AKA “surprisingly, oligopolies are there to make money and care about their customers just enough not to pee on their faces while someone else is looking”.
Interesting article, but nowhere near what Wells Fargo was doing. They had institutionalized their fake account openings. The average customer had 8 accounts (including checking, savings, credit cards, mortgages, etc.). That’s obviously too many.
Unrelated to the topic at hand, but I have something like 11 accounts with Tangerine (they’re free). It’s convenient for budgeting for different things.
It’s mostly out of laziness! I’m a big fan of “set it and forget it” approaches to life. It also helps keep track of finances and prevents splurges you can’t afford. If I have $300 in my “travel” account, I’m not going to go on a $1500 trip.
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Interesting article, but nowhere near what Wells Fargo was doing. They had institutionalized their fake account openings. The average customer had 8 accounts (including checking, savings, credit cards, mortgages, etc.). That’s obviously too many.
So… we should allow them to keep going until it gets that bad?
Unrelated to the topic at hand, but I have something like 11 accounts with Tangerine (they’re free). It’s convenient for budgeting for different things.
Yeah, I was gonna say I have 7 accounts. A lot of free ones labeled “vacation” “house projects” “emergencies”
Exactly, and everything is automated so a percentage of my paycheck gets automatically sorted into each one. It’s great.
grr, I hate you guys. You make me feel so disorganized! Why hadn’t I thought of this type of thing?
It’s mostly out of laziness! I’m a big fan of “set it and forget it” approaches to life. It also helps keep track of finances and prevents splurges you can’t afford. If I have $300 in my “travel” account, I’m not going to go on a $1500 trip.
Tangerine rocks, but their customer service can be… Hilarious.