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  • Ongoing Wells Fargo Campaign Targets Shady Practices, Forced Arbitration - 03-09-17
    Print Icon Mar 08, 2017

    By Doug Cunningham

    National Consumers League Executive Director Sally Greenberg says her group is part of an ongoing coalition campaign urging people to pull money out of Wells Fargo Bank.

    Greenberg says her organization pulled its money for Wells Fargo for several reasons.

    [Sally Greenberg]: "One is that the bank had been involved in these terrible activities forcing their workforce to open accounts for customers that customers had not authorized. And those accounts included fees and charges. And put customers actually at risk of having their credit rating go down.

    In the process we began to understand that Wells Fargo would be protected and shielded from legal liability as a result of these forced arbitration contracts which exist in almost every commercial bank's fine print when you open an account."

    The National Consumers League put its money in the Bank of Labor instead, which has no forced arbitration clauses when opening accounts.

    [Sally Greenberg]: "And thankfully Bank of Labor has no such mandatory arbitration clause. They've got a very positive record when it comes to the workers.

    Well Fargo of course fired 5300 of their staff who they had forced to engage in these openings of unauthorized accounts.

    The Bank of Labor clearly has a very pro-labor and pro-union atmosphere. It's a union bank."

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