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The Notorious Banker

Author: James Baca

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(FKA: Why Your Bank Sucks)

The Notorious Banker is a podcast from a banker who spent 13 yrs @ Bank of America in various roles, including manager. This podcast takes you into the greedy, seedy world of big time branch banking.

Learn about big banks & why they charge you $15/month to earn 1 cent interest & other atrocities

We also discuss interesting stories from my 13 yrs in banking, thoughts on news, ideas & products in the banking world, & give uncensored commentary about an industry we all can dislike as one, while also interviewing employees & customers impacted by big, bad mega-banks! Support this podcast: https://anchor.fm/thenotoriousbanker/support
138 Episodes
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Interesting Subject Matter Today: First, Wells Fargo announced a closure of one of its branches in Birmingham, AL. For the first time, I noticed the closure was in an upper-middle calls or higher neighborhood. Vestavia Hills has median incomes in the >$100k range, median home prices in the >$350k range, and is 87.7% White. It's basically the opposite of everything I was ever told about Alabama. Buried in the story was the fact that Wells is directing customers to another branch in the well-to-do neighborhood, and it was mentioned that in the mostly Black (75%), working-class neighborhood on First Ave. in Birmingham, where median incomes are 1/4 of Vestavia Hills as well as home values, not to mention 1/2 the cost of homes in Alabama as a whole that a Wells Fargo was temporarily closed because of "Staffing issues". Learn why it is important for that working-class branch to be open, and why that's the reason why Wells did nothing to try to get it to reopen! Listen to why it's not that, and the ironic thing is that Wells Fargo will likely not reopen the Black neighborhoods bank, despite now having displaced workers from the closing branch. I talk about that, and the nature of these closures in greater detail than anyone else! 35 minutes of unique perspective Plus, I discuss Alderman Matt Martin from the city of Chicago inviting and calling out big banks on their lending in communities of color in Chicago. This is a subject I touched on during the George Floyd story, and now he brings it back. Hear how all the banks ignored his invite to talk about their lending, and I briefly get into what I believe is the next generations method of "redlining" is and how the $1 Billion "Commitment" BofA made and the $15 Billion Commitment they announced recently is only just that... a "commitment", not a pledge they are following through on. I get into why! All My Links HERE MY PATREON Page! For as little as $1, you can help James in his fight against big banks. http://patreon.com/NotoriousBanker TheNotoriousBanker.com for detailed info on yours truly, and ways you can follow The Notorious Banker The Notorious Banker is on TikTok - @NotoriousBanker - 5600 FOLLOWERS Youtube Channel - Click Here Sponsors -james@theNotoriousBanker.com  - Advertise your business with a growing, cutting edge podcast. Visit our Twitter Page @BankBetterGuy -  Bank Advice, humor, observations, deals and  VIGILANTE CUSTOMER SERVICE VM - 575-322-4127 (3M MAX) --- Support this podcast: https://anchor.fm/thenotoriousbanker/support
After reading many stories about how the victims of the Texas winter storm, freeze, and rolling blackouts were paying upwards of $17k for their electricity, including $1k for a few hours worth of power, I felt compelled to discuss one thing people need to do with their electric bill if they are not sure they will be gouged: Disable auto-pay which so many power companies recommend you do. Autopay essentially locks you into an agreement which will cause you return item fees, overdraft fees, or overdraft protection fees by your bank, or even worse, drain your nest egg, despite the fact that some power companies said they will work with customers to pay installments. I discuss the reasons why in the first segment. DISABLE AUTO PAY ASAP. Secondly, I discuss the recent phenomenon predicted by me of Bank of America branches permanently closing after being "Temporarily closed" due to what was perceived as Covid Staffing Issues. I made a prediction in early spring, as the virus started that most branches that were closed in heavily populated city-centers would be closed forever as a means of culling the 4500 branch network without making a huge hullabaloo about it. The method of temp closing branches to inevitably get rid of them makes the clientele more sympathetic to BofA's plight as opposed to furious like my clients were with BofA when we closed in 2018.  I discuss how employees in those branches were WFH recently, and in that time, their cost center (location) was changed, making them "new employees on a probationary period" so when the bank announces the closures, it makes the employees have to apply in order to land a future job with BofA, where most will be declined and lose their jobs permanently, without BofA having to announce a massive branch closure/job cuts publicly. They are able to notify the OCC and not have to face the public like a public company should. It's really very intriguing. This week, Issaquah, WA, Jackson, GA, Bradenton, FL, and Brisbane, CA were announced as permanently closing financial centers after being temp closed (My Tweet)  Plus a Listener Question about PIN numbers! All My Links HERE} MY PATREON Page! For as little as $1, you can help James in his fight against big banks. http://patreon.com/NotoriousBanker TheNotoriousBanker.com for detailed info on yours truly, and ways you can follow The Notorious Banker The Notorious Banker is on TikTok - @NotoriousBanker - 5600 FOLLOWERS Youtube Channel - Click HereTwitter- @BankBetterguy --- Support this podcast: https://anchor.fm/thenotoriousbanker/support
