Dave Ramsey Rant - Regional Banks vs. Mega Banks

so you long time Dave Ramsey show listeners who does Dave Ramsey suggest you bank with who does Dave Ramsey suggest you bank with small community banks regional banks at the most and credit unions we suggest you stay away from the mega banks the Wells Fargo's the Chase's god help you if you're a Bank of America and so on why because they're all horrible human beings no we don't nothing like that at all if you work at one of those places I'm sorry for you but those places have lost their business soul meaning that all you are is a number I mean you're at a bank literally all you are is a number but you will get very low service in almost every case you will find bad customer service in almost every case and you will find extreme levels of marketing from them selling you aggressively debt as one of the grows most aggressively marketed products in the culture today so I don't have anything to do with major national banks except tell you not to use them the big boys so to speak I just named Chase Bank of America Wells Fargo that's the three that come to mind these big mega banks why you would do business with them as beyond me they can't make a decision their service is bad I mean they're the airline industry of the banking world that's what they are you stand in line to give them your money it does not make sense to me at all so I've told you that for what how long have I been on the air 25 years I've said the exact same thing for 25 years now the names have changed because some of the banks have gone out of business and some of them of all to each other out but you know that's what I've told you over and over and over again so now have you seen this breaking news story over the last few weeks on Wells Fargo Wells Fargo has been fined let me look at this article again what make sure I get that number right it's unbelievable she's at 85 million 85 millions what they were fined in 2011 I 185 million they just found 185 million dollars for opening fraudulent accounts and moving customers money so in other words if Dave Ramsey had an account there which he doesn't they would open another Dave Ramsey account move my money from my account into my account so I didn't lose the money I just now had two accounts why in the world would you do that I mean they didn't the people didn't put money in their pocket by doing that oh yeah they did because they have compensation incentive plans based on the number of accounts that they open and so they would fraudulently open accounts just to drive their own personal compensation now Wells Fargo is its it is a soulless entity meaning it does not it's not good and it's not bad in and of itself it's just a large institution that is very poorly run there's two hundred and sixty-five thousand employees that's how big it is that's amazing and so what I mean did like three or four people open these fraudulent accounts and so the federal government comes in and says you're gonna pay hundred eighty five million dollars in fines no listen to this they fired five thousand three hundred people that did this that's a small town they fired five thousand three hundred people and so far it looks like as best I haven't found an article that says that any management got fired only these port doofuses who are running around trying to up their paycheck falsely by just moving your money around if you work there so people have been to eating me and emailing me Dave shall take my money out of Wells Fargo should I take money out of Wells Fargo well yeah you should take your money out of Bank of America you should take your money how to chase you shouldn't had it in there in the first place because I've never told you to have it there in the first place so why would I change today of course you need to move it but maybe this is your wake-up call for some of you five thousand three hundred people now I gotta you know it's not a big percentage what is that that's is that is it ten percent would be twenty six thousand and so this is like two percent of their employees are absolute crooks I mean crooks but I mean two percent of your employees could be crooks I mean if you had a hundred people there'll be two people you were crooks it's not like it's a big deal but it's a big deal because it's your money why are you doing business there they all have not they all but a lot of financial institutions have incentives based on the account to be open but who in the world thinks you just go and open up somebody's account without their permission in their name they take your social security number in your name and go open an account move money over there your money over there so that they would get a bonus for opening accounts that's all it was but five thousand three hundred of them did it and I don't know how much money was involved I guess everybody got their money back as best I can tell I haven't seen an article that states otherwise and I haven't studied this particular fraudulent transaction in detail I've read through for the articles that are out there floating around but five thousand three our people got fired I don't know where you come from but where I come from I think that's a big deal so I'll repeat it again who does Dave Ramsey say you ought to do banking with well I endorsed in several cities that we broadcast in credit unions and I endorse in several cities that we broadcast in small community local banks and a few regional banks here or there and I personally do business with both a small community bank and a regional bank and I get great service out of both and if either one of them start acting like they don't have a soul or a brain I will punt them like last week's football baby I mean they'll be gone right straight through the uprights we'll be done so I mean it's real simple but you can tell by the way you're treated if you feel like you are trying to get on an airplane when you're going to one of these banks and you know you got a bad Bank with the exception of maybe trying to get on Southwest right I mean you understand we're talking about people that don't give a rep is what I'm talking about that all they care about is their own little incentive plans and all they care about what they can sell you not how they can serve you and of course with any industry with any business if that's what you get then get away from folks I don't mind people selling stuff I sell stuff but you need to sell stuff in the mindset of what you're doing is there to serve the customer I truly believe when you buy Total Money Makeover book you have been served that you have been helped a whole lot more if you read the book that you bought then the cost of the book you will make many many fold or return on investment on that so I feel like I'm serving you and I'm not just doing it just to make a sale and we don't have anybody around here just to make a sale people around here get in just to make a sale mode we get them out of the building because we don't sell we serve but I want you to serve a lot meaning sell a lot and so I'm not against sales don't misunderstand but I am definitely definitely definitely against the mega banks wouldn't do business with them I don't want my name in on their grid where they can track me any more than they already do from the other transactions that I do that allow them access to information just moving around the web and stuff so that's what happened with Wells Fargo it's a pretty simple scam and no I mean I read one article titled Wells Fargo's rotten to the core they're not writing the core 265 thousand people there's some good people there too but there's 5300 crooks now looking for jobs and somehow they got away with not firing management I don't know how leadership doesn't get blamed for putting in place programs and doesn't have checks and balances to make sure fraudulent accounts are being opened up to where the Fed comes in federal government comes in and finds it and finds them 185 million dollars well Wow so there you go folks just a good time to buy local you know you're banking by local this is the Dave Ramsey show hey guys Rachel Cruz here hope you enjoyed that video from the Dave Ramsey show if you want to watch another great video check out my video three things you should consider renting right over here or click the link in the description below

Channel: The Dave Ramsey Show

Views: 158,363

Rating: 4.894475 out of 5

Keywords: dave ramsey mega bank rant, dave ramsey bank rant, dave ramsey regional bank rant, dave ramsey rant - regional banks vs. mega banks, regional, mega, rant, banks, ramsey

Id: ZH9CN5AcQn4

Length: 9min 35sec (575 seconds)

Published: Tue Sep 13 2016