<![CDATA[financial services - Savage Villoch Law]]> https://www.savagelaw.us/blog/tags/financial-services/ Wed, 06 Nov 2024 17:43:54 GMT en-us <![CDATA[More Fake Accounts Discovered in Wells Fargo Sales Scandal]]> https://www.savagelaw.us/blog/more-fake-accounts-discovered-in-wells-fargo-sales-scandal/ https://www.savagelaw.us/blog/more-fake-accounts-discovered-in-wells-fargo-sales-scandal/ Fri, 01 Sep 2017 17:33:21 GMT Last time we wrote about the Wells Fargo fake accounts scandal, the current figure of roughly 2 million customers affected had just been increased to nearly 3.5 million. What we saw was the uncovering of a scandal that was far more deep-seated than previously thought. Through the creation of unauthorized accounts for various consumer services,…

]]> Last time we wrote about the Wells Fargo fake accounts scandal, the current figure of roughly 2 million customers affected had just been increased to nearly 3.5 million. What we saw was the uncovering of a scandal that was far more deep-seated than previously thought. Through the creation of unauthorized accounts for various consumer services, Wells Fargo had earned millions in fraudulent funds. Apparently, its even worse than that. A recent report shows that there appears to be an additional 1.4 million fake accounts, about 190,000 of which accrued fees. The additional accounts were uncovered by a third-party investigator hired by Wells Fargo to uncover the extent of the issue internally. For their part, Wells Fargo is showing an effort to be forthcoming with all further information and discoveries. Whether this is a true commitment to make things right for their customer base or simply an effort to save face is up for debate. While regulators see the effort as an attempt by the banking giant to begin making things right, consumers and investors are not so sure. After the announcement that additional accounts had been uncovered, Wells Fargo shares took a dip. Time will tell if Wells Fargo remains committed to regaining consumer confidence. Here are the current figures related to customers affected by the fake accounts scandal along with penalties and reparations to which Wells has agreed to pay.

Wells Fargo Fake Accounts Scandal: By the Numbers

$185 million in fines and penalties to regulators $6.1 million in credits and refunds $910,000 in refunds for unauthorized online bill pay fees

Investor Resources

You can find out more info about the Wells Fargo fake accounts scandal here. If you believe you have been negatively affected by fake or unauthorized accounts, contact our team. You may have loss-recovery options. Check out our blog for even more investment tips and business news!

]]> <![CDATA[Top Consumer Financial Complaints]]> https://www.savagelaw.us/blog/top-consumer-financial-complaints/ https://www.savagelaw.us/blog/top-consumer-financial-complaints/ Mon, 05 Dec 2016 22:27:48 GMT Each month, the Consumer Financial Protection Bureau (CFPB) publishes a complaint report outlining and highlighting volume and percentage of consumers’ reported financial complaints. The CFPB is an agency tasked with providing consumers with financial protection and empowerment by improving existing consumer protection rules, enforcing rules and providing tools and resources for consumers. Analyzing Financial Complaints…

]]> Each month, the Consumer Financial Protection Bureau (CFPB) publishes a complaint report outlining and highlighting volume and percentage of consumers’ reported financial complaints.

The CFPB is an agency tasked with providing consumers with financial protection and empowerment by improving existing consumer protection rules, enforcing rules and providing tools and resources for consumers.

Analyzing Financial Complaints

CFPB’s monthly report analyzes financial complaints reported by consumers over a three-month rolling average, from Aug.-Oct. 2016. It compares this three-month report with last year’s report in addition to breaking down complaints by product or service, state and financial company.

November’s Snapshot

November’s report spotlights complaints related to the category of “Other Financial Services”. This spotlight indicates that the majority of these types of complaints arose from fraud and scams related to debt settlement services. Here is a short breakdown of some of the top reported financial complaints for November 2017:

Other Financial Services
  • Of 4,500 reported complaints, over 50% arose from fraud or scams
  • Debt-settlement comprised about 50% of the financial complaints
Financial Complaints Nationwide
  • Debt-collection is reported as the #1 complaint, nationwide
  • Credit reporting ranks 2nd for most-complained about service
  • Student-loan complaints see a 108% increase from 2015
Financial Complaints by State
  • Alaska, New Mexico and Missouri saw the highest rise in consumer complaints reported between this year and last
Financial Complaints by Company
  • Credit reporting companies were the focus of most consumer complaints this year
  • Equifax, Experian and TransUnion were the top 3 companies receiving most consumer complaints

Consumers continue to be plagued by risk of financial fraud. Fraud and scams remain the biggest problem for the CFPB and other financial watchdog groups working to protect consumers and ensure transparency between financial companies and their customers. While it may seem difficult to fight for your financial security, Savage Villoch Law is here to help. Contact us if you feel you have been victimized by investment fraud or other type of financial scam. Click here to view the CFPB’s full report for November. To find out more about the tools and resources available to consumers, visit the CFPB’s website.

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