I watched the Britney Spears Documentary this weekend with my wife when we were snowed in. It was very intriguing, and it led me to think about how people treated young women a generation ago, which influenced how I did as well. I discuss in this podcast how I am evolving my way of thinking the last couple years because of more recent events, and how the Britney situation is an untenable one for her because of past vitriol against her. The main part of this podcast is the discussion about Conservatorship accounts that happen in a retail bank. One big reason Britney is dealing with a bank that is geared towards Wealth Management like Bessemer, who was mentioned in the doc, is because the paperwork and the "operations" of dealing with finances and conservators can be too complicated for a retail bank to want and/or have to care about. I discuss the couple of conservatorship accounts I opened, and how difficult it was for me. I used to call them, along with similar style accounts, the "pain in the ass" accounts because of the long amount of time legal must vet account documents and legal papers before giving you approval. I also discuss the limitations of a conservatorship checking account, and I somewhat debunk the theory that Britney is able to function day to day like normal as people implied in the doc. There are simple things you can't do with that type of account if you are a conservatee. Really complicated, but I try to make it interesting. Wells Fargo PDF Pamphlet explaining what a client needs for a conservatorship account. #FREEBRITNEY Plus, I talk about my listeners assumption that I hate online banking and the one stupid thing I got yelled at for by far at BofA when I was there in Listener Questions. Submit yours @ james@TheNotoriousBanker.com or TheNotoriousBanker@gmail.com! All My Links HERE MY PATREON Page! For as little as $1, you can help James in his fight against big banks. http://patreon.com/NotoriousBanker TheNotoriousBanker.com for detailed info on yours truly, and ways you can follow The Notorious Banker The Notorious Banker is on TikTok - @NotoriousBanker - 5600 FOLLOWERS Youtube Channel - Click Here Sponsors -james@theNotoriousBanker.com  - Advertise your business with a growing, cutting edge podcast. Visit our Twitter Page @BankBetterGuy -  Bank Advice, humor, observations, deals and  VIGILANTE CUSTOMER SERVICE VM - 575-322-4127 (3M MAX) --- Support this podcast: https://anchor.fm/thenotoriousbanker/support
Today's main topic, unless you have been under a rock in the banking world is Tucker Carlson, widely popular Fox News host, with millions of viewers every night, pointing his anger at Bank of America. Speaking on the aftermath of January 6th at the Capital, Carlson lobbed the accusation that Bank of America without hesitation, gave data which included purchase history, location data and other evidence of people in the DC Area on January 6th to the FBI.  This set off a shit-storm of people on Twitter (Link to Twitter Search Thread)  This led to me being insanely busy meeting new people with a new reason to dislike Bank of America. My take: Bank of America did what every other bank would do, to be honest. I am not defending that, nor am I defending any Jan. 6 stuff. I discuss how the tracking of your location on the BofA app is used by Bank of America to routinely deny claims, and to lock you out of your account, so I know it to be used vigorously for other reasons. I discuss how with any app, bank, or any facet of life, you are no longer guaranteed privacy, as the user experiences of certain companies rely on this data, so it was only ineviatable that stuff like this could eventually be evidence. I have a spirited discussion on this controversial topic without discussing the political part of it. Thank God. I then also relaunch my q&a with my listeners and followers about general bank/financial/money advice. I answer two bank related questions today about secured credit cards and rebuilding credit, and another one about where the "maintenance" goes when you pay a maintenance fee, and how banking is a losing propisition for the majority of banks who take on low-value customers. Sad but true. Email your questions to thenotoriousbanker@gmail.com or James@TheNotoriousBanker.com and it may appear on the show. All My Links HERE MY PATREON Page! For as little as $1, you can help James in his fight against big banks. http://patreon.com/NotoriousBanker TheNotoriousBanker.com for detailed info on yours truly, and ways you can follow The Notorious Banker The Notorious Banker is on TikTok - @NotoriousBanker - 5600 FOLLOWERS Youtube Channel - Click Here Sponsors -james@theNotoriousBanker.com  - Advertise your business with a growing, cutting edge podcast. Visit our Twitter Page @BankBetterGuy -  Bank Advice, humor, observations, deals and  VIGILANTE CUSTOMER SERVICE VM - 575-322-4127 (3M MAX) --- Support this podcast: https://anchor.fm/thenotoriousbanker/support
