Wells Fargo Fined for Fraudulently Opening Accounts for Customers

September 9, 2016 12:29 AM

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Wells Fargo Fined for Fraudulently Opening Accounts for Customers

For years, Wells Fargo employees secretly issued credit cards without a customer’s consent. They created fake email accounts to sign up customers for online banking services. They set up sham accounts that customers learned about only after they started accumulating fees.

On Thursday, these illegal banking practices cost Wells Fargo $185 million in fines, including a $100 million penalty from the Consumer Financial Protection Bureau, the largest such penalty the agency has issued.

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