Sunday, May 28

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

Banking

Source: www.npr.org

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.