Wells Fargo CEO John Stumpf says "there's no merit" to yesterday's call by House Democrats for a...


Wells Fargo CEO John Stumpf says "there's no merit" to yesterday's call by House Democrats for a Justice Department investigation into possible collusion by the big banks to raise debit card fees and other monthly charges. "The economics of the business have changed due to regulatory and legislative reform," Stumpf says, and the new debit card fees are merely "a test to see how we can best deal with these changes." (video)
Comments (31)
  • surfnspy
    , contributor
    Comments (406) | Send Message
     
    How else will Democrats get votes if they don't promise people free stuff????
    21 Oct 2011, 06:40 PM Reply Like
  • jake319
    , contributor
    Comments (105) | Send Message
     
    Free stuff? That sounds just what TARP was. Yes, free stuff from the republicans.
    23 Oct 2011, 11:34 AM Reply Like
  • Cincinnatus
    , contributor
    Comments (6187) | Send Message
     
    I'm not a fan of TARP, but to claim it was free stuff is just grossly ignorant. It's also news that the Pelosi/Reid Congress that passed it was Republican controlled. You need to get out more.

     

    http://lat.ms/rdsMEI
    23 Oct 2011, 12:02 PM Reply Like
  • Tack
    , contributor
    Comments (16280) | Send Message
     
    jake:

     

    TARP was paid back, at a profit, but let's not let that mess up a good story.
    23 Oct 2011, 12:08 PM Reply Like
  • alpharox
    , contributor
    Comments (380) | Send Message
     
    Since when do you "test" by implementing such a large change nationwide in one swoop?
    21 Oct 2011, 06:44 PM Reply Like
  • 7footMoose
    , contributor
    Comments (2229) | Send Message
     
    If enough customers vote no by changing banks then the bank will have failed the test.
    22 Oct 2011, 07:29 AM Reply Like
  • spald_fr
    , contributor
    Comments (2814) | Send Message
     
    I don't care about debit card fees because I don't pay them.

     

    The people who use debit cards should just use cash. How ignorant can one be to front cash to a bank so one can use the "electronic cash" later?

     

    And to pay a fee to the bank to hold the cash until one spends it is doubly ignorant. Realistically, the service should be free since the bank has one's money upfront.
    22 Oct 2011, 10:45 AM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4911) | Send Message
     
    Once the government disrupts the business model of issuing debit cards to every person who opens a checking account then goodbye free cards and expect less of them. Business 101.

     

    Next question.
    21 Oct 2011, 06:54 PM Reply Like
  • User 487974
    , contributor
    Comments (1101) | Send Message
     
    Of course there is no merit!
    Just look where it is coming from and the senators involved.
    The "Once respected, full of MERIT", Senate and its senators, are no longer "RESPECTED" and more to the point!
    Its membership are without "MERIT", I do not say this lightly, no sir!
    Say what you mean, and mean what you say!
    The truth shall set you free!

     

    We find ourselves in troubling times!
    I find it so "TROUBLING" today, that we,who see it everywhere are seen as blind.
    But the ones causing said trouble seem to see it all coming up roses.
    All the while,
    causing said despair and without a thought, a care or God forbid a prayer.
    I pray the stars and stripes still sway,
    come far off a day!
    A child looks up to you and asks, you were there, why is it this way?
    Your heart rips inside your chest,
    the pain, the shame so unforgiving,
    you just can't do it, you don't know what to say!
    Tell them the truth, and of your part or non, of where you stood and what you said!
    Jerry

     

    God Bless The Virtuous
    21 Oct 2011, 07:07 PM Reply Like
  • 1980XLS
    , contributor
    Comments (3360) | Send Message
     
    That's the present. The past with "Universal Default" amounts to nothing less than racketeering, collusion and extortion.

     

    Raising interest rates because you may be late and/or having a payment dispute with a competitor, despite being totally current with your payments with them.

     

    If any other business did that, they would be facing anti-trust charges.

     

    Somebody needs to pay for that.

     

    As far as fees in order to support a business model revised by current legislation, let the free market and competition deal with that, not politicians.
    21 Oct 2011, 07:14 PM Reply Like
  • Yokyok
    , contributor
    Comments (327) | Send Message
     
    yes by all means
    every account holder in the country
    should pay $5/month
    so the bank can still afford to pay the asshole
    responsible for making billions of dollars of bad loans
    a multi-million dollar salary
    that's the Amercian way right?
    21 Oct 2011, 07:15 PM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4911) | Send Message
     
    The Board of Directors really set the corporate goals along with goals for the executive management of these firms along with comp packages so if the bank is charging too much money in your opinion then that is coming from the Board.
    22 Oct 2011, 12:56 AM Reply Like
  • decent_banker
    , contributor
    Comments (13) | Send Message
     
    Doesn't Warren own WellsFargo? He needs to call this guy and maybe fire him if he thinks he can continue acting like Fat Cats.
    21 Oct 2011, 07:56 PM Reply Like
  • wolverine27
    , contributor
    Comments (421) | Send Message
     
    i just wish the tax payer had the luxury of deciding whether to bail out this hypocrite . wells fargo doesnt EXIST if the tax payers dont rescue them .....so excuse me if i dont take this million dollar baby now spitting in my face kindly .