Bank of America is doing it again. Today, BofA announced a "$15 Billion Commitment to Affordable Homeownership" for Low and Moderate income potential homebuyers. This is triple what they announced in 2019, with this commitment now going into 2025. In the middle of Black History Month, BofA annouces a product that should in theory help communities of color thrive with the prospects of home ownership. But as I discuss in this podcast, there is more that meets the eye. First off, the $15 Billion is a fake number in the sense that is what BofA is giving. It's not. They set an aggregate price of what they want to spend getting 60k homeowners in homes at a max average of $250k a home. That equals to $15B. Secondly, BofA offering grants for closing costs and down payment with the $5B commitment only totaled $180M, which is about 3% of the actual total amount announced. Customers on the information aren't directly told of it being taxable, nor is it implied that they won't get the max of $17,500, but merely a number "up to" that amount, which makes BofA's spending even less! I share with you my story as a homebuyer using a program similar to this in 2016 as an associate, and the pure hell someone in one of these loans will go through. I also parse through this statement: Low down payment loans are competitive, fixed-rate mortgages with down payments as low as 3%, requiring lower-cost – or even no – mortgage insurance. Today, nearly 85% of these loans go to first-time homebuyers. "Competitive" means that low to moderate income people will be paying more! I also discuss how they naturally tie it into the $1B commitment from the Floyd Issue of this past summer. 2nd Part: I discuss BofA's resources on their home loan page. First, how only major metro areas are highlighted with the grant opportunity. I also talk about their Home Valuation Tool which lists my home at $25k more than where it is, thus pushing my theory of locking people into high $ loans is a goal. I also discuss how there is only 17 Foreclosed Homes for sale on BofA's website, and they all suck. Needless to say, It's a big convo to discuss. All My Links HERE MY PATREON Page! For as little as $1, you can help James in his fight against big banks. http://patreon.com/NotoriousBanker TheNotoriousBanker.com for detailed info on yours truly, and ways you can follow The Notorious Banker The Notorious Banker is on TikTok - @NotoriousBanker - 5600 FOLLOWERS Youtube Channel - Click Here Sponsors -james@theNotoriousBanker.com  - Advertise your business with a growing, cutting edge podcast. Visit our Twitter Page @BankBetterGuy -  Bank Advice, humor, observations, deals and  VIGILANTE CUSTOMER SERVICE VM - 575-322-4127 (3M MAX) --- Support this podcast: https://anchor.fm/thenotoriousbanker/support
I give you some brief thoughts on the Gamestop situation, and how in a weird way, I am glad so many thousands of people are seeing the hypocrisy of the system which pretends to give people equal opportunity to invest in things to only handcuff them when it isn't going the best for hedge funds who were left exposed by the recent Reddit posts and subsequent trades on RobinHood and other places Regarding Gamestop, AMC, and other stocks! I discuss how BofA has been mysteriously screwing over clients with Merrill in this way for a while and I discuss how people won't forget the days they got screwed by sharing a couple stories from my investing past. Plus I talk about Austin Weinstein's story in the Charlotte Observer about Wells Fargo employees feeling anxious about the ax coming down on them for potential job cuts that are likely to happen at Wells. (paywall) I discuss how employees in branch banking always feel that anxiousness, and I discuss small town NM Wells Fargos and how one city in NM (Eunice) was mentioned where I don't think Wells leaving is a big deal, but one town (Magdalena) where Wells leaving was horrible. I discuss how it felt to wonder about possibly losing my job when I was at BofA when Moynihan put the "New BAC" in place a decade ago. Plus I discuss how Bank of America is giving $150 Million to private funds for the purposes of their $1B commitment for Racial Equality, and how myself and a couple of African-America people in the banking industry doesn't feel like it solves anything. I discuss how BofA is known for giving in a sense to pass the buck when it comes to declining people of any color who have borrowing needs by allowing the receipients of those funds to do the dirty work. I explain how BofA touts Minority Entrepreneurs in the press release, yet will not lend to any entrepreneurs for start-up companies in the branch unless they are in business for 2 years already with $250k Revenue. I discuss how this ends racial inequality and not drives it possibly deeper in the ground.    All My Links HERE MY PATREON Page! For as little as $1, you can help James in his fight against big banks. http://patreon.com/NotoriousBanker TheNotoriousBanker.com for detailed info on yours truly, and ways you can follow The Notorious Banker The Notorious Banker is on TikTok - @NotoriousBanker - 5600 FOLLOWERS Youtube Channel - Click Here Sponsors -james@NotoriousBanker.com  - Advertise your business with a growing, cutting edge podcast. Visit our Twitter Page @BankBetterGuy -  Bank Advice, humor, observations, deals and  VIGILANTE CUSTOMER SERVICE & Host James B on Twitter @jamesbisright Voicemail Line: 575-322-4127 (3M Max) --- Support this podcast: https://anchor.fm/thenotoriousbanker/support
I discuss Brian Moynihan's comment on the conference call for Q4 earnings, where he said, "2020 was a good year." Of course he was meaning $18 Billion in profit, slightly less than last year, but with less expenses like branches open, etc. I get into why he may have said it (I even don't think it was nefarious...just more bank speak from a very shy CEO) But I go over a laundry list of bad things that Bank of America did in 2020 to make it a bad year for their clients, ignoring the obvious things in today's news. Article by Austin Weinstein of the Charlotte Observer referencing it Imani Moise Tweeting about it. Plus,  Bank of America made $18 Billion in Covid Ravaged 2020, and they were still generous to their employees. (Rolls Eyes) They gave eligible employees who made less than 100k a bonus of $750, according to CNBC. This is less than $1000 they gave the last 3 years, and 1/3 of what I got 15 years ago. BofA cites Covid as the reason for the reward, giving people money for their hard work, yet at the same time, cut pandemic pay in October to its branch associates. CNBC article also mentions the $20 minimum wage, which BofA fast-tracked to get phony kudos on the onset of Covid. They also mention the childcare benefits that