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5,300 Wells Fargo employees fired for creating over 2 million phony accounts
money.cnn.com ^ | September 8, 2016: 3:52 PM ET | by Matt Egan

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 ...


TOPICS: Business/Economy; Crime/Corruption; Culture/Society; US: California
KEYWORDS: bank; banking; creditcard; crime; fired; fraud; wellsfargo
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To: Don Corleone

Smiles at Houge Grips ( sp)


41 posted on 09/08/2016 1:34:27 PM PDT by ptsal
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To: ncfool

http://www.hoursinfo.com/wells-fargo/

There’s only 10612 locations in the entire company.


42 posted on 09/08/2016 1:36:12 PM PDT by scrabblehack
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To: Talisker

Well, I don’t think they did it to steal depositor money exactly, they were trying to hit their monthly quotas for opening new accounts. It’s why they are so hard sell in those places.


43 posted on 09/08/2016 1:36:15 PM PDT by ichabod1 (Make America Normal Again)
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To: DannyTN

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.

Have seen this happen in many, many industries.


44 posted on 09/08/2016 1:37:31 PM PDT by Buckeye McFrog
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To: Talisker

Perhaps Warren Buffet was not aware of what was going on till he ended up with one of the phony accounts


45 posted on 09/08/2016 1:39:19 PM PDT by Mouton (The insurrection laws maintain the status quo now.)
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To: Blood of Tyrants

“...but they can’t repair the damage done to people’s credit.”

I’m pretty sure WF can fix someone’s credit that was damaged as a result of these fraudulent actions. WF will contact the creditors/credit bureau to do it (with a carbon copy of the letter to the victim).

A checking account mistake on First Union Natl Bank’s part led to just that scenario for us.


46 posted on 09/08/2016 1:40:33 PM PDT by moovova
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To: GingisK

In the OLD DAYS, Wells Fargo was getting robbed.
Now it’s the other way around................


47 posted on 09/08/2016 1:43:21 PM PDT by Red Badger (Make America AMERICA again!.........................)
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To: Red Badger

We have one account at Wells and their employees are always very aggressive a out opening more. I guess this explains it.


48 posted on 09/08/2016 1:43:32 PM PDT by Oldexpat
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To: Red Badger

They are probably all Democrats, so no harm no foul...............

...

IIRC, Wells Fargo is the pro homo bank.


49 posted on 09/08/2016 1:43:59 PM PDT by Moonman62 (Make America Great Again!)
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To: Oldexpat

I would close it ASAP..............Get to a local Credit Union if you can...................


50 posted on 09/08/2016 1:44:26 PM PDT by Red Badger (Make America AMERICA again!.........................)
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To: Red Badger; shibumi

Maybe they could have a “fake account for fake veterans” program.


51 posted on 09/08/2016 1:44:33 PM PDT by Larry Lucido
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To: Moonman62

Sucks to be them, right about now..............


52 posted on 09/08/2016 1:45:22 PM PDT by Red Badger (Make America AMERICA again!.........................)
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To: Red Badger; Gamecock; SaveFerris; FredZarguna; PROCON; Lil Flower; CopperTop

Worst thing was, not getting a friendly “hello” when I went in to service my fake account.


53 posted on 09/08/2016 1:45:45 PM PDT by Larry Lucido
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To: Larry Lucido

They are probably all going to be hired by the Voter Registration offices...................Voter dead? No problemo!...........


54 posted on 09/08/2016 1:46:56 PM PDT by Red Badger (Make America AMERICA again!.........................)
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To: E. Pluribus Unum
I had this problem with First Union, which was bought by Wachovia, which was bought by Wells Fargo.

They kept slamming me into programs (High-fee debit cards, high-fee checking accounts) that I didn't request. Every time, they were *very apologetic* and quickly resolved the issue when I called them on it.

No matter, after I'd had enough and though it was a PITA, I closed all my accounts and moved everything to a new bank. No problems even remotely resembling that since then.

55 posted on 09/08/2016 1:47:26 PM PDT by wbill
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To: Larry Lucido

Substantial interest penalty for trying to withdraw.............


56 posted on 09/08/2016 1:47:36 PM PDT by Red Badger (Make America AMERICA again!.........................)
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To: moovova
“Oh look Ethel...here’s another charge on our statement that I don’t have a clue about. I won’t call the bank about THIS ONE either.”

I'm interested too in how that many people didn't notice charges to their accounts.

57 posted on 09/08/2016 1:47:56 PM PDT by sockhead
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To: Larry Lucido

Worst thing was, not getting a friendly “hello” when I went in to service my fake account.


I hate it when I don’t get the “Reach around”.


58 posted on 09/08/2016 1:49:52 PM PDT by Zeneta
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To: wbill
I had this problem with First Union, which was bought by Wachovia, which was bought by Wells Fargo.

That is how I ended up with Wells Fargo too. So far, they have been good to me. No fees on checking accounts or debit cards.

59 posted on 09/08/2016 1:51:39 PM PDT by sockhead
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To: Red Badger

The United States was a fun place, for sure. ;-D


60 posted on 09/08/2016 1:52:41 PM PDT by GingisK
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