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Fraudulent and Unethical Sales practice at Wells Fargo Bank Castro Street Branch

Original post made by ctesti, Cuesta Park, on Jul 20, 2011

I just want to share with our fellow Mountain View residents about our frustrating experience at the Wells Fargo Bank at Castro Street branch. I sincerely wish everyone would learn a lesson from our story and get smarter next time to avoid fraudulent and unethical sales practice from those bankers.

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Comments (3)

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Posted by SY
a resident of another community
on Jul 20, 2011 at 11:23 pm

I echo you as we have had similar nightmare with Wells Fargo Castro Street Branch. One thing I have discovered is that most of the mortgage consultants and financial advisors from Wells Fargo are actually not their employees on salary basis, rather, they live on commissions. They have to submit to the "company" (WellsFargo Bank) a certain percentage of their commissions in order for them to use a desk in the Bank. The quality of their service is no better than those independent brokers or financial advisors if not worse. Some staff are just incompetent. Once they get their commissions, they don't care much to keep their promises. Their customer service is useless. They often don't know what they are talking about, and can't tell you how to file a complaint. The complain process is lengthy and frustrating. You often waste your time for nothing. It is a smart move to switch bank now.

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Posted by SY
a resident of another community
on Jul 25, 2011 at 10:09 pm

Just came across this article - Wells Fargo Fined For Misleading Customers and Falsifying Documents: Web Link

“The Federal Reserve is alleging that between 2004 and 2008, Wells Fargo sold mortgages with higher interest rates to customers who should have qualified for lower interest rates and changed information on documents, such as income, to make it appear as if these customers didn’t qualify for better rates.”

This explains why we always get higher quotes for Mortgage Rates from Wells Fargo!

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Posted by Observer
a resident of Old Mountain View
on Jul 27, 2011 at 11:07 am

But wasn't Well Fargo one of the few banks that didn't require a bail-out from the taxpayers?

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