Retired Couple Now Reports Savings Money Getting Drained

A retired couple now reports their life savings money getting drained from their Wells Fargo account in a span of two days.

The couple were left terrified after the person on the other end of the line flagged some charges related to illegal activity, reports The U.S. Sun.

But Judith and George Mijarez, of San Antonio, Texas, were scammed by fraudsters into withdrawing thousands of dollars, per the Fox affiliate KABB.

Judith revealed she received a warning on her tablet, prompting her to call a number she thought belonged to Apple.

She then received a call from a number purporting to be from the Wells Fargo fraud team.

“She proceeded to tell me there were charges on my account, quite a bit for child *orn,” she told KABB.

The couple then received a call from a person purporting to be a Justice Department worker.

They allegedly urged them to withdraw their money because their Social Security account had been breached.

The fraudsters claimed the savings would be protected.

The couple went to a convenience store and transferred $14,000 to a cryptocurrency account.

Around $43,000 was withdrawn from the couple’s account in two days.

Reflecting on the ordeal, Judith wished she ended the call that she believed was from the Wells Fargo worker.

Wells Fargo has shared a series of tips that can help users avoid being scammed.

The banking chain, which has thousands of branches nationwide, never asks for users’ PINs, passwords, or one-time access codes.

Wells Fargo has warned fraudsters may frame themselves as a government worker or bank representative.

Customers have been urged never to click on links they don’t recognize.

And, they shouldn’t reply to messages that ask for their personal details.

Wells Fargo said: “When asked to ‘act immediately,’ do the opposite.

“Go slow and resist the urge to respond right away.”

Also Read: A US Bank is Now Denying Customers Access to Money

Other Banking News Today

Market News Today - Retired Couple Now Reports Savings Money Getting Drained.
Market News Today – Retired Couple Now Reports Savings Money Getting Drained.

Massive banks have now cut a whopping 62K positions according to the latest reports from Financial Times and Banking Dive.

20 of the world’s largest banks shed at least 61,905 jobs total in 2023, the Financial Times found last week, citing company disclosures and a tally of the outlet’s own reporting of large-scale reductions.

“There is no stability, no investment, no growth in most banks — and there are likely to be more job cuts,” Lee Thacker, owner of Silvermine Partners, a financial services headhunting firm, told the outlet.

Among the banks measured, UBS — perhaps unsurprisingly — made the deepest cuts: 13,000.

The Swiss government persuaded the bank to take over its flagging rival, Credit Suisse, in March.

Credit Suisse, by its own count, had already said it expected to cut 9,000 jobs in a wide-scale restructuring.

For his part, UBS Chair Colm Kelleher has said 2024 would be “the first year we don’t have the cover of the ‘easy’ costs,” a label he applies to headcount math.

Not far behind UBS among staff cuts in 2023, however, was Wells Fargo, at 12,000, the Financial Times reported.

The bank reportedly cut 7,000 jobs in the third quarter alone and spent $186 million on severance costs in that three-month span, according to the outlet.

But Wells appears headed for a far deeper cull, having set aside between $750 million and $1 billion in the quarter that just ended for “unanticipated” severance costs, CEO Charlie Scharf said last month. 

“We have seen turnover come down,” Scharf said at Goldman Sachs’ U.S. Financial Services Conference.

“Unfortunately, we’re going to have to be more aggressive about our own internal actions.”  

Also Read: Wells Fargo Now Warns of Massive Layoffs For 2024

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Market News Today - Retired Couple Now Reports Savings Money Getting Drained.
Market News Today – Retired Couple Now Reports Savings Money Getting Drained.

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