always were at Bank of America, instead BofA repackaged them to appear to give employees add'l Covid Relief. BofA loves patting itself on the back, giving less, when they are still making so much more! All My Links HERE MY PATREON Page! For as little as $1, you can help James in his fight against big banks. http://patreon.com/NotoriousBanker TheNotoriousBanker.com for detailed info on yours truly, and ways you can follow The Notorious Banker The Notorious Banker is on TikTok - @NotoriousBanker - 5600 FOLLOWERS Youtube Channel - Click Here Sponsors -james@NotoriousBanker.com  - Advertise your business with a growing, cutting edge podcast. Visit our Twitter Page @BankBetterGuy -  Bank Advice, humor, observations, deals and  VIGILANTE CUSTOMER SERVICE & Host James B on Twitter @jamesbisright Voicemail Line: 575-322-4127 (3M Max) --- Support this podcast: https://anchor.fm/thenotoriousbanker/support
I first address the big purge of followers we all had on Twiiter after the President was banned from Twitter and how my demographics are impacted! Yours truly helped someone locally here in Southern NM recover a $7000 check from Bank of America that would be held for 12 days in 12 hours! Bank of America has policies that require you to deposit checks when you don't have enough to cover them, and then when you deposit them, they place holds after they process, screwing you in the process. I exploited loser BofA associates in my neck of the woods in getting help for a man named Chuck. It was exhilarating and I once again prove, I am the best banker out there! :) I explain the policy in the first segment. We then talk about Wells Fargo's earnings via an Austin Weinstein story in the Charlotte Observer. We talk about how Wells Fargo, despite their scandal, made $3 Billion last quarter. We then discuss how 6400+ people have lost their jobs in Consumer Banking while only a small fraction of that lost their jobs in investment banking or wealth mgt. I then complain about the fact that despite the need to cut costs by sacrificing branches, and tellers inside branches, they added 2500 employees to WF "Corporate"...Wtf?!?! I then talk about a weird CNN Business article that came out during earnings which had a hard-on about Q4 Refunds to customers which were $300 million plus, and somehow tied it to the "Unauthorized Account Scandal" and not oh, say...the pandemic? It's a weird article meant to scare housewives. Takes a couple cheap shots, even though they are warranted. Q4 Wells Fargo Earnings Report Finally... we briefly riff on the now-retired General Counsel of Wells Fargo who was fined $3.5 Million for his role in the scandal of 2016. We talk about how the hits keep on coming. (Source: Another Austin Weinstein Article - Charlotte Observer) All My Links HERE MY PATREON Page! For as little as $1, you can help James in his fight against big banks. http://patreon.com/NotoriousBanker TheNotoriousBanker.com for detailed info on yours truly, and ways you can follow The Notorious Banker The Notorious Banker is on TikTok - @NotoriousBanker - 5600 FOLLOWERS Youtube Channel - Click Here Sponsors -james@NotoriousBanker.com  - Advertise your business with a growing, cutting edge podcast. Visit our Twitter Page @BankBetterGuy -  Bank Advice, humor, observations, deals and  VIGILANTE CUSTOMER SERVICE & Host James B on Twitter @jamesbisright Voicemail Line: 575-322-4127 (3M Max) --- Support this podcast: https://anchor.fm/thenotoriousbanker/support
Note: This Podcast is merely a discussion about companies contributing politically to campaigns. Bank of America weighed in on the Capitol Unrest on Wednesday, Hours after potential insurrectionists broke windows and infiltrated the Senate Floor. They preached a "peaceful transition". According to Blogger Judd Legum, Bank of America has donated $500k to dozens of people who supports the case to stop certifying election results yet declined to comment if they will stop supporting them. My podcast is about the way Bank of America can make customers hate them with the same exact news for both sides. We have experienced it before with the Private Prisons story, where BofA would announce it would no longer end weeks after they closed on a big loan from a Private Prison company. They have also done it with the George Floyd incident which triggered their $1 Billion Commitment to "end racial inequality", though never correcting right-wingers who think they are donating to BLACK LIVES MATTER AS A TERRORIST DONATION. It's so silly that Bank of America can't defend itself ever, and my opinion is that no matter the cause, they should stay out of politics! My opinion is that they know how to piss people from both sides of an argument off with the same news! All My Links HERE MY PATREON Page! For as little as $1, you can help James in his fight against big banks. http://patreon.com/NotoriousBanker TheNotoriousBanker.com for detailed info on yours truly, and ways you can follow The Notorious Banker The Notorious Banker is on TikTok - @NotoriousBanker - 5400 FOLLOWERS 33.4K LIKES!!!!!! Youtube Channel - Click Here Sponsors -james@NotoriousBanker.com  - Advertise your business with a growing, cutting edge podcast. Visit our Twitter Page @BankBetterGuy -  Bank Advice, humor, observations, deals and  VIGILANTE CUSTOMER SERVICE & Host James B on Twitter @jamesbisright Voicemail Line: 575-322-4127 (3M Max) --- Support this podcast: https://anchor.fm/thenotoriousbanker/support
