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Penguins rookie Thomas Di Pauli feels he found right fit with Pittsburgh organization

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Consumer Watchdog: Students, don’t fall for these common college fraud schemes

<p>At Wells Fargo, the concept of &#8220;customer care&#8221; got rolled over and crushed like a grasshopper under a stagecoach wheel.</p><p>The banking giant this month was fined and assessed penalties of $185 million for what regulators with the Consumer Financial Protection Bureau described as &#8220;widespread unlawful sales practices.&#8221; &#8220;The bank&#8217;s employees secretly opened accounts and shifted funds from consumers&#8217; existing accounts into these new accounts without their knowledge or permission to do so,&#8221; according to a bureau statement, &#8220;often racking up fees or other charges.&#8221;</p><p>Thousands of employees engaged in the scheme since 2011, reportedly going rogue to create up to 1.5 million checking and savings accounts, and as many as 565,000 credit card accounts. The deception apparently was fueled by an employee incentive program gone horribly wrong.</p><p>As Forbes contributor Rob Berger aptly <a href="http://www.forbes.com/sites/robertberger/2016/09/09/is-wells-fargo-rotten-to-the-core/#4531d6ed2bbb" target="_blank">wrote about the situation</a>, &#8220;It reminds one of the ABCs of &#8216;Glengarry Glen Ross&#8217; &#8211; Always Be Closing.&#8221;</p><p>For consumers like you, Wells Fargo&#8217;s trust-shattering scandal should impart this lesson: Routinely look over your monthly statements. If you spot something fishy, such as an account that you didn&#8217;t request, investigate further.</p><p>Wells Fargo posted an apology on its website saying, &#8220;We truly regret and take full responsibility&#8221; for foisting unwanted products and services on customers. The financial institution supposedly has terminated about 5,300 workers in recent years due to the fraudulent &#8220;sales tactic,&#8221; which was first brought to light about three years ago not by the government&#8217;s watchdogs but by a daily newspaper. (Thank you, Los Angeles Times!)</p><p>In the first quarter of this year, affected Wells Fargo customers nationwide received refunds to compensate them for fees they wrongly incurred, according to the bank. Former customers most likely received a letter and paper check in the mail, while existing customers got the credits applied directly to their accounts. The average refund was $25.</p><p>If you inspect your Wells Fargo statement and spot an account that you don&#8217;t recognize, the bank advises, &#8220;call the number on your online statement, call the number listed on the back of your paper account statement &#8230; or visit one of our banking locations.&#8221;</p><p>The bank also has &#8220;made many improvements&#8221; to prevent future abuses, according to information on its website. Email notifications will be sent each time a checking or savings account is opened, and acknowledgements also will accompany credit card applications, the company said.</p><p>So far, it doesn&#8217;t appear the titans atop Wells Fargo&#8217;s organizational chart will be held accountable for the widespread failure within the firm. The company&#8217;s former head of community banking will retire at year&#8217;s end with &#8220;tens of millions of dollars in stock and options,&#8221; <a href="http://www.cnbc.com/2016/09/12/wells-fargos-community-banking-exec-reportedly-leaving-with-1246-million.html" target="_blank">CNBC reported</a> earlier this month.</p><p>If you incurred costs because of a Wells Fargo account that you didn&#8217;t approve, take your complaint directly to the bank either by visiting a branch or calling. If still unsatisfied, ask to participate in a mediation process handled by an outside firm.</p><p>As a <a href="http://www.latimes.com/business/la-fi-wells-primer-20160909-snap-story.html" target="_blank">Los Angles Times article</a> recently noted, &#8220;While the bank&#8217;s refund process is focused on fees customers paid on accounts they didn&#8217;t open, the complaint and mediation process also provides a chance for customers to be compensated for other harm &#8211; for instance, if a customer&#8217;s credit was somehow damaged because of unwanted credit card accounts.&#8221;</p><p>As a last resort to get disputes with the bank resolved, you can call the Consumer Financial Protection Bureau&#8217;s hotline at 855-411-2372.</p><p>Oh, and one more thing. You might want to move your money to a bank or credit union where you sense that customers &#8211; and their accounts &#8211; get treated with greater respect.</p><style>
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<div class="metaInfo"><bylineMeta><p>Consumer Watchdog</p><p>Mark Jones</p></bylineMeta></div><div class="metaInfo"><shirttailMeta><p>Mark Jones is the Times Leader&#8217;s opinion page editor. Reach him at 570-991-6122 or mjones@www.timesleader.com.</p></shirttailMeta></div>

Consumer Watchdog: Wells Fargo sham shows value of routinely examining your bank statements