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Wells Puts Army Reservist in Charge of Military Services

Wells Fargo (WFC) is broadening its services for active-duty military personnel and veterans.

Maj. Jerry Quinn, a member of the U.S. Army for more than two decades, will lead the San Francisco bank's new military affairs program once he returns from a 10-month reservist assignment in the Middle East, Wells Fargo said Tuesday. He will be responsible for developing and managing services for customers with military ties and advising Wells on that market.

Banks have been criticized for their treatment of members of the armed forces and veterans, who are afforded certain protections like limits on fees and foreclosures. Wells Fargo agreed last year to repay as much as $10 million in fees to veterans who refinanced their mortgages with the company as part of a class-action settlement, according to media reports.

Capital One (COF) two months ago agreed to pay $12 million to thousands of military customers it was accused of overcharging for loans and improperly foreclosing upon, as part of a settlement with the Department of Justice and the Office of the Comptroller of the Currency.

Last year, Bank of America (BAC) agreed to pay $20 million in restitution as part of a similar deal with the Justice. In early 2011, JPMorgan Chase (JPM) overhauled its lending practices to military customers, after acknowledging that it had failed to comply with the law.

Quinn has been at Wells Fargo for eight years and previously worked in retail banking in Colorado. In the military, he serves as an advisor to brigade and division staffs in strategy and planning.

Brian McCullough will manage the program until Quinn returns. McCullough, who has been with Wells Fargo for nine years, served as an accounting senior consultant within corporate treasury in Charlotte, N.C. He is in his 18th year with the U.S. Air Force.

Wells will provide mentoring opportunities, offer interview and resume preparation and hire veterans through the Heros2Hired Program, Wells Fargo said. It also will increase its financial education training it provides through its Hands on Banking program and other nonprofits.


(4) Comments



Comments (4)
This company pioneered debit resequencing to maximize penalties, and was slapped on the wrist by the federal government after taking money from customers for years.
We should not be surprised that members of the armed service, who often cannot pay daily attention to bewildering banking notices would find themselves victims of corporate raking. Placing a reservist major in charge of this department is a baby step. Board-level changes are required to change corporate culture.
Posted by georg137 | Thursday, March 07 2013 at 12:48PM ET
Wells Fargo Military Affairs Dept goes out of their way to deny veterans and military members help when it comes to SCRA issues and assistance.

Complaints from veterans and SCRA victims is at a high. Anonymous sources within Wells Fargo's Military Affairs Office (who elected to go nameless because they were not authorized to talk on behalf of the company)state unless federal regulations forces them to act Wells refuses to assistance our hero's.
Posted by Another Untrue Story | Saturday, January 05 2013 at 8:46AM ET
Having worked in finance companies in a military town I can tell you that bad as they are operating short term loans at very high rates the worst abusers are the "payday" and check holding or car title loan operators that discount very high fees up-front for 2-3 day "loans"... they are in every town that borders military bases and operate under local or no regulators...While banks because of their size and volume can certainly be culpable of abuses, these small time operators, usually locally funded, should be "off-limits" to all military personnel...
Posted by Pieinsky | Thursday, December 20 2012 at 2:28PM ET
Thanks for the info. As a military family, we are experiencing some unbelievable problems with our mortgage company who doesn't understand anything other than the generic. Paperwork from VA Services are not recognized and so they sit on someone's desk for months making payments late and credit standings are ruined. I believe Wells will be getting a call from me as soon as I can get a handle on the emergency we are facing.
Posted by soldiermom11 | Tuesday, December 18 2012 at 1:24PM ET
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