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Wells Fargo Fined US$185 Million Over Account Openings

Wells Fargo Fined US$185 Million Over Account Openings

Wells Fargo & Co was fined $185 million for illegal sales practices that included opening as many as two million deposit and credit card account without any customers knowledge. Employees issued debit cards without customers’ knowledge and assigned personal identification numbers without telling them. They  transferred funds from authorised customer accounts to temporarily funds one without customer permission. Some allegedly created fake email address to enrol unknowing consumers or people who don’t exist in online banking to hit sales goals.

“Wells Fargo & Co was fined $185 million for illegal sales practices that included opening as many as two million deposit and credit card account without any customers knowledge.”

~Wall Street Journal

As such, Wells Fargo said it terminated approximately 5300 employees and managers over a five year period for their involvement with the unauthorised accounts.

Related Reports: Wall Street Journal, Forbes

 

About Wells Fargo

In 1852, Henry Wells and William Fargo founded Wells, Fargo & Co. to serve the West. The new company offered banking (buying gold and selling paper bank drafts as good as gold) and express (rapid delivery of the gold and anything else valuable).

Wells Fargo opened for business in the gold rush port of San Francisco, and soon Wells Fargo’s agents opened offices in the other new cities and mining camps of the West. In the boom and bust economy of the 1850s, Wells Fargo earned a reputation of trust by dealing rapidly and responsibly with people’s money. In the 1860s, it earned everlasting fame — and its corporate symbol — with the grand adventure of the overland stagecoach line.

Visit: Wells Fargo


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