Warren: “Gutless Leadership” at Wells Fargo

We’ve had accounts at Wells Fargo over the years, in large part because they have safe deposit boxes and, years ago, we moved so often that changing local banks every time we did became quite inconvenient. But, when they instituted their punitive fee schedule a few years back (e.g., free checking only after a minimum balance of like $10,000) we switched back to a local bank. Here’s another reason not to like them:

Warren is on a roll here and this is fun to watch, though it’s a little less fun knowing that it’s all true. It’s also worth pointing out that, as in so many other things financial, banks take advantage of the fact that many people are either unable or unwilling to closely monitor their money, allowing Wells Fargo to abscond with it in small amounts over time.