For years, a number of large banking and financial institutions believed they were above the law and beyond moral and ethical principles. Several banks have been nailed in the past for charging unfair fees things like overdrafts. Some of these banks were slapped with a class action lawsuit filed by customers. Most of the banks settled out of court and agreed to pay consumers millions of dollars. However, one bank, Wells Fargo refused to settle and continues to fight the charges of deceitful practices. After losing their case in court, Wells Fargo moved to have the case go to arbitration in an attempt to pay out over $200 million. The problem is that they were given the chance for arbitration earlier and they declined.
The consolidation of American banks has been an incredible burden on We The People, with scandals and scams emanating from the highest levels of the global financial cartel in recent years.
First and foremost, Americans were on the hook for a massive bank bailout in 2008 that saw the U.S. government interfere with failing financial institutions to the tune of around $700 billion; roughly the GDP of The Netherlands, or the entire economic output of the state of Florida. This equated, at the time, to roughly $2,300 per American – a figure that is absolutely appalling both in its sheer size and in the implications that this theft would have for a great many of America’s families.
Even after that ill-advised and possibly illegal bailout, these banks continued to work to undermine the American Dream in ways that few of us would have dared to imagine. After receiving this illicit gift from their customers, the U.S. taxpayers, some banks refused to amend their trifling ways, with Wells Fargo being one of the most egregious offenders. While nearly every other bank in the U.S. ponied up the cash to settle class action lawsuits over the illegal reordering of debit card purchases to aggravate overdraft fee frequency, Wells Fargo was busy creating 2 million plus fraudulent accounts using real people’s information in order to achieve their own sales goals…
After Wells Fargo tried to hide the overdraft fee deception, they continue to fight against the rights of their customers who want to be allowed to file another class action lawsuit against the bank. Wells Fargo has clearly demonstrated that they care little for their customers and are only concerned for their own personal bank accounts.