SEPTEMBER 10, 2023
Seth Godwin (@seth.godwin), a noted financial commentator, recently shared his views on “the 3 worst banks” operating in the United States.
The “the 3 worst banks” TikTok clip, which rapidly garnered attention, has been viewed over 5.1 million times, reflecting the weight of the subject and the reach of the platform.
The video kicks off with Godwin highlighting the significance of making the right choice regarding where one parks their money. “Choosing where you keep your money is one of the most important decisions you will make as an adult,” he states.
However, Godwin suggests that this choice is usually complicated by an onslaught of misleading advertisements and complex wording employed by banks.
Addressing a major financial player in the “the 3 worst banks” list, Godwin said, “Chase has been at the forefront of a lot of controversies lately, most notably that they’re being sued for financially benefiting from Jeffrey Epstein’s escapades.” He continues to critique Chase for its notably high fees for checking accounts and a relatively low API. Still, he acknowledges that “their only saving graces at this point are their credit cards and Chase Private Client.”
Wells Fargo wasn’t spared Godwin’s scrutiny. He recalled the bank’s notorious history of employees opening fraudulent accounts without customer consent. “Many people try to defend Wells Fargo,” Godwin pointed out, only to retort, “Just within the last year, they’ve been slapped with over $4 billion worth of fines for doing all sorts of illegal s***.”
The crescendo of Godwin’s critique targeted Bank of America. Outlining a litany of financial misdeeds, he said, “They were forced to pay the largest civil settlement for a single entity in American history ever, at $16.65 billion.”
Concluding his video, Godwin emphasizes that consumers should remain well-informed when choosing their financial institutions.
“So all the major banks,” joked one commenter.
“As a BofA member, i was PRAYING it wouldnt be on the list,” said one commenter. But others questioned why the person would be believe it wouldn’t be on “the 3 worst banks” list. “BofA has been on the worst banks list for years tho,” replied one person.
“I remember as a child how much my [grandmother] used to be so upset with Bank of America,” said another commenter. “I never banked with them because of it. It was always something going on.”
Another said: “As a career banker I will NEVER UNDERSTAND anyone who banks with any of those 3.”
The Daily Dot has reached out to Godwin about his “3 worst banks” list via TikTok comment. We also reached out to Bank of America, JP Morgan Chase, and Wells Fargo via email.