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Monday, September 12, 2016

5,300 Wells Fargo employees fired over 2 million phony accounts

Everyone hates paying bank fees. But imagine paying fees on a ghost account you didn't even sign up for.

That's exactly what happened to Wells Fargo customers nationwide.

On Thursday, federal regulators said Wells Fargo (WFC) employees secretly created millions of unauthorized bank and credit card accounts -- without their customers knowing it -- since 2011.

The phony accounts earned the bank unwarranted fees and allowed Wells Fargo employees to boost their sales figures and make more money.

"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 confirmed to CNNMoney that it had fired 5,300 employees over the last few years related to the shady behavior. Employees went so far as to create phony PIN numbers and fake email addresses to enroll customers in online banking services, the CFPB said.

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4 comments:

Anonymous said...

They should be charged with identity theft.

lmclain said...

You or I are in prison for something like that.

THEY get $125 million.

two sets of laws.....

Keep cheering

Anonymous said...

It is fraud and is illegal.

Anonymous said...

Where are the 5300 arrests ?