*I believe Wells Fargo is the gangster of the banking industry. They have a record of scamming people that goes back nearly ten years or more.
Since that time the financial institution has spent billions of dollars settling civil and criminal charges that include repeatedly misapplying loan payments, wrongfully foreclosing on homes, illegally repossessing vehicles, incorrectly assessing fees and interest, and charging surprise overdraft fees to unsuspecting customers. To make matters worse, the former CEO and bank executives were not adequately held accountable for it.
Yet it was the latest misstep that caused me to give them the boot: They nearly caused a young Black entrepreneur to go bankrupt. This, I couldn’t ignore. So, I moved my money to show support for her and for others who might find themselves at the mercy of unscrupulous practices by a megabank.
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This latest incident epitomizes a broader issue within the banking sector, where powerful institutions often prioritize profit over people, leaving vulnerable individuals in dire situations. It’s not just about the negligence of a single bank; it highlights a systemic problem in which the voices of marginalized entrepreneurs, particularly within the Black community, are frequently silenced in the face of corporate malpractice.
My decision to move my money is a small but significant act of defiance against such practices, symbolizing a commitment to supporting ethical banking and businesses that prioritize integrity over greed. By choosing to invest my resources where they are respected and valued, I hope to encourage others to reconsider their banking relationships and demand accountability and fairness from financial institutions. This is a call to action for consumers everywhere: let’s stand together against exploitation and champion businesses that truly serve and uplift our communities.
Steffanie Rivers is a freelance journalist living in the Dallas-Ft. Worth Metroplex. Email her at [email protected] with your comments, questions, and speaking inquiries. Follow her @tcbstef on Instagram and Threads.
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