AspirationĪt Aspiration, customers can choose their own fees and can opt not to pay one. There is this massive distrust of financial institutions.”Ĭherny, a Democrat who unsuccessfully ran for an Arizona Congressional seat in 2012, pointed to how banks make a lot of money through fees, everything from overdraft fees and ATM fees to monthly service fees.įounded in 2015, Aspiration has more than 1.5 million customers and recently landed an endorsement from Leonardo DiCaprio. “People of all ages - and especially young people - are fed up with big banks. “Wells Fargo went over the line of what was legally allowed, but a lot of banks everyday tiptoe up to that line and sell products that customers may not need or want,” Cherny said. “People are looking for something different than a bank like Wells Fargo,” Aspiration founder and CEO Andrei Cherny told CNN Business from the sidelines of last week’s Fortune Brainstorm Finance conference in Montauk, New York.Ĭherny, a former financial fraud prosecutor who helped Senator Elizabeth Warren launch the Consumer Financial Protection Bureau, said the Wells Fargo situation put an exclamation point behind an inherent problem with banks’ business models. People of all ages – and especially young people – are fed up with big banks.”Īspiration co-founder and CEO Andrei Cherny It’s unclear how many of those customers remain with Wells Fargo. The company told CNN Business that more than 200,000 Wells Fargo customers have signed up for Aspiration. Aspiration is trying to help save the planet by offering fossil-fuel free accounts.Īspiration’s strategy of positioning itself as the anti-Wells Fargo is working: It has gained than 1.5 million customers since launching in 2015. (WFC) for financing controversial oil pipelines. Environmentalists have criticized Wells Fargo ![]() (WFC), which sparked national controversy by admitting it charged overdraft fees to customers for accounts they never signed up for, Aspiration allows customers to pay any fee they want - or no fee at all. The California startup has a website urging customers to “switch banks from Wells Fargo” to save money and be with a lender they can trust. ![]() ![]() An online bank backed by Leonardo DiCaprio is luring hundreds of thousands of Wells Fargo’s customers by promising to be the opposite of the scandal-tarred big bank.Īspiration is specifically marketing itself as an alternative to dissatisfied Wells Fargo customers.
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