Wells Fargo HUMILIATED As Savvy Renters Fleece Them
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- เผยแพร่เมื่อ 17 มิ.ย. 2024
- Krystal and Saagar discuss Wells Fargo being humiliated as savvy renters fleece them.
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Wells Fargo is the same bank that got caught illegally signing up customers for services they didn't ask for.
Beat me to it. Yep, they were the ones. Couldn't happen to a better bank.
Another group internal group of employees at wells was fired in the last few weeks for fraud.
i think you mean Bank of America? June 2023 - "Bank of America, the nation's second largest bank, has been ordered to pay more than $100 million to customers for double charging insufficient fund fees, withholding reward bonuses and opening accounts without customers' knowledge or permission. "
(did wells fargo also do this?)
@@WarrenEBB all the banks probably did it
Yep. Twice! There were hearings in Congress I think - the first time.
Wells Fargo deserves the loss... they stole from millions of their customers and created new accounts without authorization, taking fees for them.
the bigger the fortune, the bigger the atrocity that created it.
If they committed crimes to gain their fortune, there is no crime in taking their fortune for oneself.
So when are you gonna pay back the $35 trillions you owe?? 💵💵😄😄😄
@@jonathan7249 who's "you"? and to whom is that 35 million million owed?
@@sabin97 i bet you VOTED and cry a lot.. 😄😄😄
The renters are not fleecing Wells Fargo, the Bilt CEO is.
Exactly. This ceo got lucky and Wells Fargo screwed themselves. But, there is no underlying value in Bilt. It will pump as much money out of this bad deal as long as they can until one of tow things happen 1) The deal ends, 2) enough publicity is generated that lots of people hop on board, but then carry balances and pay WF 20% interest. Reward points are great, but typically they come at a cost for people to use anyway (like you fly for free or get an upgrade, but in the process spend money at restaurants or hotels), unless you can cash them out.
No, Wells Fargo entered a contract thinking the normal overdrawn suckers would get this card not realizing the marketing was to those in the Frequent Flier community.
@@kd8opi As long as you use a points CC like a debit card there is no cost (except for annual fee cards of which Bilt is not one). No different than cashback cards. I fly all over the world in Biz class for about $100 in taxes each way. I'll keep doing this until I die or the wheels fall off.
Only if the renters dont pay of the card..
@@noneyabizness7288 Like you, I have a credit card and a consulting side gig where I fly all the time that gives me status, and I pay it off every month. I get upgraded all the time. Lots of people do. I also make a lot of money. But that’s not what we’re talking about here. We’re talking about a credit card that’s geared to renters. In other words, a credit card that’s geared to people that can’t afford to buy houses. That should scare the living crap out of anybody it looks at the situation soberly. Everybody has the best of intentions with credit cards, but credit cards companies don’t make money off people who follow through with the best of original intentions. Just like casinos don’t make money off of people winning.
Can't feel sorry for wells fargo
If you did you'd be highly suspect
Lkubdh
So how many times you VOTED?? 😂😂😂
@@jonathan7249 I have voted in every election since 1988 and what's funny?
I liked them better when they were Wachovia
Wells Fargo purchased my mortgage on my last home from a local lender. They are the worst, most dishonest bank I have ever worked with. They lied, tried adding ghost fees to my mortgage hoping I wouldn't notice, they undercounted my square footage by 900 sq ft to try and get out of removing PMI. They deserve everything bad that happens to them.
good, I cant stand Hells Fargo. I hope many people take advantage of this.
All big banks are predators
The most relatable Sagar has ever been lol
umm disagree
4chan kid Saagar is way more relatable
Apparently Saagar first thought BILT was a suit brand.
*Runs to Wells Fargo IMMEDIATELY*
Oh, I'm totally signing up for this.
Its called Breakage, when a company assumes not enough people will use a perk to make the underlying product unviable
I've done work for financial institutions to help them design credit cards benefits (I work in consulting). It's insane to me how FIs, despite being some of the companies with the most resources and some of the smartest talent out there, overestimate breakage and underestimate how much people will spend on cards. This is 2024, there are hundreds of free resources teaching people how to get the most out of their credit cards. What did they think was going to happen? I'm happy for everyone who got the bag, including Ankur Jain, and fck Wells Fargo
Viable??
BILT guy just radiates sleaziness. 🤣
That's how he got the deal. Bankers recognized him as one of their own and thought he was on their team.
How many of these fin-tech (or just tech) guys don't seem to radiate sleaze? I'm having a real hard time coming up with one.
Reminds me a lot of Ramaswamy.
You are an excellent judge of character.
