Wells Fargo will keep lending to gun makers.

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http://money.cnn.com/2018/04/13/news/co ... index.html
Wells Fargo says it will keep lending to gun manufacturers.

Two of its competitors, Bank of America and Citi, have taken a step away from the gun industry since a shooting at a Florida high school left 17 people dead.

But Wells (WFC) chief financial officer John Shrewsberry told reporters Friday that the bank is "not currently setting policy in our extension of credit."

"As our CEO has publicly stated, we do not believe that the American public wants banks to decide which legal products consumers can and cannot buy," spokesman Alan Elias said. "We believe this issue requires a legislative solution that allows the public to voice their concerns."
Good for them, though I still wouldn't do business with them for other reasons, like their habit of secretly opening accounts for people who didn't agree to them.
106+ recreational uses of firearms
1 defensive use
0 people injured
0 people killed

Re: Wells Fargo will keep lending to gun makers.

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BofA didn't do squat, they merely did a publicity move to "look like we're doing something" while still having dealings with Ruger and Remington.
Most CEO's are lying, hypocritical bastards, the CEO of Wells Fargo made his statement basically putting it on the Governments shoulders...but then I forget how much banks like regulations.
Those who make peaceful revolution impossible, make violent revolution inevitable.

Re: Wells Fargo will keep lending to gun makers.

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They've got some shitty tactics but find a large bank that doesn't. My mortgage is through them primarily because they had a flexible loan program that met our needs and a great rate when we were moving. I'd rather use a local bank or credit union but that would cost me an extra $50,000+ over the loan lifetime based on the higher interest rate. I shop local when I can, but not at that price!

Re: Wells Fargo will keep lending to gun makers.

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featureless wrote: Fri Apr 13, 2018 7:05 pm They've got some shitty tactics but find a large bank that doesn't. My mortgage is through them primarily because they had a flexible loan program that met our needs and a great rate when we were moving. I'd rather use a local bank or credit union but that would cost me an extra $50,000+ over the loan lifetime based on the higher interest rate. I shop local when I can, but not at that price!
They've been flexible with me on personal loans and car loans and such.

I did my mortgage with a local company and they sold it to US Bank,

and US bank leaves me alone and all which is nice but I haven't had much luck with flexibility with loans as far as they are concerned.

I will say for what it's worth, as far as WF tactics, some may have some shitty tactics. I worked sales for WF but it was over the phone and with Wells Fargo's rules plus Uncle Sam's rules I can tell you shitty sales tactics for credit cards or auto loans or personal loans are few and far between and not something they are trained on. Same thing with Mortgage. I am used to seeing Wells act to remove such things very swiftly.

They loved phone sales for the exact issues branch sales have, because our calls are recorded and we can identify crap practices from people real quick and nip it in the bud.

I've never worked in collections so, I can't say on that end but I've known many of our collections people and, as collections people can be a certain type a person, I can promise Wells Fargo is again, heavily watched and recorded and I'm almost certain they don't "train" our default people in shady practices.

I did work in our Home Preservation department and for the most part we bend over backwards for loan modifications. Most of that stuff is decided by Uncle Sam and other loan investors so we only have so much say in them but we serviced them very well.

I currently work in our fraud department, like if your card is stolen or charges were done without your knowledge, I work the back end of that. Again it's way more "pay the customer and move on" for the most part, no shady stuff here.

I never worked in a branch so I don't know how that enterprise goes, and I won't make excuses for the company. I know the repo thing was more of a very large mistake and an error and wasn't directed by anyone.

I can promise you, from the top down, internally, they took the branch thing very seriously and did a bunch of extra training, awareness and some direction changing on what I thought was an already progressive, forward and polite customer service angle.

But I do get the anger and outrage, I truly do. I'm not a management level guy and I don't have a stake in the company. But I have been very impressed with their reaction to it all, and I've been very impressed with every enterprise I've worked in. They treat us good to.

That's my little bit from my limited knowledge. I know people have had rough experiences with Wells. I've been on the phone telling people we can't approve their modification, and that they are facing losing their house, that's never good and never fun, so I get it.

Re: Wells Fargo will keep lending to gun makers.

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I only have WFB because they gobbled up the previous three banks I was with over the years. I have mixed feelings about them, compared to B of A they are much better, Chase has good customer service at the local branch. I'm glad they have elected to stay out of the gun wars. JP Morgan Chase is the largest bank in the US, haven't heard if they've taken a stand on gun lending.

Edit: Looks like JP Morgan Chase Bank has made a statement on lending to gun manufacturers.
JPMorgan Chase & Co. has cut exposure to the gun industry amid the country’s debate over military-style weapons.

“We do have robust risk-management practices and policies associated with this, and we have had for a number of years," Chief Financial Officer Marianne Lake told reporters Friday during a conference call. “We continue to always refine them and work on them and as a result our exposures have come down significantly and are pretty limited."
https://www.bloomberg.com/news/articles ... n-industry
"Everyone is entitled to their own opinion, but not their own facts." - Daniel Patrick Moynihan

Re: Wells Fargo will keep lending to gun makers.

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Exclusive: Wells Fargo loses teachers union AFT over ties to NRA, guns
AFT President Randi Weingarten told USA TODAY in an interview on Thursday that Wells Fargo sent signals loud and clear through "radio silence."

And in a letter obtained by USA TODAY, Weingarten told Sloan on Thursday: "We can only assume that, in light of your silence and the NRA attacks, you have decided that the NRA business is more valuable to you than students and their educators are."

The AFT's dropping of Wells Fargo represents a financial blow to the nation's third-largest bank by assets. Wells Fargo's mortgage program had been featured in the Union Privilege program on the AFT website, and roughly 1,600 member families received mortgages from the bank in 2017. In all, more than 20,000 AFT members currently hold Wells Fargo mortgages.

Re: Wells Fargo will keep lending to gun makers.

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YankeeTarheel wrote: Tue Apr 24, 2018 9:11 pm
rascally wrote: Tue Apr 24, 2018 7:18 pm I doubt that teachers going to a different bank for their mortgage is going to destroy public education or Wells Fargo Bank...
Have you been watching what's happening in red state after red state, where teachers are going on state-wide strikes?
Another one in AZ that hasbt received as much national attention.

Though as much as people love to hate WF today, whether they admit it or not I'm pretty sure most arizonans are prettybhappy with WF.

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