and how many were arrested???
Posted on 09/08/2016 1:14:35 PM PDT by Red Badger
Edited on 09/08/2016 1:41:02 PM PDT by Admin Moderator. [history]
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 employees secretly created millions of unauthorized bank and credit card accounts -- without their customers knowing it -- since 2011.
(Excerpt) Read more at money.cnn.com ...
Way too many people involved to keep that quiet.
Wasn’t CitiBank tied to the Clinton Foundation in some fashion?
I agree!
Hahaha! Best post of this thread!
5300 jobs...
I didn’t know there were that many employed people left!
Red Badger wrote: "They are probably all going to be hired by the Voter Registration offices...................Voter dead? No problemo!...........
Interesting point you jest about...2 million fictitious accounts could prove useful as ID to secure equal number of fraudulent voter registrations.
$5 million in restitution to the victims but the government collects a fat $185 million fine - and the shareholder will suffer. How about $5 million in restitution and $0 fine but the board and the executive must go and the bank is under supervision and some form of probation - the cost of which they pay.
Fifth Third turned my 1 account into many. I dropped them, of course.
With WF it is much easier to open an account than to close one. Part of the problem is the new regulations which allegedly seek to find drug money and IRS cheaters.
One big advantage of the FAIR tax or any tax that eliminates the IRS is that it will make banking efficient and about banking rather than about snitching on their customers to the IRS.
You don’t live there and have never heard of your name?
That’s deep undercover.
1 employee per 2 locations (although I can see some might be the entire office and others were completely honest).
and how many were arrested???
bookmark
I’m sorry, but we are going to have to start hanging thieves in this country.
There are too many of them, and they aren’t afraid of prison.
Damn. Now I have to open all that junk mail I used to tear in half and throw in the circular file. Thank God the bank that currently has all of our accounts is a country bank.
“5,300 Wells Fargo employees”
Those are the ones they know about.
“If WF regulators didn’t catch this, they were in on it.”
Knowing credit systems as I do, there is no way on God’s green Earth 2 million accounts were created without EVERYONE at WF knowing about it. The audit and compliance systems are larger than the processing systems.
Just a couple of weeks ago my relative’s bank account was showing massive deposits and withdrawals by Wells Fargo (her account is with a different bank). She has never had any dealings with Wells Fargo. Her bank kept calling her and blaming the mess on her sons who are on the account with her because she is elderly and disabled. She told them emphatically that her sons did no such thing. Finally, after days of this harrassment they admitted it was widespread fraud. They had to close all her accounts and open new ones. She still is having problems accessing her checking account. We were waiting for this to hit the national news.
[Lesson Learned: Whenever you create some sort of bonus incentive program, your people will immediately set upon figuring out ways to game it in order to collect.]
Winner.
I developed the software to support an employee incentive program - at a bank.
The tellers figured out how to get ahead of everybody else. Well, nobody told them they couldn’t.
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