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- Published on Sunday, 25 September 2016 06:13
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Hall of Shame: Wells Fargo Ordered to Pay $185 Million Fine over Unauthorized Accounts
The job of the most honest seller is to sell you, not to give you reasons to buy from a competitor. That over-riding reality drives the free-enterprise system, and places a responsibility on you.
FoolProof's Hall of Shame is here to remind you why a healthy dose of skepticism should rule your decisions before dealing with anyone who wants to touch your money or your general welfare.
September 8, 2016
Wells Fargo will pay $185 million in penalties following accusations the bank opened deposit accounts and credit cards for customers without their permission. The Consumer Financial Protection Bureau says bank employees opened more than 2 million accounts that may not have been authorized. The motive, according to regulator, was to hit sales targets and compensation incentives.
Wells Fargo said in a statement, quote, "We regret and take responsibility for any instances where customers may have received a product that they did not request." But the bank did not legally admit or deny wrongdoing as part of the settlement.