Updated on September 12, 2016
Wells Fargo fired 5,300 employees who created over 1/2 million credit card accounts and over 1.5 million deposit accounts…without customer knowledge or consent. Wow!
**There are always two sides to the story. If you were fired and willing to tell your side of the story, please contact me.**
Check your bank statements! I'm glad I have never had an account with Wells Fargo. If I had fake accounts opened in my name and money moved around without consent, I would really be upset. This would be reason enough for me to close my accounts. Here are some highlights from the article:
- Wells Fargo fired 5,300 employees related to the shady behavior (that's almost 2% of their 268k employees, not sure how they calculate 1%)
- Wells Fargo employees also submitted applications for 565,443 credit-card accounts without their knowledge or consent
- Bank employees opened up over 1.5 million deposit accounts that may not have been authorized
- “Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses,” Richard Cordray, director of the Consumer Financial Protection Bureau, said in a statement.
The bank will pay $185 million in fines + $5 million to refund customers. That's about $2.50 refund per bogus account. Is that enough? Not in my opinion! What happens to banks that cannot be trusted?
Has this happened to you?
I would love to hear from anyone who was affected by this. What phony accounts were opened in your name? How did you find out? What did Wells Fargo say if you asked them about it?