Seattle leaders break ties with Wells Fargo after ‘reprehensible’ practices

Wells Fargo Foreclosure

Seattle leaders break ties with Wells Fargo after ‘reprehensible’ practices

The City of Seattle is breaking ties with Wells Fargo after revelations that the bank opened accounts nationwide without the knowledge of the account holders.

Seattle city leaders were considering taking out a $100 million loan from Wells Fargo to cover a Seattle City Light bond. In a letter Friday, city leaders say they’re calling off the contract before it’s finalized this month.

Seattle Mayor Ed Murray, Council President Bruce Harrell and Tim Burgess, the chair of the council’s finance committee, sent the letter.

They call it reprehensible that Wells Fargo employees opened accounts without customer approval. The letter goes on to say those actions harmed the bank’s relationship with institutional customers like the City of Seattle.

The mayor’s office says the city will go back and review the other competitors for the City Light loan.

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3 Responses to “Seattle leaders break ties with Wells Fargo after ‘reprehensible’ practices”
  1. mike Drouin says:

    At this point we have exhausted all avenues created for our protection against the swindling bastard Bankers !!!! Everyone that the truth is brought to their attention and either acts like mickey the dunce or stands down , has violated their oath of office to uphold the Constitution of the United States . The System has been turned on its head and the Government , States , and the Financial Sector has become a well oiled swindling machine !!! this will continue as they only target a certain percentage of the population at a time . My wife and I exist in a state of mind beyond anger ….. Its called disgust !!!!!!!!!!!!!

  2. Really? Most customers already knew this. Trying to report it to anyone fell on death ears. Person’s representing fed.hud.and Fannie treated consumers like they were not important. So lawsuits filed banks fined consumers that lost their homes had fradulent accounts opened denied credit protection that they paid for. Are still fighting and in credit turmoil ruined lives and it continues on. The consumer loses no one is concerned.

  3. Blu Loony says:

    Wells Fargo is at a D+ with the BBB and IS NOT BBB ACCREDITED.

    Wells Fargo can’t stop hurting me.

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