Wells Fargo Secretly Created Millions Of Unauthorized Bank Accounts

SYTFE

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Jun 25, 2016
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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.

The scope of the scandal is shocking. An analysis conducted by a consulting firm hired by Wells Fargo concluded that bank employees opened over 1.5 million deposit accounts that may not have been authorized.

The way it worked was that employees moved funds from customers' existing accounts into newly-created ones without their knowledge or consent, regulators say. The CFPB described this practice as "widespread." Customers were being charged for insufficient funds or overdraft fees -- because there wasn't enough money in their original accounts.

Additionally, Wells Fargo employees also submitted applications for 565,443 credit card accounts without their customers' knowledge or consent. Roughly 14,000 of those accounts incurred over $400,000 in fees, including annual fees, interest charges and overdraft-protection fees.

The CFPB said Wells Fargo will pay "full restitutions to all victims."

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

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Can you BELIEVE this shit? This is absolutely unbelievable! There is a special place in hell reserved for these scumbag bankers.

:mad-61:
 
I've been telling you people this for a long time.

But I'm just a "conspiracy" nut, right? Just a kook with a keyboard?
 
The truly sad thing is when Obama took the reigns he had enough political capital to either fix banking or ram Obamacare down our throats. The Dems picked Obamacare.
 
The truly sad thing is when Obama took the reigns he had enough political capital to either fix banking or ram Obamacare down our throats. The Dems picked Obamacare.

Another off-topic post. Stay on topic, or GTFO.

It is on topic. We could have had banking regulations reformed after the 2008 housing crisis brought to light just how out of control Wall Street and banks were/are. Instead we got Obamacare simply because the Democrats made a choice to pursue that. Fast forward 7 years later and we're no closer to having banks' feet held to the flames than we were under Bush 43.

Why?
 
The truly sad thing is when Obama took the reigns he had enough political capital to either fix banking or ram Obamacare down our throats. The Dems picked Obamacare.

Another off-topic post. Stay on topic, or GTFO.

It is on topic. We could have had banking regulations reformed after the 2008 housing crisis brought to light just how out of control Wall Street and banks were/are. Instead we got Obamacare simply because the Democrats made a choice to pursue that. Fast forward 7 years later and we're no closer to having banks' feet held to the flames than we were under Bush 43.

Why?

I fail to see how Obama could've prevented an internal problem such as this. Stop being ridiculous.
 
but lets not audit the Fed, no, it's racist to want to audit the Fed.


Vote trump or it will be sexist to audit the Fed

lol, given a "winner" by DALE SMITH.

:laugh2:
Yea don't comment on the post. Good idea

What was there to comment on? It was off-topic.
WU is a bank
the Fed is a bank

I was talking about your double standard.

banks are the worst things ever made, I think that's something we can agree on.

however, if I demand that the Fed get audited, now, you will call me a racist, unless you want to claim to be the One that wouldn't.
 
but lets not audit the Fed, no, it's racist to want to audit the Fed.


Vote trump or it will be sexist to audit the Fed

lol, given a "winner" by DALE SMITH.

:laugh2:
Yea don't comment on the post. Good idea

What was there to comment on? It was off-topic.
WU is a bank
the Fed is a bank

I was talking about your double standard.

banks are the worst things ever made, I think that's something we can agree on.

however, if I demand that the Fed get audited, now, you will call me a racist, unless you want to claim to be the One that wouldn't.

I wouldn't say that banks are the worst things ever made. I just think that there's a lot of scumbags in banking, and it pisses me off when they aren't punished for their crimes, as in this case.

I have no problem with the Fed being audited. Why would I call you a racist for saying that? What the hell is racist about wanting the Fed audited???
 
but lets not audit the Fed, no, it's racist to want to audit the Fed.


Vote trump or it will be sexist to audit the Fed

lol, given a "winner" by DALE SMITH.

:laugh2:
Yea don't comment on the post. Good idea

What was there to comment on? It was off-topic.
WU is a bank
the Fed is a bank

I was talking about your double standard.

banks are the worst things ever made, I think that's something we can agree on.

however, if I demand that the Fed get audited, now, you will call me a racist, unless you want to claim to be the One that wouldn't.

Nobody has the slightest idea what you are talking about. Perhaps you should start a thread about it under Conspiracy Theories.
 
Lol Hillary supporters have the audacity to even show up in this thread.
 

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