The BILT guy is Anu Jain. He is the son of Naveen Jain. Naveen was the founder of a company called Infospace. Back in the early 2000s it was an internet darling. Naveen's net worth was as high as $8 billion. Then Infospace crashed. The stock price went from $138 to $1.56 between March 2000 and July 2001. Infospace was a house of cards built on Naveen Jain's lies and deception. He never went to jail, but he did pay $247M in lawsuit settlements and fines for misleading investors, participating in short swing trades - amongst other nefarious activities.
Naveen is sleaze. And with his son, the apple didn't fall far from the tree.
@@PurpleMonkeyDishwasher88 racist
My wife and I have a Built card. We use it only to pay our mortgage. Nothing else. We pay it off every month and we use the points for travel. My wife has a crazy spreadsheet of the cards we have now, the ones we will get down the road and the points that come with using these cards. We’ve enjoyed free hotel nights in Mexico and Paris and discounted flights all over the place. The key is to use the cards only for the stuff you need to buy every month. Gas, groceries and other needed expenses. They are expenses that we’ve budgeted for and need to make anyways. It’s awesome. The definition of using other people’s money.
The banks charge you a higher mortgage specifically so they can do these rewards programs so it's not really other people's money. That and the people stuck in predatory debt spirals from credit cards.
How do you use it for mortgage payment? I don’t see this feature online.
@@Wasabi9111 you’re not supposed to use on mortgage - only for rent, but like the WSJ article alludes to - BILT gives you an ACH checking account and from what I’ve seen no paperwork needed to prove you’re renting. Atleast for now !
Lol and I thought there was no good news anymore
Fun fact; you know what the credit companies call someone who pays off their credit card every month? A deadbeat. Isn’t that cute?
The Bilt card took the CC TH-cam space by storm. Most of us being savvy CC users that banks don’t profit from 😂
This might be an exception but if most of us were savvy then these rewards programs wouldn't exist.
@@timothybogle1461 I think he means that the TH-cam CC community are savvy. But you are correct; most people who have credit cards are not savvy at all, and are getting rekt.
@@timothybogle1461 That would be false. I charge 100% of my monthly charges on one of many rewards type credit cards. Then every week I simply use whatever App to pay off the charges. 22 Credit Cards with maybe 300 I owe at the moment. If you looked at my bank statements you would see pages of daily or weekly transactions to pay those cards off. I put groceries, rent, bills, eating out all of them. I have no used my debit card in years.
Buried lead: "Half of renters move every year,"
Are you kidding me? How messed up is our system that something like 22.5 million people have to move every single year, just to stay ahead of the rent increases or tech sector layoffs or the 1,000 other reasons people are constantly being shuffled around in this economy?
It is perfectly reasonable for a decent percentage of people to be moving as their circumstances change. But anyone who knows anything about the rental market knows that the number 1 reason this is going on is because of people being pushed out of neighborhoods by rents outpacing incomes.
you worship the rich, and as long as you do, they will keep treating you like that.
@@sabin97 not sure how you got that conclusion from what I said.
@@theovernight1915
not from what you said, but what you are.
@sabin97 you didn't understand what I said or who I am in that case.
@@theovernight1915
you as an individual dont matter, you as a society do.
keep worshiping the rich and they will keep treating you like that.
And that is exactly how you should use the credit cards. Put everything on them, then zero your balance every month. This way I get travel points without having to pay any interests and getting my flights for free.
I just thought that was the normal way to use a credit card. I have no idea why anyone would opt to pay interest payments.
You don’t even have to zero it out.
Pay the statement balance, get a 30 day interest free loan on the difference and pay zero interest. Rinse and repeat.
I bet you VOTED a lot.. 😂😂😂
@@mightymickey8879so when are you gonna pay back the $35 trillions you owe?? 😂😂😂
The interest payment alone is $1 trillion next year.. 💵💵💯💯😄😄
@@jonathan7249🤔🤔. What???? Context? Meaning? Anything with substance? A real reply? Something, even if it's full of triggered feelings.
I’m ashamed that I didn’t know about this sooner..
Everything is a dumb gimmick these days.
@@null40 Matter of scale. Our poor ancestors couldn't dream of choking on the wonders of bit coin, HFT, online gambling, collusion for algorithmically-driven rents, prices, a whole cavalcade of economic fabulations removed from the world.
And everyone buys into it
Credit cards are a gimmick.
@@jujutrini8412 they’re not. I use one for convenience and security
@@jujutrini8412Only if you let them charge you interest
Lol. If that guy is a billionaire based on the cnbc interview - it really is just dumb luck.
To be fair - it’s not easy avoiding answering questions like that - billionaires play dumb all the time to hide their ponzi schemes and greed
That's all billionaires.
