Wells Fargo Business Credit Card: Fill & Download for Free

In looking at the question from the perspective we see most often, think of your credit cards. You have a credit card with Wells Fargo and the balance is $10k. You fall into hard times and miss some payments. Wells Fargo decides to sell your debt to a third party. This means that Wells Fargo has sold the right to collect the outstanding balance to the third party usually a collections agency. The third party bought the right to collect the money from you, usually for pennies on the dollar. They hope to collect a portion of the outstanding balance and make a profit.This can also happen with your mortgage. My mortgage was sold to another mortgage lender because my old mortgage company went out of business. Now I have to send my payments to the new mortgage company.In short, selling the debt means that they have sold the right to collect the remaining outstanding balance that you owe.I hope this helps.NicholeNichole KellyDirector of Social MediaCareOne Services, Inc.http://c1c.bz/jl2

Against people? I usually let them go, even when I think that I won’t. After a while, I just don’t care anymore.Against corporations? I haven’t met anyone as spiteful as me.I was poor, very poor for a long time when I moved to the U.S. And the practices of banks against poor people still fill me with anger. I have a long list of banks I won’t do business with, because I felt wronged when I was 18 or 19, and I still won’t let it go. In most of those cases, I don’t even remember what they actually did. But my anger has something like a muscle memory, and all I have to do is think of those banks in order to decide that I won’t do business with them.So, for instance, I’m mad at Bank of America. Why? Only Horus knows. I’ve completely forgotten. But I’m still mad. I remember being very gleeful when I saw their stock plunge during the 2008 financial crisis. I was hoping they would crash and burn. They didn’t, alas.Key Bank. I’m mad at them too. Not mad enough to get my blood pressure up, but definitely mad enough to decide that my business bank account won’t be with them. Why? I’m sure it was some screwed up thing over overdraft fees that you couldn’t opt out of. They got their money from me, and I decided that someday, when I actually had more substantial reserves, they wouldn’t see a dime of it.Wells Fargo. I don’t even know why I’m mad at them. Did I even ever bank with them? I don’t quite remember. But screw them anyway. If I’m mad at a bank without knowing why, I assume there was a good reason for it at some point.Chase Bank! Same story. They got me on overdraft fees when I was super poor and $30 was a huge chunk of my income. I closed my account a week later. I think I was around 20. But, wait a minute, I’ve had a Chase credit card since then. Dammit! Fine. It’s not like I use that damn card anymore anyway. Regardless, I’m not doing my business banking with them.And then there are banks I’m mad at, but not mad enough to leave right now, but mad enough that if I do leave, I won’t come back.Ally Bank has been my bank for most of my adult life. In 2015, they pissed me off over some issue I can’t quite remember, and I threatened to leave. But I couldn’t find any other online bank I liked better overall. So I stayed. But if I find another bank, I’ll leave.SunTrust is my current mortgage issuer. They also pissed me off by slapping some fees on me. And the process to close on my house was really annoying. So, when I sell my house, I won’t do business with them again.And this is just banking. I have a long list of companies I am really angry at. Thank God I’m not a billionaire. I would be going to war with some of these firms.

Dear Robin — thanks for the question. It’s a very important one.Let’s first consider what’s being reported in the media (source: Wells Fargo Fined $185 Million for Fraudulently Opening Accounts):Beginning in 2011, employees Wells Fargo (company) secretly opened up bank accounts and issued credit cards without the knowledge or consent of thousands of its customers.Fake email accounts were apparently established by those involved to sign up existing bank customers for additional online banking services.According to Federal banking regulators, approximately 5,300 employees were fired for their involvement including managers in the retail operations.It would also seem that the victims only learned of these abuses after they were hit with late fees, interest charges, and calls from collection agencies.In sum, rogue employees opened approximately 1.5 million bank accounts and applied for as many as 565,000 credit cards unauthorized by the bank’s customers.Now — to your question. Here are my personal thoughts. Let me add that I don’t know anyone in the executive ranks of Wells Fargo. So the commentary I give here is just conjecture on my part.It’s quite possible that the final chapter in this sad tale is still being written. Here’s why.First, the scale of the debacle in terms of the number of employees involved at Wells Fargo is significant, and suggests that the issues were indeed systematic. If I were on the board of Wells, I’d like to understand how such practices could have gone on for five years without catching the eye of the internal auditing and compliance teams. It’s a cliche, but the board is duty bound to understand who knew what and when.Second, I think the board also has a duty to look further into the financial reporting of the bank. All public companies have to comply with the Sarbanes-Oxley (SOX) Act, which means that the CEO and CFO have to personally attest to the accuracy of the financial statements presented to the public. One of the things that Wells was lauded for by the investment community was their strength in retail banking. Post financial crisis, few banks were as profitable in retail banking as Wells. To quote from The New York Times (company):“Analysts have marveled at the bank’s ability to cross-sell mortgages, credit cards and auto loans to customers. The strategy is at the core of modern-day banking: Rather than spend too much time and money recruiting new customers, sell existing customers on new products.”The revelations of the last few days undercut this narrative with the investor community. (At the time of this post, Wells’s stock price is off 5% since the fine was reported — a loss of $11 billion in market capitalization.)Third, and perhaps most important, while the size of the penalties levied are substantial, the fines themselves may not be enough to restore public confidence in the regulators. Said differently, the fallout from the sad affair has now become a political issue. As to how big of one we don’t yet know.Don’t be surprised if members of U.S. Congress look to get involved and hold hearings on the issue surrounding Wells, and some the business practices in retail banking in general. I don’t yet know if that will happen, but there’s been a lot of chatter about the rising cost of maintaining ordinary bank accounts, including overdraft and other types of fees levied on ordinary working Americans.According to a recent SNL Financial and CNN Money study, the three biggest banks in America — i.e., JP Morgan Chase, Bank of America and Wells Fargo — earned $6 billion just from overdraft and ATM fees alone in 2015. (source: Overdraft Fees: A $6 Billion Problem for Consumers). I also cite a study completed by the non-profit Pew Charitable Trusts (source: Overdraft Fees Disguised as Protection Are Actually Harmful High-Cost Credit). Note their findings:“The financial burden caused by these [overdraft] transactions is undeniable. Almost half of these consumers paid more than $300 in overdraft fees in the past year…. Nearly one-quarter paid the equivalent of one or more weeks of wages in overdraft fees.”“…research shows that these fees push consumers out of the banking system, either voluntarily or involuntarily, leaving them to use expensive check-cashers and other alternative financial services. The FDIC's national survey of unbanked and underbanked households shows that 31% of those without a bank account reported high or unpredictable account fees as one reason for not having an account — with 13% saying it was the primary reason.”For all of its sins, Wells was hit with a grand total of $185 million in fines, including a $100 million penalty from the Consumer Financial Protection Bureau, which was the agency formed in the aftermath of the 2008 Financial Crisis to protect the US consumer from predatory financial practices. (Wells also paid $35 million to the Office of the Comptroller of the Currency, which is another of the bank’s regulators, and $50 million to the City and County of Los Angeles.)But as your question suggests, is it enough? Only time will tell if the executive(s) who oversaw the retail banking unit will be able to avoid further scrutiny. Stay tuned.Edit 1.Federal Prosecutors Investigating Wells Fargo Over Sales TacticsWells Fargo CEO Defends Bank Culture, Lays Blame With Bad Employees Wells Fargo CEO Defends Bank Culture, Lays Blame With Bad EmployeesAnd so the next round of inquiries begin ….Edit 2.Ouch.