Daily Archives: November 27, 2015

‘Wells Fargo won’t let me have my £100,000 savings’

Our consumer expert helps a widower who has been unable to access his substantial funds held at the American bank (Other OTC: ABKHnews)

I have been having serious and ongoing problems with accessing my funds held by Wells Fargo Bank.

My wife and I (both British citizens) held a current account, a savings account and two deposit accounts containing substantial amounts all in joint names for many years while we lived and worked in North Carolina. We returned to the UK shortly after I retired. I am now 90. My wife always operated the accounts with her own debit card. Now I have severe, progressive glaucoma and cannot see at all well.

• Calculator: How your money might grow after a lump sum investment

My wife passed away very suddenly a year and a half ago. Since then I have been trying to access the accounts without success. I have asked through my solicitors when they were dealing with the probate and also personally if I may have a chequebook and debit card in my name. Wells Fargo (Hanover: NWT.HAnews) does not seem to understand what I require. RC, Norfolk

In the region of $160,000 (about £100,000) seemed stuck in the account.

Read on.

HSBC : whistleblower jailed for five years over biggest leak in banking history

Hervé Falciani, the whistleblower who exposed wrongdoing at HSBC’sSwiss private bank, has been sentenced to five years in prison by a Swiss court.

The former IT worker was condemned in his absence for his role in the biggest leak in banking history. He is currently living in France, where he sought refuge from Swiss justice, and did not attend the trial.

A federal Swiss court found Falciani guilty of financial espionage on Friday, but he was acquitted of other charges, including that of violating commercial secrecy.

While working on the database of HSBC’s Swiss private bank, Falciani downloaded the details of around 130,000 holders of secret Swiss accounts. The information was handed to French investigators inDecember 2008, and then circulated to other European governments.

It was used to prosecute tax evaders including Arlette Ricci, heir toFrance’sNina Ricci perfume empire, and to pursue Emilio Botín, the late chairman of Spain’s Santander bank.

HSBC was fined £28m by the Geneva authorities earlier this year, after investigators concluded that “organisational deficiencies” had allowed money laundering to take place at its Swiss subsidiary.

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HSBC to close India private banking unit as competition grows

HSBC Holdings Plc (>> HSBC Holdings plc) is closing its private banking unit in India as part of its group strategy, the bank said, marking the exit of another foreign bank from the cut-throat wealth management business in Asia’s third-largest economy.

The bank would offer private banking clients the choice to move to HSBC Premier, the bank’s global retail banking and wealth management platform, a Mumbai-based spokesman said. The process is likely to be completed in the first quarter of 2016.

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Troopers on food stamps, taking second jobs amid pay fight

RALEIGH, N.C. (AP) — State troopers suing North Carolina for millions of dollars in back pay say the state’s broken promises have forced them into tough spots: working second jobs, moving in with parents, even going on food stamps.

About 800 troopers — equivalent to half the force — have joined a class-action lawsuit arguing that the state promised a schedule of regular pay increases when they were hired, but reneged because of budget problems. Many took pay cuts when they were recruited from other agencies, expecting to catch up quickly because of raises traditionally given about once a year.

“I don’t think people understand the hard times we’re going through,” said Master Trooper Rick Quinones, who lives with his wife and two young daughters in a spare bedroom at his parents’ house.

His wife and children are covered by Medicaid, he said, and they use WIC government food assistance.

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Wells Fargo Moves 350 Servicing Employees Out of Charlotte

The restructuring of mortgage servicing shops continues with Wells Fargo confirming Monday that the bank is moving approximately 350 home loan servicing members out of its offices in Charlotte, North Carolina, to an existing servicing center in Fort Mill, South Carolina.

A representative for Wells Fargo confirmed the move Monday when MReport reached out for comment.

The representative said servicing team members “have been informed that their work sites are being relocated from multiple locations in Charlotte to our Fort Mill servicing center early next year.”

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Wells Fargo confuses homeowner with conflicting letters

All Jackie wanted was a helping hand from her mortgage company, Wells Fargo, when seven months ago she lost a substantial part of her income and was temporarily unable to make her full house payment. Instead, what she got was a bunch of confusing letters and a foreclosure complaint.



The letters leading up to the foreclosure together were reminiscent of the old comedy skit, “Who’s on First?” In other words, they painted a confusing portrait as to what exactly Jackie needed to do to work her way out of the dilemma and save her home.

For example, one letter from Wells Fargo lamented that it was unable to reach an agreement with Jackie as to her options while going on to state, “We have several options which may help you.”

Even more confusing was when Wells Fargo sent a letter saying Jackie may qualify for a loan modification, only to be followed two days later by another letter demanding payment of her entire $75,000 mortgage balance or foreclosure would follow.

Read on.

Barclays fined for lax crime checks in ‘deal of century’

Britain’s financial watchdog has fined Barclays 72 million pounds ($109 million) for cutting corners in vetting wealthy customers in order to win a huge transaction described by one senior manager as potentially the “deal of the century.”

Barclays arranged the 1.9 billion pound transaction in 2011 and 2012 for a number of rich clients deemed by the regulator to be politically exposed persons (PEPs), or people holding prominent positions that could be open to financial abuse.

That should require a bank to conduct more detailed checks on them, but Barclays failed to do so and in fact cut corners with its compliance procedures, Britain’s Financial Conduct Authority (FCA) said in a damning report on Thursday.

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