Wells Fargo fined $185M over unauthorized accounts that harmed customers

September 8, 2016 8:50 PM

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Wells Fargo Bank, one of the nation's largest banks, has been hit with $185 million in civil penalties for secretly opening millions of unauthorized deposit and credit card accounts that harmed customers, federal and state officials said Thursday.

Employees of Wells Fargo (WFC) boosted sales figures by covertly opening the accounts and funding them by transferring money from customers' authorized accounts without permission, the Consumer Financial Protection Bureau, Office of the Comptroller of the Currency and Los Angeles city officials said...

Also read: Wells Fargo under criminal investigation in California for sales practices

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