Everyone is wondering: Where's my $600 Stimulus (or #Stimmy) as Twitter is calling it. It is leading to pissed off people and some hilarious memes (That I'm Sharing). I discuss more how big banks are talking to their customers about expectations. Wells Fargo and Chase have been surprisingly good in tweeting links on basic info on how it works. Bank of America is telling you that you need to save more as you are broke and without a job. Plus, I talk about something interesting from Mastercard. They launched a program called True Name which allows Trans/Non-Binary people to get a credit card in the name they chose for themselves. While I applaud the effort for inclusivity, the fact that it is only available on "Certain" Citi Cards tells me it's more a placation of preferred clients than a need to be more inclusive, as some of the more popular cards are not allowed to have the program. I also discuss how Mastercard is selling the troubleshooting of issues that can arise if ID doesn't match card and a merchant refuses to help you. I discuss how Pollyanna-ish Mastercard is in assuming the world of business stops while a store owner is forced to call a number to verify you, which in turn puts your gender identity in full display of everyone within earshot. It's a hard topic, but I wanted to discuss it. Plus, what the hell will happen in 2021? I give you some quick predictions! :) All My Links HERE MY PATREON Page! For as little as $1, you can help James in his fight against big banks. http://patreon.com/NotoriousBanker TheNotoriousBanker.com for detailed info on yours truly, and ways you can follow The Notorious Banker The Notorious Banker is on TikTok - @NotoriousBanker - 5400 FOLLOWERS 33.4K LIKES!!!!!! Youtube Channel - Click Here Sponsors -james@NotoriousBanker.com  - Advertise your business with a growing, cutting edge podcast. Visit our Twitter Page @BankBetterGuy -  Bank Advice, humor, observations, deals and  VIGILANTE CUSTOMER SERVICE & Host James B on Twitter @jamesbisright Voicemail Line: 575-322-4127 (3M Max) --- Support this podcast: https://anchor.fm/thenotoriousbanker/support
First off -- HAPPY TWO YEAR ANNIVERSARY TO THIS PODCAST, FORMERLY KNOWN AS WHY YOUR BANK SUCKS. Thanks to the people who have downloaded my project hundreds of thousands of times! :) :) We start off with an interesting story. Because of what was described as videos that "violate the terms of service" on their servers, Visa and Mastercard announced last week that they would stop accepting payments for Pornhub, the world's most renowned adult website. Although I understand the decision, which comes on the heels of Pornhub removing all user uploaded content, it seems very harsh to go after a company like that, when there are 100s of other similar sites that are less policed where you could see harsher sexual content.  I talk about my knowledge of the adult industry and how this is going to kill Onlyfans in a year or two, because of CC Companies policing who they want to do business with. I also talk about banks roles in this and some stories of porn situations at BofA. CNN BUSINESS ARTICLE Then I talk about my experience at Bank of America's ATM last week when I went to deposit money. I was told of new software that was installed, leading to a lot of complaints to me on Twitter. I finally used it and holy cow! It's as bad as people say. I describe what I don't like and how those things can actually cause the customer to lose money! It's not good. Plus, I reminisce about my first podcast where we talked about the Bank of America ATM in Houston that was spitting out 100s instead of 10s and how a Bank of America insider at the fraud dept told me EXACTLY what happened!!! News Article of that Story All My Links HERE MY PATREON Page! For as little as $1, you can help James in his fight against big banks. http://patreon.com/NotoriousBanker TheNotoriousBanker.com for detailed info on yours truly, and ways you can follow The Notorious Banker The Notorious Banker is on TikTok - @NotoriousBanker - 5400 FOLLOWERS 33.4K LIKES!!!!!! Youtube Channel - Click Here Sponsors -james@NotoriousBanker.com  - Advertise your business with a growing, cutting edge podcast. Visit our Twitter Page @BankBetterGuy -  Bank Advice, humor, observations, deals and  VIGILANTE CUSTOMER SERVICE & Host James B on Twitter @jamesbisright Voicemail Line: 575-322-4127 (3M Max) --- Support this podcast: https://anchor.fm/thenotoriousbanker/support
I got an email from a listener who told me that I should talk about the new Chase First account, which is an account that is targeting the parents of kids 6-13 years old, by offering an account that allows their kids to "learn about banking". Chase First Banking Account Info Chase First Account Schedule of Fees (PDF) Ironically, that age range doesn't allow online banking for email/privacy concerns, so any learning will have to still be procured by the parent, meaning Chase isn't really doing much but adding another account to the tally. I go into the numerous issues I have with this, from kids not actually learning the value of a dollar, to the prompting system parents have to "approve" transactions from their kids who are away, to the simple fact that I can use this account as a means of setting up "chores" to be completed to pay off my imaginary kid as an ingenious way of itemizing a drug selling or any illicit sales operation, complete with code words. I also ponder how one parent can open this account as a means of hiding spending for the purposes of an affair they may be having. I've outlined it all on a long discussion about this. Plus I discuss more California EDD Unemployment BS. A Newsweek article talks about the $2 Billion BofA and the state claim is fraudulent payments. While I agree there is fraud, I talk more about the people who were victims who are not being helped by BofA in this issue. It's crazy and must be addressed. All My Links HERE MY PATREON Page! For as little as $1, you can help James in his fight against big banks. http://patreon.com/NotoriousBanker TheNotoriousBanker.com for detailed info on yours truly, and ways you can follow The Notorious Banker The Notorious Banker is on TikTok - @NotoriousBanker Youtube Channel - Click Here Sponsors -james@NotoriousBanker.com  - Advertise your business with a growing, cutting edge podcast. Visit our Twitter Page @BankBetterGuy -  Bank Advice, humor, observations, deals and  VIGILANTE CUSTOMER SERVICE & Host James B on Twitter @jamesbisright Voicemail Line: 575-322-4127 (3M Max) --- Support this podcast: https://anchor.fm/thenotoriousbanker/support