     

    the audacity of these guys . how quickly they bite the hand that fed them .....if he was a dog , i think we know what would happen.
    21 Oct 2011, 08:05 PM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4911) | Send Message
     
    WFC always had a good balance sheet and was safe through the real estate meltdown likewise JPMC. WFC did not need TARP and did not want it. They fought it but had to toe the line.

     

    Citi a different story. They were a mess.
    22 Oct 2011, 12:58 AM Reply Like
  • moneyTalksBSWalks
    , contributor
    Comments (194) | Send Message
     
    Dems and POTUS outrage against big banks is too little too late and totally geared towards next year's elections. If the Dems hadn't been so busy rimming Wall St couple of years back they might have realized that getting tough on Wall St at the time was the right thing to do and would be backed by the public. Repubs at the time might have been hesitant to resist given the public mood. Instead POTUS spent a lot of time, energy and resources on healthcare. Well the chickens are coming home to roost, with unemployment where it is right now the Dems probably know that they will get routed in 2012 and lose all 3(House,Sen,POTUS). They're probably shitting in their pants, ergo the current bait and switch. Divert attention and do everything possible to redirect public attention.
    21 Oct 2011, 08:39 PM Reply Like
  • wolverine27
    , contributor
    Comments (421) | Send Message
     
    the public thought they had an alternative to the democrats ...they gave us the tea-baggers . pretty sure that hasnt been all that it was cracked up to be .

     

    the problem is at the end of the day they are all the same and the public feels the pain.
    21 Oct 2011, 09:32 PM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    Holy Crap, you mean we might all have to use cash? This is unheard of!!!!!

     

    When my bank charges me for my debit card, I'll show them my scissors.
    21 Oct 2011, 10:45 PM Reply Like
  • wolverine27
    , contributor
    Comments (421) | Send Message
     
    the world does not run on cash ....it runs on credit .
    21 Oct 2011, 10:51 PM Reply Like
  • davidbdc
    , contributor
    Comments (3194) | Send Message
     
    Actually thats not correct. The economy in the US uses a majority of credit, but China, India, Russia, Eastern Europe, Africa, Southeast Asia, etc, etc are still cash dominated societies......

     

    The world is a little bigger than the USA.
    21 Oct 2011, 10:54 PM Reply Like
  • wolverine27
    , contributor
    Comments (421) | Send Message
     
    so our trade with other countries are done with cash payments ?

     

    china is on c.o.d. ? every bank i deal with over seas , uses credit lines for transactions .
    21 Oct 2011, 11:02 PM Reply Like
  • davidbdc
    , contributor
    Comments (3194) | Send Message
     
    Your referencing business to business transactions - which are actually cash transfers between banks. I'm referencing credit card transactions by consumers, a small minority in most of those countries - cash is king in most of the world.
    21 Oct 2011, 11:18 PM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4911) | Send Message
     
    People

     

    Quit crying. If you don't like a bank's fees go someplace else. Credit Unions are a decent option.

     

    Banks don't owe anyone any service for free. Neither does the phone company or the grocery story. Grow up and put on some Big Boy Pants.
    22 Oct 2011, 01:01 AM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    Like I said, show them your scissors!!!!!
    22 Oct 2011, 06:40 PM Reply Like
  • tjohn1
    , contributor
    Comments (151) | Send Message
     
    Otherwise hands off robber barons!
    22 Oct 2011, 10:40 AM Reply Like
  • Cincinnatus
    , contributor
    Comments (6187) | Send Message
     
    You can thank "Tricky Dick" Durbin for this. This screwing of the consumer was his payoff to his friends at Walgreens and other big retailers for campaign cash.

     

    http://bit.ly/mY4QUg

     

    http://bit.ly/rv5mbd/

     

    And if you're up for some heavier reading Richard Epstein has a paper on this attempt at good old fashioned price regulation:
    http://bit.ly/pFc2V6
    22 Oct 2011, 05:00 PM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4911) | Send Message
     
    Very little is done in WDC for the right reasons. Someone is getting greased.
    23 Oct 2011, 12:58 AM Reply Like
  • jake319
    , contributor
    Comments (105) | Send Message
     
    Wfc and all other banks that received TARP should have pay a percentage of their profits to the government as a fee for the taxpayers saving their sorry asses..
    23 Oct 2011, 11:16 AM Reply Like
  • 7footMoose
    , contributor
    Comments (2229) | Send Message
     
    Way to go Jake, never let the facts get in the way of a good rant.
    23 Oct 2011, 01:14 PM Reply Like
  • Tack
    , contributor
    Comments (16280) | Send Message
     
    Now, that's really funny, as that's exactly what they did do. It's called dividends on the preferred stock they issued to the Government.
    23 Oct 2011, 01:39 PM Reply Like
  • Rookie IRA Investor
    , contributor
    Comments (2863) | Send Message
     
    Well, either the big banks colluded over additional charges on debit cards, or they didn't. If there is no evidence that they colluded, then there is no case to answer, because they can just argue "great minds think alike, fools seldom differ". Probably they didn't collude, but just copied each other. If, on the other hand, there is evidence that they colluded, well, let's have it.

     

    In any case, as others have said, people don't have to use banks. They can insist that their employers pay them in cash or just take their check to the employers's bank and cash it just like we all used to do (those of us who are old enough to remember) or have the check sent electronically to their own bank or credit union account and cash it out.
    23 Oct 2011, 12:33 PM Reply Like
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