They negotiated a settlement based on that figure, so Wells Fargo is not expected to face vast additional payouts. “The completion of this expanded third-party analysis is an important milestone.”Of those 3.5 million potentially unauthorized consumer and small business accounts, about 190,000 accounts incurred fees and charges, up from the 130,000 accounts that had been previously identified. Plus, by expanding the time frame, the new review found an additional 981,000 potentially unauthorized accounts. Wells Fargo has acknowledged that unauthorized accounts were created as far back as 2002, but it has not offered to review accounts created that long ago. The bank identified potentially unauthorized accounts based on how accounts were used.

Source: Los Angeles Times August 31, 2017 13:22 UTC