Kurt Phelps, a Market Executive at Bank of America in NYC (A role similar to my old boss who fired me) arrested for asking for and taking hundreds of thousands of dollars of bribes from business customers. He was taking them to "Coach and coax" business loans through the system that would not meet qualifications. This also leads to speculation of the bribes going to others as well. Austin Weinstein's Article here (Charlotte Observer) I discuss how this may actually be the reason a lot of low-end customers can't even get loans or even a conversation. I also talk about greed and the notion that he was double dipping on these loans, because since he has goals and bonuses, he was getting compensated by Bank of America as well.  Plus, I talk about how unique it was that Bank of America admitted publicly that this happened. Plus, I laugh at how the court case mentions BofA as a "victim". LOL Also, I disclose that I have had an interview in regards to the California EDD Unemployment Card Story. I spoke as an "expert" on how Bank of America could possibly be ruining thousands of lives with their apathy in helping customers in California. I talked over an hour and a half about what I know and think, and I mentioned that I couldn't help people with "Vigilante Customer Service" because it was bigger than me at that point. Check out my Youtube Video about it, and stay tuned for the article. Meanwhile, Here's an older article about it from CalMatters. (I apologize for the quality of audio on the first segment about the Bribe story. My computer sucks and I am looking to improve my memory so it didn't drop out like it did a couple times. You won't miss anything pertinent) All My Links HERE MY PATREON Page! For as little as $1, you can help James in his fight against big banks. http://patreon.com/NotoriousBanker TheNotoriousBanker.com for detailed info on yours truly, and ways you can follow The Notorious Banker The Notorious Banker is on TikTok - @NotoriousBanker Youtube Channel - Click Here Sponsors -james@NotoriousBanker.com  - Advertise your business with a growing, cutting edge podcast. Visit our Twitter Page @BankBetterGuy -  Bank Advice, humor, observations, deals and  VIGILANTE CUSTOMER SERVICE & Host James B on Twitter @jamesbisright Voicemail Line: 575-322-4127 (3M Max) --- Support this podcast: https://anchor.fm/thenotoriousbanker/support
Interesting story about debt collectors being able to contact you on social media happened in the past two weeks. I think this is a scary thing, but not just for the privacy reasons a lot of you are thinking about. I have a feeling that debt collectors amping up the pressure on you can hurt your mental health, especially if using social media as an escape from reality. CBS NEWS STORY HERE Plus, as of Monday Wells Fargo will end instant issue (temporary) debit cards, which means upwards of a one-week wait before you fully get to use a new account or use your current account should your card get compromised. I discuss how this is more a means to get the "average" customer (read: poor) from opening a bank account, citing delays in using their money the way they want to. I discuss BofA's similar disdain for Temp Cards as well. ARTICLE HERE Finally, I share my reviews of 2 podcasts that came out about Wells Fargo in the last couple months. Washington Post's own Karen Attiah was interviewed by Slate for a podcast about the history of Wells Fargo. As a person who was very vocal about Wells in light of CEO Scharf's comments this fall, she shares her story of how she got to and hung around with Wells Fargo throughout the years until recently because of the Scharf comments. The story of Karen getting her first account hit me close to home, because as a salesman in a college town bank, I know that rite of passage that kids go through. Plus I review the Finreg Podcast, with Jeff Rucker and Lee Reiners. They interview Dick Kovacevich, who was the CEO of Wells before Scharf and literally wrote the playbook on cross-selling. I discuss how insane some of his points are in the great podcast, including his insistence of no knowledge of impropriety by Wells Fargo or him while at the helm in regards to the Unauthorized (Fake) Accounts Scandal. It's an insane 80 minute podcast. All My Links HERE MY PATREON Page! For as little as $1, you can help James in his fight against big banks. http://patreon.com/NotoriousBanker TheNotoriousBanker.com for detailed info on yours truly, and ways you can follow The Notorious Banker The Notorious Banker is on TikTok - @NotoriousBanker Youtube Channel - Click Here Sponsors -james@NotoriousBanker.com  - Advertise your business with a growing, cutting edge podcast. Visit our Twitter Page @BankBetterGuy -  Bank Advice, humor, observations, deals and  VIGILANTE CUSTOMER SERVICE & Host James B on Twitter @jamesbisright Voicemail Line: 575-322-4127 (3M Max) --- Support this podcast: https://anchor.fm/thenotoriousbanker/support