There is no real difference in effort and strategy between a millionaire and a billionaire other than dumb luck.
His dad is a billionaire too…
Yeah, the collapse is likely coming soon for this guy.
What a ton of double talk.
@@stevensica5918 He's a billionaire, the collapse is coming for the company but he will still be so rich he could never spend all his money.
Uh, who covers the banks losses? Does no one remember "too big to fail?"
It's not like the CEO is living under a bridge...
Too broke to bail will be the mantra soon. The spigot's about to run dry.
stockholders technically. But also all American by trickle down effects
Hey if you don’t use credit cards, you’re basically subsidizing everyone. So thanks.
Don’t get too excited, they’ll figure out a way to pass this into taxpayers soon
As much as I absolutely love getting thousands a year from my credit cards, I would never do business with Wells Fargo. I feel like once they got my info, they'd open a mortgage on a few homes in my name or some goofy mess like that.
i literally just signed up for this card a couple days ago.
enjoy it lol
Win
It’s best to stop paying rent. Buy a property. Even manufactured home
@@newagain9964 Okay thanks I’ll go ahead and do that l right now. You sound insane
@@sedally1060 I’m not the one more concerned about gaining funny “money” than fully owned assets.
Couldn’t have happened to a more honest bank…. lol
Getting paid by the scammers trying to scam you 😂
The CNBC clip reminded me of Mac trying to explain a circular economy on always sunny.
I am so happy to see this because Wells fargo Banking has and its executives have hurt many people.
Karma is catching up to them. This is excellent reporting from breaking points.
How is Saagar ignoring the Saudi dumping the Petro dollar
It suits his purpose! 😅
@@PauloAdriano-zo2ngThanks for the comment .... Could u bring me upto speed pls 🙂 ... I mean, how does it serve Saagar ?
I remember, I basically dared the Saudi to drop the Petra dollar I think it’s kind of crazy. He hasn’t mentioned it.
He hasn’t had someone tell him what the nuanced stance on it is
Who cares? Oil is dying. Was going to happen eventually. Maybe the US can ditch the Saudis as allies too..Hopefully.
How have I never heard of this card!?
Same🥲
Now I wonder if they're still issuing cards?🤔
Because you are not good.
Because you’re getting fleeced by the system lol. It’s not too late. Get it now!
Get it while it’s still around AND actually provides value. Because. Either may not be the case in 2029
I just applied and got approved for the card hahah
Couldn't of happened to a better bank!
I would like to take advantage of this but I have a rule of NEVER getting anything with Wells Fargo
Banks have been bilking the customer for eons so one would think that they would be immune to losing money to customers.
After 2008 people are most likely teaching other people not only how to protect themselves from bad banks but to also stick it to them. After all if our brought government won't punish bad banks, we can always do it ourselves.
No annual fee either!
Their revenue is 20 billion a year.
PLOT TWIST: Sponsored by Wells Fargo
They can afford the loss 🙄
Complexity hides corruption.
Wells Fargo wouldn't work with my father when we were struggling as a kid and they foreclosed our home. Fuck them.
Bilt help pay for my 3 weeks in asia .😅
If only I could pay my mortgage with BILT...
The problem was you targeted people who are good with their money
I went to sign up and the website had problems because of high traffic, lol
Bankers coming up with great schemes as usual 😂
There is no other way for me to pay rent wow
well at least until 2029
I'm not an anti-capitolist by any stretch of the imagination, but there's nothing quite as delicious as a bank getting screwed with its own plan. 😂😂😂
So the scammer is Indian? I didn't see that coming
then you havent paid attention for the last few decades.
Does it work for paying mortgage? I have Wells Fargo mortgage at 1.75% which would make it even funnier!
The BILT Rewards CEO, Anu Jain, is the son of Naveen Jain - the founder of Infospace. Naveen has a VERY dubious history with Infospace paying $247M in lawsuit settlements because he misled investors and participated in short swing trades. It looks like the apple didn't fall far from the tree.
One of my favorite sock drawer cards
If only Bank of America fell for this scam artist as well.
Put Wells Fargo out of business. Get rid of them.
We put all of our bills on a credit card. Covers our hotels every time we travel. We never carry a balance
10 million/ month is a dinner bill for Wells Fargo, not that big a deal.
Hey Saggar, i hate to tell you this "you are not getting one up on the man when you use the points" you are actually benefiting from those carrying a balance on all of those credit cards. So next time you are flying first class, you are doing so on the backs of people that can pay down their credit card not on Wells Fargo
A note on reward points -- THEY ARE PAID BY THE BUSINESSES WHERE YOU USE THE CARD. The businesses have these points baked into their cost, we are only hurting ourselves as consumers applying more financial friction (or lubrication if you're on the FinSystem side of things...) to our economy
And the people that don’t pay off their debt by the next month. We really need to ease up on the use of credit cards.
