Wells Fargo has denied a customer’s plea for reimbursement after a scammer drained $18,000 from his account, according to a new report. Virginia resident William Sroufe lost more than $18,000 on December 17th in a phone scam where the caller impersonated Wells Fargo, reports the local news outlet WWBT. The caller ID displayed Wells Fargo’s…
A couple from Stone Mountain, Georgia says Wells Fargo denied their fraud claim for more than $5,000 in unauthorized charges made hundreds of miles from their home. According to local Atlanta news outlet WSB, Debbie Stanhouse says she regularly monitors the family’s checking account and quickly spotted suspicious activity. “I said, ‘Jim, we have got…
Not all dividends are paid out equally; some companies try to create a “trap” by overpaying on a quarter’s dividend, attracting buyers through a short-term high dividend yield that seems too good to pass up. The realization comes much later, though, that these companies can’t afford these payouts, straining the financial profile altogether and having…
Wells Fargo reportedly refused to reimburse a customer who lost thousands of dollars to scammers posing as the banking giant’s employees. Houston resident Sharon Schoolcraft says she lost $13,000 after receiving a call from someone claiming to be working at Wells Fargo, reports FOX 26. Schoolcraft says the caller alerted her to possible fraudulent charges…
Legendary investor Steve Eisman is warning the public about the possible emergence of a “cartel” of major banks in the US, which he says could impact the cost of financial services. The Wall Street veteran notes in a new interview with The Compound that there hasn’t been a wave of mergers and acquisitions (M&A) in…
Scammers posing as Wells Fargo’s fraud representatives reportedly stole thousands of dollars from a Texas couple’s bank account. Joan Leon, of Kingwood, Texas, says she received a call that looked like it was coming from her local Wells Fargo branch, making her trust the caller, reports Fox26 Houston. Leon says she was told to cut…
Billionaire Warren Buffett just sold about $3.23 billion of Berkshire Hathaway’s stake in Citigroup, Bank of America and Capital One. After eliminating Berkshire Hathaway’s stake in JPMorgan Chase and Wells Fargo in recent years, new filings show Buffett continues to place US banks on the chopping block. Berkshire has now also completely exited Citigroup, unloading…
Wells Fargo customers may be eligible to be beneficiaries of a $185 million payout from the bank following a court’s approval of a massive class action settlement. A lawsuit initiated last year claims that during the Covid-19 era, Wells Fargo issued mortgage forbearances to its customers when they didn’t want them, causing unnecessary hardship while…
New numbers show customers at JPMorgan Chase, Wells Fargo and Bank of America are piling money into unprotected accounts. The lenders’ quarterly Call Reports, submitted to the Federal Financial Institutions Examination Council (FFIEC), show the banks customers now collectively hold $2.62 trillion in uninsured cash. US banks and the FDIC promise customers that deposits up…
The upcoming week promises a wealth of economic data and corporate earnings reports that investors will scrutinize closely. Key economic indicators scheduled for release include consumer and producer inflationInflation refers to the rate at which the overall price levels of goods and services increase, gradually reducing purchasing power over time. It is commonly measured using…