An open letter to Wells Fargo customers
Hillary Clinton
29433

@HillaryClinton Not all of Wells Fargo Customers experienced fraudulently opened accounts most Customers accepted products after being pressured to accept products they did not need. This is harmful to customers because of the predatory pressure tactics used. Customers opened loans & have paid thousands of dollars in interest, not because they willingly applied for them, but because they were pressured into them. Some of these customers may have experienced harm to their credit ratings because they were pressured into loans they only signed for after experiencing pressure tactics.

Of course there are also the completely unacceptable fraudulently opened accounts by the admitted 5000+ employees who were justifiably let go by Wells Fargo. But the harm experienced by these customers are not limited to fees & interest Wells Fargo was enriched by. The damages have tendrils that extend to ruined credit ratings which leads to declined applications, lost housing opportunities, higher insurance rates. The snowball effect of a ruined credit rating is immeasurable & the financial costs that can be attributed to it is incalculable.

Allowing Wells Fargo to get away with firing 5000+ employees without punishing the culture that encouraged the behavior does not go far enough. Refunding fees charged directly to customers by Wells Fargo does not go far enough. Customers affected by the culture of Wells Fargo need credit repair, they need reimbursement for fees that go beyond what Wells Fargo actually collected. The harm to customers & even consumers in general by the culture of predatory lending practices, predatory sales practices & predatory corporate greed MUST end. Wells Fargo MUST be punished. Wells Fargo management MUST be punished. Bonuses for Wells Fargo banking officers, CEO’s, CFO’s, Presidents, etc MUST be surrendered in the interest of repaying & repairing the harm their predatory practices encouraged & even demanded of lower level employees. Failure to properly deal with this is NOT acceptable.

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