Des Moines, IA -You know how your parents tell you to avoid doing stupid things because they may come back to haunt you many years down the line? Ex-Wells Fargo Home Mortgage employee Richard Eggers learned that lesson the hard way. Eggers was fired from his job as a customer service representative by the bank because he had put a cardboard dime in a washing machine and was convicted for it in 1963 according to the Des Moines Register.
Well Fargo Home Mortgage acknowledged the firing but sad they have no choice. Financial regulations enacted by Congress and signed into law by President Obama forbid the employment of anyone convicted of a crime involving dishonesty, breach of trust, or money laundering. Warren County court documents show that Eggers was convicted of operating a coin-changing machine by false means.
Under the old rules, banks were given more latitude to exclude crimes such as traffic offenses or misdemeanors such as the “stupid stunt” Eggers pulled.
Banks have been firing thousands of low level employees for being in violation of the new regulations for the past few months. Labor activists are questioning why regulations, which were meant to keep criminals out of management positions at banks, are targeting lower level employees for insignificant crimes. Banks say they are not taking any chances as noncompliance incurs fines.
Wells Fargo confirmed Eggers’ termination, and spokeswoman Angela Kaipust said:
“The expectations that have been placed on us and all financial institutions have never been higher,”
The Federal Deposit Insurance Corporation provides a waiver process employees can apply for if they want to retain their employment at a bank and they have a conviction. Unfortunately for Eggers and everyone like him, the waiver process takes 6 months to a year.