We've talked about how much Wells Fargo and CEO of Wells Fargo until 2016, John Stumpf sucks for the "unauthorized account scandal" of 2016. He was fined and banned by the OCC in January and fined $2.5 Million again this past week. But I talk about why he should be in jail. But I did something in this podcast. I talk about his ascent to the top of Wells Fargo, which included a stop in my home state of New Mexico, and the real possibility that he had conversations with an aunt of mine, who was on the board of directors of a bank acquired by a company that became Wells Fargo. I try to figure out why his upbringing led him to a life of crime and why being 1 of 11 kids and bottom of your class in high school will push you to never feel that way again, and let your unethical flag fly. I speculate how Wells Fargo should change their name like Valujet did in the mid 1990s to avoid scrutiny from a fatal plane crash. Plus, I talk about Vigilante Customer Service with Giselle. A customer screwed over by Evil Zelle and Bank of America for only $299, but it's the nature of how they blew her off blew my mind!  All My Links HERE MY PATREON Page! For as little as $1, you can help James in his fight against big banks. http://patreon.com/NotoriousBanker TheNotoriousBanker.com for detailed info on yours truly, and ways you can follow The Notorious Banker The Notorious Banker is on TikTok - @NotoriousBanker Youtube Channel - Click Here Sponsors -james@NotoriousBanker.com  - Advertise your business with a growing, cutting edge podcast. Visit our Twitter Page @BankBetterGuy -  Bank Advice, humor, observations, deals and  VIGILANTE CUSTOMER SERVICE & Host James B on Twitter @jamesbisright Voicemail Line: 575-322-4127 (3M Max) --- Support this podcast: https://anchor.fm/thenotoriousbanker/support
Wells Fargo has been through a lot. Unauthorized accounts in 2016 have led to thousands being unemployed, billions in lost income and bans for some people. Well, it will soon lead to a layoff of up to 66k employees, which are mostly "the little guy". Wells announced last week that they will also freeze the pay of people making $150,000 or more! In the podcast, I explain how they claim it's to help their lower-end employees, yet still hold firm to upcoming layoffs, how this will actually lead to younger rising stars in banking to leave, which will allow them to install replacements in those roles for less money as well, and how the scandal in 2016 finds another way to impact this company. Plus, Bank of America gets a "rubber stamp" no-action letter from the CFPB, which spells out "No Enforcement Action" on BofA planning on giving out "Payday-Style" loans to its customers. I explain how the Motley Fool article outlines that CFPB would take no action on Bank of America, which I reluctantly agree with, simply because it hasn't been offered to the public yet, and we won't know the ramifications for a while, although I believe something will happen! I explain why in the second segment! All My Links HERE MY PATREON Page! For as little as $1, you can help James in his fight against big banks. http://patreon.com/NotoriousBanker NotoriousBanker.com for detailed info on yours truly, and ways you can follow The Notorious Banker The Notorious Banker is on TikTok - @NotoriousBanker Youtube Channel - Click Here Sponsors -james@NotoriousBanker.com  - Advertise your business with a growing, cutting edge podcast. Visit our Twitter Page @BankBetterGuy -  Bank Advice, humor, observations, deals and  VIGILANTE CUSTOMER SERVICE & Host James B on Twitter @jamesbisright Voicemail Line: 575-322-4127 (3M Max) --- Support this podcast: https://anchor.fm/thenotoriousbanker/support
Dedicated to the employees of big banks who get shit on over and over again. Speculation is that Wells Fargo is going to cut it's workforce by 20-25% really soon, which could mean up to 66,000 employees gone. Amazing. It is all the residual aftereffects of the "Unauthorized Account Scandal" (Lay people know it as "Fake Account Scandal"). In my opening segment, I discuss how 5,300 people fired in 2016 for the scandal really should have only been a fraction of that which pushed sales goals to low level employees, and how now with revenues and profits down, Wells will cut spending by eliminating jobs of people who were never involved in scandal. I speculate aside from the millions of customers impacted, maybe millions more are impacted as a result of the layoffs. (Kids, Wives, Husbands, Etc.) Then the HUGE STORY of the week. Bank of America announces that the pandemic is all over, and they are removing the $200 bonus pay from front-facing employees/call center employees checks. Judd Legum broke the story a month after I first mentioned it on this podcast. I am that good :) (Wait... You mean the virus is still around? So why are they taking away pay?) Citing going back to "business-as-usual", Bank of America in a memo stated that pandemic pay ends in October. I discuss what "business-as-usual" really means (It's not good) and how the one incentive for associates during these crazy times is now gone. Of course we talk about BofA's profits among other things! Really astounding All My Links HERE MY PATREON Page! For as little as $1, you can help James in his fight against big banks. http://patreon.com/NotoriousBanker NotoriousBanker.com for detailed info on yours truly, and ways you can follow The Notorious Banker The Notorious Banker is on TikTok - @NotoriousBanker Youtube Channel - Click Here Sponsors -james@NotoriousBanker.com  - Advertise your business with a growing, cutting edge podcast. Visit our Twitter Page @BankBetterGuy -  Bank Advice, humor, observations, deals and  VIGILANTE CUSTOMER SERVICE & Host James B on Twitter @jamesbisright Voicemail Line: 575-322-4127 (3M Max) --- Support this podcast: https://anchor.fm/thenotoriousbanker/support
