Wells Fargo is allegedly losing $10 million a month… And the card is likely tied to money laundering activities!! Ha!! Leave it to the incompetent leaders at Wells Fargo to let something like this go to market… Where are the angry shareholders now?? Oh better fire another 10k low level Team Members! Has nothing to do with c-suite incompetence and greed!!
14 replies (most recent on top)
The bank spokesperson should stfu. If there is meaningful money laundering that might just be the out Wells needed. Good work d-mb d-mb.
Has “the firm” guy returned and been assimilated? One of us, one of us!
@ikj+1t8wsdZa - yes this deserves to be on the front page. EVERY SINGLE DAY. Great job OP!
@1twa+1t8wsdZa - the “Firm” has the option to cure the loss. They can shut the Product down. But the Firm is letting loose the money funnel and laying off employees. So, where is the efficiency lever?
All of you that posted something thinks that you could find equal or better employment outside of Wells.
But you can't. None of you can.
So relishing your employer bleeding money is nonsense. It's cheering on your own demise.
And who is the Legal Genius who did not at least provide an "escape clause" in this f-a-t monster of Bad Contract. Thanks, Charlie S for the Unforced Error, a monumental "Sc--w-the-Pooch and the Pooches Mistress" moment. May Bilt sc--w-up forever be on your resume.
how many times is someone going to post about this story
I’m doing my part.
I just got a Bilt card to pay for my son’s apartment while he’s away at college.
Your welcome.
https://www.wsj.com/finance/banking/wells-fargo-credit-card-rent-rewards-8e380852
Per WSJ article:
…The program has also been hit by fraud. Random account numbers and expiration dates are generated when new cards are given to customers, but the process for the Bilt card wasn’t so random, which opened the door to swindlers. Last summer, they created fake Bilt card accounts and went shopping with them, leading to losses for Wells.
The partnership also poses money-laundering risk, which the companies have worked to address. When consumers charge rent to their cards, a third-party company sends a check for that amount to the person or entity the cardholder says is the landlord.
That is easy for Bilt to track when it is one of the real-estate companies that participate in its rewards program and hard when it is a mom-and-pop landlord or other company. A Wells spokesperson said the bank hasn’t experienced “any meaningful money laundering issues with Bilt.”
Source of the money laundering claim?
Just blame it on the minions and fire a few thousand of them as a show of force....problem fixed...
Charlie bilt that.
Wasn’t it head of risk that said risk and controls are managed well.