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Sunday Safety Dance

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6. Re: Sunday Safety Dance Feb 12, 2019, 06:11 eRe4s3r
 
Mr. Tact wrote on Feb 11, 2019, 09:53:
I agree Bats. I really don't understand why anyone still has their money there -- which was sort of the basis of my question. eRe4s3r, I'm not sure I understand what you are saying. You seem to be saying if all the personal customers pulled their deposits, the bank would collapse. But then say they are too big to fail. Do you think the Treasury would step in and prop them up in that scenario? Seems unlikely to me.

They would simply limit possible payouts and transactions that remove money from the bank to keep themselves floating some liquidity. Greek banks did this and it was about as popular as you would expect.
 
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5. Re: Sunday Safety Dance Feb 11, 2019, 09:53 Mr. Tact
 
I agree Bats. I really don't understand why anyone still has their money there -- which was sort of the basis of my question. eRe4s3r, I'm not sure I understand what you are saying. You seem to be saying if all the personal customers pulled their deposits, the bank would collapse. But then say they are too big to fail. Do you think the Treasury would step in and prop them up in that scenario? Seems unlikely to me.  
Truth is brutal. Prepare for pain.
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4. Re: Sunday Safety Dance Feb 11, 2019, 06:54 Retired
 
After the last 5 years, anyone that has their money with Wells Fargo deserves what they get.  
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3. Re: Sunday Safety Dance Feb 11, 2019, 05:51 eRe4s3r
 
Mr. Tact wrote on Feb 10, 2019, 15:40:
I wonder, if everyone with a personal account at Wells Fargo withdrew their money -- would Wells Fargo care? Or are personal account deposits so low it would be inconsequential to them? Because it certainly seems like they are continuing to conduct business like that is their goal...

9% of total deposits are covered by own capital at Wells Fargo. In case of a bank run this would be a dead bank in less than 1 day. But it's too big to fail, as usual.
 
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2. Re: Sunday Safety Dance Feb 10, 2019, 15:40 Mr. Tact
 
I wonder, if everyone with a personal account at Wells Fargo withdrew their money -- would Wells Fargo care? Or are personal account deposits so low it would be inconsequential to them? Because it certainly seems like they are continuing to conduct business like that is their goal...  
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1. Re: Sunday Safety Dance Feb 10, 2019, 14:26 RedEye9
 
In a week or two Wells Fargo will have sorted "everything" out and they will be the go to Bank for your hard earned filthy lucre.

3.0 Lawsuits, fines and controversies
3.1 MAPS Wells Fargo embezzlement scandal
3.2 Higher costs charged to African-American and Hispanic borrowers
3.3 Failure to monitor suspected money laundering
3.4 Overdraft fees
3.5 Settlement and fines regarding mortgage servicing practices
3.6 SEC fine due to inadequate risk disclosures
3.7 Lawsuit by FHA over loan underwriting
3.8 Lawsuit due to premium inflation on forced place insurance
3.9 Lawsuit regarding excessive overdraft fees
3.10 2015 Violation of New York credit card laws
3.11 Executive compensation
3.12 Tax avoidance and lobbying
3.13 Prison industry investment
3.14 SEC settlement for insider trading case
3.15 2016 Wells Fargo account fraud scandal
3.16 Racketeering lawsuit for mortgage appraisal overcharges
3.17 Dakota Access Pipeline investment
3.18 Failure to comply with document security requirements
3.19 Connections to the gun industry and NRA
3.20 Discontent among female workers

Wells Fargo was issued a combined total of US$185 million in fines for creating over 1.5 million checking and savings accounts and 500,000 credit cards that its customers never authorized.

Where do I sign up?
 
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there’s no education in the second kick of a mule
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