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Wells Fargo clients began to notice the fraud after being charged unanticipated fees and receiving unexpected credit or debit cards or lines of credit. Initial reports blamed individual Wells Fargo branch workers and managers for the problem, as well as sales incentives associated with selling multiple "solutions" or financial products.
Here's the quick rundown: When Wells Fargo opened credit cards in customers' names without telling them, their credit scores rose (without them knowing).
In September 2016, Wells Fargo was issued a combined total of $185 million in fines for opening over 1.5 million checking and savings accounts and 500,000 credit cards on behalf of customers without their consent.
Wells Fargo is suitable for anyone looking for a bank that offers various checking and savings account options and quick access to funds.
Wells Fargo Mobile users have access to money management tools like My Spending Report, and Wells Fargo credit card holders can track their credit card transactions and program rewards through the ...
Carrie L. Tolstedt is an ousted American banking executive and former head of the community banking division at Wells Fargo, [1] from which she retired in 2016 before the company's account fraud scandal came to light. In 2017, Wells Fargo retroactively fired Tolstedt for cause. In 2023, she would plead guilty to obstructing a bank examination.
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