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. You better check your bank statements if you have one with Wells Fargo. Most of us know the bank for our mortgage loans they bought from other lenders who they now control. The headlines are coming in about Wells Fargo and they are speaking of the people fired. Oh, just 5,300 people. Are you kidding me? What is going on over at Wells Fargo who we trust with our mortgages – you know home ownership…
Well Fargo fired 5,300 employees related to employees that are stealing from the bank and its consumers which is almost 2% of their 268,000 employees. Wells Fargo employees submitted applications for 565,443 credit-card accounts without their knowledge or consent. Probably for bonuses. 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.
Wells Fargo will pay $185 million in fines plus $5 million to refund customers. That’s about $2.50 refund per bogus account. This could be the end for Wells Fargo as we know it. Although do you really think this is not going on at Chase or Bank of America? I wonder if Pam Codispoti, President of the Mass Affluent business for Chase Card Services and formerly of American Express, who spoke today on Bloomberg Business has looked into this issue. My take is that employees are looking for that bonus and with the consumers information they can easily apply for a credit card without someone’s consent and reach that bonus.
If you are affected by this then let us know what phony accounts were opened in your name and by what bank. Also, let us know how the bank reacted to your situation.