Vattené wrote:Fines obviously aren't punitive enough to change any behavior. If they don't see customers leaving en masse what hope is there that anything will ever change? Sure, they won't like all the temporary negative press when a scandal breaks out, but if it doesn't hurt the bottom line then it doesn't matter. If they're all the same, take your business to a small/local bank. I've found there's nothing a giant bank can do for me* that a local bank can't do just as well.
*As far as deposit accounts, at least. I admit I do use big banks for credit cards (smaller banks offer rewards, but there is a clear difference between them and big banks when it comes to that - plus if one of my credit card issuers did something I was that disgusted with I'd have no problem leaving them) and my mortgage (only because I didn't have any control over what bank ended up getting my mortgage).
I agree. I recently read Wells Fargo stocks fell by 9% which is a pretty big hit. If a large influx of customers begin pulling out their money; we may very well see why its important to have a bank that is FDIC insured... What happens if Wells Fargo falls? Will debt be written off?
I think if the decline continues and customers begin leaving and Wells Fargo actually loses big money, we will see Wells Fargo close down more branches and cut staff. Even some states are not doing business with WF.