Election Day is 8 days away as of the recording of this podcast. No matter who you vote for, I support your American duty to VOTE! (Vote Often in Chicago...Kidding) Big Banks claim to support your right to vote too, offering up to 3 paid hours for voting time per "eligible employee" at Bank of America. So.. What makes an employee "eligible"? Manager approval is needed to go be able to vote during work hours, but on the busy 3rd of the month and with short staffs on the branch, I will get into how managers will use this time to dissuade their employees from voting during bank hours or chastising employees for not voting absentee, voting early or voting when they were off. I share a story about the 2014 Midterm elections about how I wasn't allowed to vote because it was our "outbound call night" where we were supposed to coax customers into making appointments the next day/week. To be fair, I just called my burner phone, and I never bothered any clients at night at home. Long Story Short, Banks only portray that they are caring American companies allowing their people to do their civic duty. Reality: Do it on your own time, Buster! Biz Journal Article All My Links HERE MY PATREON Page! For as little as $1, you can help James in his fight against big banks. http://patreon.com/NotoriousBanker NotoriousBanker.com for detailed info on yours truly, and ways you can follow The Notorious Banker The Notorious Banker is on TikTok - @NotoriousBanker Youtube Channel - Click Here Sponsors -james@NotoriousBanker.com  - Advertise your business with a growing, cutting edge podcast. Visit our Twitter Page @BankBetterGuy -  Bank Advice, humor, observations, deals and  VIGILANTE CUSTOMER SERVICE & Host James B on Twitter @jamesbisright Voicemail Line: 575-322-4127 (3M Max) --- Support this podcast: https://anchor.fm/thenotoriousbanker/support
Wells Fargo did it again. Another Wells Fargo story that does not look good. I call Wells Fargo the Mike Tyson of Banks. Almost any story you pin on Tyson, you could believe. I believe Wells is capable of anything. Over 100 employees, likely from the small business arm of Wells were terminated last week when it was announced that they allegedly procured EIDL Disaster Aid Loans  (From Covid-19 Funds) for themselves using phony businesses and non-profits. In this pod, I take a shot at David Galloreese who is Wells Fargo's head of HR when he was quoted in this Marketwatch Story as saying “These wrongful actions were personal actions, and do not involve our customers.”... Umm, but they do, David, especially with all the ignoring Wells banker did to clients looking for EIDL or PPP loans this summer. Unbelievable to say that. I also explain how you shouldn't be so stupid when working at a bank. Banks monitor EVERYTHING in a branch or office. They were going to be found out no matter what.  I also dig in a bit to the issue of gov't aid and my own family experiences and stories about others they knew who were taking advantage of the aid like Wells Employees (And allegedly Chase as well) WaPo Story SBA Government Site to learn about EIDL Also in the podcast, I talk about the 10 year anniversary of the "F11" incident. An incident so dumb it got me in serious trouble at BofA, nearly getting me fired. All I did was hit a button that did nothing but check the time on a computer, but to BofA, I was sabotaging the regions sales numbers with that time check. So stupid, and thinking of it reminds me why I hate BofA ha. All My Links HERE MY PATREON Page! For as little as $1, you can help James in his fight against big banks. http://patreon.com/NotoriousBanker NotoriousBanker.com for detailed info on yours truly, and ways you can follow The Notorious Banker The Notorious Banker is on TikTok - @NotoriousBanker Youtube Channel - Click Here Sponsors -james@NotoriousBanker.com  - Advertise your business with a growing, cutting edge podcast. Visit our Twitter Page @BankBetterGuy -  Bank Advice, humor, observations, deals and  VIGILANTE CUSTOMER SERVICE & Host James B on Twitter @jamesbisright Voicemail Line: 575-322-4127 (3M Max) --- Support this podcast: https://anchor.fm/thenotoriousbanker/support
After a very popular podcast and Twitter posts I did last week in regards to the Bank of America announcement that they will be offering small loans to help customers bridge the gaps between checks (aka Payday Loans), I received over 100 DMs, emails and social media engagements. Most of them were in agreement with me, but some understandably questioned my dissent to this product. To my longtime listeners Seth in Atlanta, Kerri in Arvada, CO, and Lance in Corvalis OR, thanks for the feedback. I answered their questions they posed to me in this podcast. I talk about my reasons again for not liking the loan, and what should be something they should offer instead. This story will not die! Plus, I talk about a story I neglected to mention about a bank we never have enough time to talk about. Chase committed $30 Billion over 5 years to "Advance Racial Equity", which sounds very familiar to BofA's way of announcing their $1 Billion donation. Of course, I believe that most of the money in this commitment will never touch a customer's hand directly. Almost half of the $30B will be lent to fund construction of low income rentals.. So it will be used to keep POC in the same situation they are already in? (Makes confused Scooby-Doo sound) In this segment, I talk about how lending for home ownership is inflated by a flat number: $200k I talk more about the rental thing. I also discuss how they are going to "help" 1 million low income customers get low-cost bank accounts, when they very easily could give free accounts. It's all so ridiculous. But honestly, shout out to Chase for at least throwing themselves under the bus in statements to sell that they mean business a little harder as they did on Juneteenth! MY PATREON Page! For as little as $1, you can help James in his fight against big banks. http://patreon.com/NotoriousBanker NotoriousBanker.com for detailed info on yours truly, and ways you can follow The Notorious Banker The Notorious Banker is on TikTok - @NotoriousBanker Youtube Channel - Click Here Sponsors -james@NotoriousBanker.com  - Advertise your business with a growing, cutting edge podcast. Visit our Twitter Page @BankBetterGuy -  Bank Advice, humor, observations, deals and  VIGILANTE CUSTOMER SERVICE & Host James B on Twitter @jamesbisright Voicemail Line: 575-322-4127 (3M Max) --- Support this podcast: https://anchor.fm/thenotoriousbanker/support
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