Least Trusted Bank

Summary:

California, Illinois, Philadelphia, Seattle, Chicago, New York City and other municipalities suspended or ceased business with Wells Fargo after their many scandals were exposed.

A 2017 survey of financial professionals revealed that not only was Wells Fargo the the least respected bank, but also the least respected company in the entire country.

Judges hearing foreclosure cases after the financial crisis across the country stopped trusting Wells Fargo during pleadings after observing years of abusive mortgage loan servicing practices. Judges cited a pattern of Wells’s “abusive imposition of unwarranted fees and charges,” its improper calculation of escrow payments, and the bank’s practice of not telling borrowers about the fees they were being charged. According to one judge: “The disconnect between Wells Fargo’s publicly advertised face and its actual litigation conduct here could not be more extreme.”

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