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Banks

Why Poor People Make Expensive Financial Choices – The Atlantic

Often, the banking options available for low-income Americans are all fundamentally flawed.  Banks haven’t always been the giant, impersonal corporations Americans today are familiar with. For much of the twentieth century, they were more commonly small, community institutions that helped local residents manage their money and provided quick, small loans …

Quote of the Day

“I went to the bathroom and took a drink of some hand sanitizer.” ~ANGIE PAYDEN, a former banker for Wells Fargo, describing a panic attack she had before meeting with a customer to sell unneeded services. Source: Quotation of the Day – The New York Times

Wells Fargo fired 5,300 workers for improper sales push. The executive in charge is retiring with $125 million. – The Washington Post

The company’s “record” fine looks puny compared to its top executives pay packages. When Wells Fargo was hit last week with $185 million in fines after thousands of its employees were caught setting up fake accounts customers didn’t ask for, regulators heralded the settlement as a breakthrough. The Consumer Financial Protection Bureau noted …