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The Jewish Home | SEPTEMBER 15, 2016

Wells Fargo, the largest U.S. bank by market capitalization, will be paying the largest fine ever levied by the Consumer Financial Protection Bureau. The giant financial institution was ordered to pay $180 million in penalties and an additional $5 million to customers it pushed into fee-generating accounts they never wanted. The Consumer Financial Protection Bureau will receive the biggest bulk of the fine – $100 million. “Today’s action should serve notice to the entire industry that financial incentive programs, if not monitored carefully, carry serious risks that can have serious legal consequences,” said CFPB Director Richard Cordray. The Office of Comptroller of the Currency and other Los Angeles officials also received part of the settlement. “We regret and take responsibility for any instances where customers may have received a product that they did not request,” the bank said. Prosecutors were able to prove that Wells Fargo pushed some of their customers into costly financial products that they did not need or even request. Over 2 million deposit and credit card accounts were opened that may not have been authorized. Over 5,300 of the bank’s 100,000 employees were fired due to “inappropriate sales conduct.” Can we call them bank robbers if they’re on the other side of the glass?

The Fastest Line in Costco You’re at Costco on a Tuesday afternoon and you have 25 minutes till your son’s carpool will be honking outside your door. You dash through

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the aisles grabbing only the necessities and don’t stop to browse the furniture even though you’re tempted, then you scan the checkout lines with 12 minutes left to spare. Quickly you choose the line with several people with only a few items in their carts. As it turns out, you’ve chosen the slowest line. You realize you made the wrong choice, hastily abandon your shopping cart, and arrive home just as your son’s carpool pulls up. How can you make a better choice about which line to choose next time? Dan Meyer, a former high school math teacher who is now the chief academic officer at Desmos, uses real data to help direct us to the shortest checkout lines. “Every person requires a fixed amount of time to say hello, pay, say goodbye and clear out of the lane,” he related. According to Meyer’s research it takes an average of 41 seconds for each customer to pass through and just three seconds per item to be rung up. Therefore it is a smarter decision to get in line behind a single shopper with a loaded cart than a few people with a fewer things. For example, a person purchasing 100 items will take about six minutes to process while four people buying 20 items will take approximately seven minutes.

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SEPTEMBER Richard Larson, a Massachusetts Institute of Technology professor and a line expert, estimates that Americans spend a collective 37 billion hours  a year waiting in lines. For some, those minutes actually cost them money since it’s time they could’ve spent working. Others don’t have the patience and energy to spend their time in a supermarket’s aisles. For the impatient among us, there are services that will stand in line for you. Robert Samuel, founder of  Same Ole Line Dudes, a New York-based service, shed some light on the science of line selection. He related that since the majority of people are right handed, most people tend to veer to the right when choosing a line. A. J. Marsden, an assistant professor of human services and psychology at Beacon College in Leesburg, Florida, suggests doing a quick analysis of the cashier and demographic of shoppers waiting in line. He says to avoid

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Five Towns Jewish Home - 9-15-16  

Five Towns Jewish Home - 9-15-16

Five Towns Jewish Home - 9-15-16  

Five Towns Jewish Home - 9-15-16