Here is how a financial services company can scam you

8 thoughts on “Here is how a financial services company can scam you”

  1. Thankfully, I have not been scammed… but yikes! Those are some crazy ways to scam folks. I know the whole Wells Fargo fiasco really opened people’s eyes to financial company scamming, not fun to see how vulnerable we can be!

  2. I haven’t been scammed, but it’s largely due to being vigilant and knowing that unfortunately there are scammers in this world. If it’s an area that I cannot necessarily control such as the incident at Wells Fargo, then like you mentioned, it requires frequently checking the credit report. Thanks for sharing!

  3. Yes, number two is a huge favorite of student loan companies. I actually had some tell me that I couldn’t repay a loan. No, they were going to apply my extra payment for me. And coincidentally, they would do it in a way that gave them much more profit. A few companies are great and others are constantly looking for ways to bill their borrowers.

  4. #2 is an important one for any kind of loan. We ran into this with our mortgage. If we didn’t have our prepayments built into our autopay, our extra payments always seemed to be misapplied as being an “early payment” on the next month.

    Thankfully, my wife watches our financial statements like a hawk and caught this every time it happened.

    We tried everything – special indicators on the check, talking to the teller and asking them to write a note to the person processing the payment, but we always seemed to end up on the phone trying to get it corrected after the fact.

    Frustrating that we have to be that vigilant – It’d be nice to trust companies to do their work the right way, wouldn’t it? 🙂

    1. Ha! Yup. I made a few principle only payments on my mortgage…but now I’m wondering if any of those payments actually went toward principle! Hmm…

      It’s all over with now, but still…wouldn’t be surprised. 🙂

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