,000 and $100,000, are often used to help pay off debt, or to avoid overdraft fees on checking accounts. 1Wells Fargo is set to axe loans known as personal lines of creditCredit: Getty Images - Getty The change means all existing lines of credit will be shut down in the coming weeks and it no longer offers the product, CNBC was first to report. The bank reportedly made the decision last year, and said it'll help it focus on credit cards and other personal loans instead. In letters to customers about the closure, the bank warned that the change could impact their credit scores. It comes a few years after Wells Fargo admitted to opening millions of fake accounts, and getting customers to pay for unnecessary insurance. What is a personal line of credit?A PERSONAL line of credit is also known as an open-ended loan. This means that borrowers are able to withdraw...
    New York (CNN Business)Wells Fargo is shutting down all of its existing personal lines of credit, sparking outrage from consumers and advocates. A spokesperson for the bank said Wells Fargo (CBEAX) made the decision last year as part of an effort to simplify its product offerings. The bank feels it can better meet borrowing needs through credit cards and personal loans, the spokesperson said. The popular consumer lending product that the bank is shuttering typically lets users borrow up to $100,000, according to CNBC, which reported the news earlier Thursday. The product was advertised to consumers as a way to consolidate higher-interest credit card debt or pay for home renovations.In notices to customers about the closure, the bank warned that the change could impact their credit scores. Wells Fargo was trending on Twitter Thursday night following CNBC's report, with consumer advocates, including Senator Elizabeth Warren, expressing outrage. Read More"Not a single @WellsFargo customer should see their credit score suffer just because their bank is restructuring after years of scams and incompetence. Sending out a warning notice simply isn't good enough...
    A pedestrian wearing a protective mask walks past a Wells Fargo & Co. bank branch in New York, U.S., on Thursday, July 9, 2020.Peter Foley | Bloomberg | Getty Images Wells Fargo is ending a popular consumer lending product, angering some of its customers, CNBC has learned. The bank is shutting down all existing personal lines of credit in coming weeks and no longer offers the product, according to customer letters reviewed by CNBC. The revolving credit lines, which typically let users borrow $3,000 to $100,000, were pitched as a way to consolidate higher-interest credit-card debt, pay for home renovations or avoid overdraft fees on linked checking accounts. "Wells Fargo recently reviewed its product offerings and decided to discontinue offering new Personal and Portfolio line of credit accounts and close all existing accounts," the bank said in the six-page letter. The move would let the bank focus on credit cards and personal loans, it said. Wells Fargo CEO Charles Scharf has been forced to make difficult decisions during the pandemic, offloading assets and deposits and stepping back from some products...
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