Wells Fargo is in the news because 5,600 employees (at least) were opening accounts without permission so they could get bonuses. Naturally, no senior managers are in trouble; it was apparently just a coincidence that 5,600 employees made the same dumb mistake.
I briefly banked with Wells Fargo. When I set up a savings and checking account they asked if I wanted overdraft protection; if I wrote a check for more than was in my checking account, they’d transfer money from my saving account. I’d used that service with a previous bank and found it convenient.
One day my wife and I both wrote checks, which together amounted to more than what we had in checking, but, hey, there’s money in savings so no problem, right.
Wells Fargo charged me $25.00 to transfer $3.00 of my money from my Wells Fargo savings account to my Wells Fargo checking account. Heaven knows what they would charge for an actual overdraft ($500 plus they break your kneecap?).
The next day I closed every account I had with Wells Fargo and moved to another bank. I was careful to use the Wells Fargo restrooms—I’m sure there would have been a hefty charge attached.
So, when I saw today’s scoreboard:
I was not surprised.