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 ...
Smiles at Houge Grips ( sp)
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.
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.
Perhaps Warren Buffet was not aware of what was going on till he ended up with one of the phony accounts
“...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.
In the OLD DAYS, Wells Fargo was getting robbed.
Now it’s the other way around................
We have one account at Wells and their employees are always very aggressive a out opening more. I guess this explains it.
They are probably all Democrats, so no harm no foul...............
...
IIRC, Wells Fargo is the pro homo bank.
I would close it ASAP..............Get to a local Credit Union if you can...................
Maybe they could have a “fake account for fake veterans” program.
Sucks to be them, right about now..............
Worst thing was, not getting a friendly “hello” when I went in to service my fake account.
They are probably all going to be hired by the Voter Registration offices...................Voter dead? No problemo!...........
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.
Substantial interest penalty for trying to withdraw.............
I'm interested too in how that many people didn't notice charges to their accounts.
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”.
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.
The United States was a fun place, for sure. ;-D
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