Wells Fargo uncovers up to 1.4 million more fake accounts - News Summed Up

Wells Fargo uncovers up to 1.4 million more fake accounts


Wells Fargo has uncovered up to 1.4 million more fake accounts after digging deeper into the bank's broken sales culture. Wells Fargo (WFC) now says it has found a total of up to 3.5 million potentially fake bank and credit card accounts, up from its earlier tally of approximately 2.1 million. About 190,000 accounts were slapped with unnecessary fees for these accounts, Wells Fargo said. Additionally, Wells Fargo has agreed to a $142 million national class action settlement to cover fake accounts that were opened back to 2002. Related: Wells Fargo customer: It felt like my car was held as extortionSenator Elizabeth Warren, a fierce critic of Wells Fargo, called the discovery of more fake accounts "unbelievable" on Twitter.


Source: CNN August 31, 2017 13:06 UTC



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