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California Imposes Sweeping Sanctions On Wells Fargo Amid Scandal
California's state treasurer has announced he is suspending major parts of the state's business relationship with Wells Fargo because of a scandal involving unauthorized customer accounts.
In a letter to Wells Fargo , John Chiang asked, "how can I continue to entrust the public's money to an organization which has shown such little regard for the legions of Californians who have placed their well-being in its care?"
As we reported , "Wells Fargo said earlier this month it had agreed to pay $185 million to settle charges that it opened some 2 million deposit and credit card accounts for its customers without their permission over a five-year period."
The new sanctions include the bank's "most highly profitable business relationships with the state," as Chiang's letter read.
In an interview with The Two-Way, California's deputy treasurer for public finance, Tim Schaefer, laid out the sanctions against Wells Fargo. They fall into three categories.
First, Schaefer said that the state won't "buy any more of their debt securities," which he said currently amount to approximately $800 million. He added that "we're not going to go out and liquidate that tomorrow morning, because we don't want to put the taxpayers of California at risk of a loss, but we're not going to renew it. And that will all be gone over the next couple of months.
I'm with Navy Federal Credit Union, but I'll have to switch soon because I'll be out of college and I'm not in the military. How good/bad is Citizens Bank? Are there account maintenance fees? How is customer service? How convenient is it?
Answers to all theses questions depend on where you live in relationship to the bank.. the closer you are.. the more convenient... Without knowing your banking habits, anything after that is a guess at best...