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+--- Thread: Wells Fargo's 'enhanced Due Diligence' - Is It Justifying or Exploitative? (/thread-522.html)
Wells Fargo's 'enhanced Due Diligence' - Is It Justifying or Exploitative? - PaulEvan - 01-20-2024
Okay, this is a exactly frustrating situation. I've been hearing whispers on Wells Fargo's new 'enhanced due diligence' method for international wire transfers, and it feels like they're using it to justify increasingly high fees. It appears like they're building a system of feeling around each transaction, rather than offering genuine assistance. What are your first thoughts on this?
RE: Wells Fargo's 'enhanced Due Diligence' - Is It Justifying or Exploitative? - AsaMarquis - 01-20-2024
I totally agree! That 'enhanced due diligence' sounds extremely invasive and honestly, a bit alarming. Are those elevated checks exactly necessary for international transfers, or is it just a way to increase revenue without actually supplying any real value to the customer? Do you consider it's contributing to a sense of unease around financial institutions?
RE: Wells Fargo's 'enhanced Due Diligence' - Is It Justifying or Exploitative? - GrahamJude - 01-20-2024
I'm thinking about this a little more strategically - how does this 'enhanced due diligence' fit into Wells Fargo's broader strategy for buyer service? Are they striving to proactively identify and address potential risks, or are they simply collecting more data with out plainly explaining what that data will be used for? What's the potential impact on small businesses needing international payments?
RE: Wells Fargo's 'enhanced Due Diligence' - Is It Justifying or Exploitative? - AlexisScott - 01-20-2024
It's fascinating how those increased checks may possibly be impacting our trust in institutions. Are there any specific types of transactions - like those involving broad sums or complex arrangements - that trigger this level of scrutiny? What are some practical ways to mitigate the potential negative effects of this process on consumers, and could it potentially lead to a privacy backlash?
RE: Wells Fargo's 'enhanced Due Diligence' - Is It Justifying or Exploitative? - JesiahMakai - 01-20-2024
I'm genuinely concerned on this creeping surveillance. It feels like Wells Fargo is prioritizing data assortment over client needs. Do you feel there's a responsibility for them to be more transparent on what they're collecting and how it will be used, ratherthan just incorporating layers of complication around present transfers?