Stop digging

What’s the first step to get out of a hole?  Stop digging.

“Wells Errs in Bid to Make Amends,” The Wall Street Journal, February 12, 2018 B1.  Wells Fargo, a frequent star in this blog, was trying to reach out to the 600,000 – 800,000 customers it screwed over by forcing them to buy auto collision insurance.  It couldn’t even do that.

First, it reportedly sent refunds to some non-customers.  Second, it told some customers that they would be paid the wrong amount. Third, it said it was going to pay refunds to people who hadn’t even bought the insurance. Affected: 38,000 folks.  Cause: a vendor’s coding error.

Fourth, Wells Fargo still hasn’t contacted the 110,000 people it overcharged for mortgage insurance rate locks.

And they are in charge of your bank deposits?

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Filed under Accuracy, Controls, Corporation, Duty, Duty of Care, Governance, Internal controls, Oversight, Supervision, Vendors

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