Great info! Thanks!
This is a small part of the game.
I switched from Wells Fargo to a credit union. My conscious is clear.
Couldn’t happen to a better bank. 😂
This article doesn’t make much sense to me tho. They don’t charge processing fees, they pull the money right out of your bank through a program where you link it along with your card. And you still have to swipe the card 5 times a month to qualify for the points.
I need to get one of these cards, I assume they can be used for mortgage payments too
I love how much that CEO believes in transparency.
Dude, couldn't even give a % the million times he was asked.
Good job explaining this man
Could I use this card for paying rent in an apartment?! I might sign up
Yes, they cut a check and send it right to your landlord after you pick the date. I’ve had my card for a year and I set it to be cut on the 25th of the month, that way it always gets to my landlord by the 1st. And then on the 7th of the following month I have to pay it. The only other thing is that you have to make 5 purchases on the card a month to get the points, so I use it for my reacting payments to automatically pay from that card, that’s it!
@@moonrabitok I think I get it. Pay your rent and make 5 purchases before the 7th then pay it off, correct? What are the rewards you get? Let's say my rent is $1600 and I purchase $400 on 5 things. So $2000 a month. Do you know what my rewards would be?
@@Immigrationsituation that’s what mine is and I get 10$ back, I could get it back in travel etc and make more, but right now I need the cash even if it’s 10$ it’s better than nothing
@@moonrabit thanks for answering me. I don't need $10 so it seems alot of hassle. Not sounding arrogant. Been poor my whole life. 10 years ago I advertised house cleaning on Craigslist and now I've built up such amazing clients I work 16 hours a week. Make $5500 a month and as single dad have plenty of time for my 2 kids no daycare needed. Try it. All you need to start is windex, some rags, vacuum, mop. The rates to clean a move out I believe are around d $35 an hour. I just do businesses now which are far better but to start move outs are awesome. And construction can never find enough cleaners. I'll never punch a clock again. Make own hours and pay. I just offered that because if you need $10 I promise if you stick with cleaning you'll realize what I'm saying. Very little overhead and it's not as hard to do as people think. Just make everything clean.
Imagine the schemes they do get away with.
Perhaps this newspiece is just brilliant marketing
Sheeeeeeeit.
Finna use this now...
Couldn't happen to a nicer bank.
Amazing! I was looking for a new card and this is the perfect fit 🤗 Thank you Saagar!
I won't hear a better story than this all week.
I have done tons of research trying to do the same but w my mortgage. Haven’t found it.
That guy didn't answer the question
Wells Fargo: Shocked Pikachu face! 😸
Can't think of a better bank for this to happen to haha
I'll have to open up the card once I move to somewhere that takes card, not to milk the rewards but to screw wells forgo over. If we all do it we can shut wells Fargo down!
Bilt sends a check to the landlord. No need for the landlord to accept credit cards. :) Very easy and I've used them almost 2 years now.
I was trying to figure out how Bilt benefited off me paying my rent through them. I didn’t get the card, but I’m required to use them to pay rent.
I wonder why "processing fees" cost so much... makes me think about long distance phone calls
Good news finally! 😊
Ten and hundreds of millions of dollars ain't shit.
Time to get a BILT card
This is like Red Lobster all over again 😂
Good segment
High? You didnt get a one up on them. The price you paid has been inflated to account for the 1-3 percent processing fee. You paid for it via a higher price but because you paid off your balance in full before the interest kicked in doesnt mean you beat the man.
They already got you before you started.
You don’t pay interest on credit cards if ya don’t hold a balance ya dingus. $0 signup fees means $0 to the bank if you know what you’re doing
Who says they are moving out the neighborhood???
The internet always wins
I’m obsessed with this video it brings me so much joy
I love this stuff, Havn't paid for a hotel in 10 years.
This is hilarious. I love it.
Brilliant!!!
This is awesome. I didn't know about this. I just applied and was approved! Hopefully I'll get to fly first class soon! Thank you.
Oh no!
Who’s got the sign up link?!
Totally getting this card now
Good.
It'll be infuriating if they sue. On what grounds? They took a bet and lost? Meanwhile if the people lost as planned it'd be nothing but "good financial decisions." Problem is a niche card like this is only going to be used by people who know finances, and are unlikely to carry a balance forward.
And you get to possibly go further into debt on a bill you couldn’t postpone
Superb!