Another month, another debacle at Wells Fargo. From CNN/Money:
The Navajo Nation has sued Wells Fargo, claiming the bank targeted tribal members with “predatory sales tactics.”
In a federal lawsuit filed Tuesday, the tribe alleged that Wells Fargo — the only national bank that services its territory — preyed on people by opening unauthorized bank accounts and debit cards, and by pressuring people, particularly the elderly, to enroll in services they did not need.
“Under intense pressure from superiors to grow sales figures, Wells Fargo employees lied to Navajo consumers, telling elderly Navajo citizens who did not speak English that in order to have their checks cashed, they needed to sign up for savings accounts they neither needed nor understood,” the Navajo Nation said in its complaint.
These are not honorable banking practices. If any of my readers use Wells Fargo, I think you should reconsider your choice.
