Be glad you don’t bank at Wells Fargo. Think twice if you patronize any big bank. Do they really have your best interests at heart? Really?
Big banks have their shareholders’ best interests at heart, not the interests of their customers. The recently uncovered egregious actions by Wells Fargo clearly display this. The bank submitted applications for 565,443 credit card accounts without consent, and roughly 14,000 of those accounts incurred more than $400,000 in fees, according to CNN Money. Wells Fargo’s actions resulted in a $185 million penalty from regulators and the firing of 5,300 employees.
These actions are despicable and fraudulent. Hopefully someone will go to prison.
The actions of many big banks, the ones that are ‘too big to fail’ (TBTF), caused the Great Recession of 2008. What happened at Wells Fargo is another telling example of why big banks cannot be trusted. Time and again, I am reminded that this is why credit unions exist. Credit unions are not-for-profit, member-owned financial cooperatives. Every decision made, every new product and service introduced, is based on what is best for our members.
Consumers deserve better than what’s offered by Wells Fargo and other TBTF banks. Our country deserves better. Credit unions represent a clear alternative. It’s gratifying to be part of such an honorable industry. Day Air Credit Union’s mission statement is to enhance the financial well-being of our members. We try our best to live up to that mission every day.
Thank you for being a member of your credit union. Rest assured that all actions here are undertaken with your best interests at heart. If you have any friends or relatives banking at Wells Fargo or another TBTF bank, please send them our way. If you’re not a member, I welcome you to join us today.
Bill Burke | President/CEO