Santa Clara, CA: Wells Fargo customers are concerned that the $5 million payback from the bank over the massive banking fraud that was revealed to the public this week, may not go far enough. Customers who have had fake checking accounts set up in their names and subsequently called the bank and had them cancelled, have warned their family and friends to be weary.
A Los Angeles City Attorney sued Wells Fargo in May 2015 over allegations of unauthorized accounts. After filing the suit, his office received more than 1,000 calls and emails from customers as well as current and former Wells Fargo employees about the allegations, CNN Money reported.
Wells Fargo is facing $185 million in fines, after authorities uncovered millions of unauthorized bank and credit card accounts set up by bank employees in order to boost or hit sales targets. Further, the employees also made up PIN numbers and email accounts in connection with the false accounts, to get people to sign up for online banking services, the Consumer Financial Protection Bureau (CFPB) said in a statement.
According to federal regulators, the fraud has been going on since 2011, without customer knowledge. The scale of the fraud is enormous, with more than 1.5 million unauthorized deposit accounts opened by Wells Fargo employees since 2011.
The scam involved employees transferring customers’ funds from legitimate accounts to newly-created ones without customer knowledge or consent. The CFPB described this practice as "widespread." Wells Fargo customers were then being charged fees for insufficient funds or overdrafts, because they didn’t have enough money in their legitimate accounts.
Further, the Wells Fargo employees also submitted applications for 565,443 credit card accounts, all without their customers' knowledge or consent. Some 14,000 of those accounts earned over $400,000 in fees for the bank, including annual fees, interest charges and overdraft-protection fees, CNN Money reported.
Wells Fargo will pay $185 million in fines, the largest amount the CFPB has ever charged.
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I had 2 problems with Wells Fargo.
1. I had a WF Rewards Card which was opened in 2013 through 2018. Because the interest was increased after 18 months, I spoke with a local bank representative regarding a new card which he said would be automatically be approved. I NEVER received any new card. They also erased the reward minutes that I had accrued.
2. I used to get email from Wells Fargo about my accounts and when I called about them they said that they couldn't find information on a specific account.
Posted by Onalee Arredondo
I used to get mail from Wells Fargo about my account and when I called they said that they couldn't find that info. I told them I don't have a Wells Fargo account they told me to just throw it away and they would take care of it. How do I check to find out if they have taken care of this?
Posted by Cindy Schroder
I had a car financed with them for2 years. When I sold
it in late August, I called and gave the customer service person the information that the car was sold and they were to stop sending payment requests to my bank.
Unfortunately, they took another payment out of my account before I could tell the back that the car was sold.
I did not get back the money and would like to find a way to recoup that payment.
Posted by Deb Keeslar-Coker
I'd like to know if my name was used in any of these fraudulent activities. How do I find out?
Posted by Rita Applegate
Recieved emails saying I was approved for a credit card that I didn't apply for. Also got denied for loans that I didn't apply for. I don't use wells Fargo banks.
Posted by Lydia Pineiro
I am also curious to know how I find out if my name was used to open a fraudulent account. Is there a list available?
Posted by joann loffler
I had emails saying I had credit cards,checking a counts are now available online. I never opened an account with them and not even one in my area. I did have a mortgage with Wells Fargo,in litigation. How do I find out and how music damage was done without my knowledge?
Posted by Suzun Kaiser
I received numerous emails "thanking me" for opening a credit card with Wells Fargo. None of which I really did!!
Additionally, Wells fargo had done unauthorized credit checks and denied me loans I didn't apply for! All of which is damging my credit score!
Posted by Dwight and Melody Cromer
How do we find out if our names were used? We do have an account with this bank for an FHS account? Are these being used to get info on us?
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