Wells Fargo on Thursday said it had potentially opened an additional 1.4 million sham accounts customers didn’t want, 67 percent more than it initially estimated, escalating an already contentious battle over the future of the mega bank. The bank revised the total, now up to 3.5 million, after discovering that employees may have been opening […]
Tag: Wells Fargo
Wells Fargo Criminal Investigation Underway
Wells Fargo is under criminal investigation for identity theft by the state of California, the latest fallout from its fake account scandal. California Attorney General Kamala Harris said in a warrant that there is probable cause to think the San Francisco-based bank committed felonies including identity theft and false impersonation. Wells Fargo has drawn the […]
Canceling a fraudulently opened Wells Fargo credit card will hurt your credit score
If you happen to be one of the owners of the 2 million or more accounts that Wells Fargo fraudulently created, the bank will be getting in touch asking if you need or want your credit cards. For many, the natural response probably would be disbelief at the sheer audacity of the question, prompting some […]
The Worst Banks in America (Wells Fargo Isn’t Even No. 1)
Wells Fargo was just slapped with the biggest fine in the history of the Consumer Financial Protection Bureau after employees routinely opened unauthorized accounts for existing customers. But that still doesn’t make it the worst bank in the country, at least according to a new analysis of retail banks. Factoring in complaints, penalties and responsiveness […]
‘Wells Fargo isn’t the only one’: Other bank workers describe intense sales tactics
Nearly a dozen current and former employees at large and regional banks such as Bank of America (BAC), Citizens Bank, PNC (PNC), SunTrust (STI), and Fifth Third (FITB) tell CNNMoney that a sales obsession pervades their banks. They say they too are under immense pressure to get customers to open multiple accounts. They described a […]