Wells Fargo has spent the last year and change mired in scandal, after it came to light that, under pressure from the organization, employees had fraudulently opened as many as 3.5 million accounts in the names of people who never wanted or requested them. Since then, the bank has been doing its best to wriggle out of the numerous lawsuits, with mixed results. This week, a judge ruled that Wells can’t avoid accountability in one suit brought by shareholders. [More]
wells fargo
Wells Fargo CEO: We Can Block Customers From Filing Lawsuits Because We Promise To Not Screw Up Again
By 10.3.17
Imagine a teenager who has been repeatedly caught sneaking out with their friends to get drunk and pilfer garden gnomes from the neighborhood. The teen’s parents ask “Why should we trust you anymore?” and the best answer the adolescent nincompoop can provide is, “Because I started cleaning my room and I’m gonna pass that Geometry quiz, I think.” Now, replace that teen with Wells Fargo, and you’ll basically have the scene from this morning’s Senate Banking Committee hearing. [More]
Wells Fargo CEO “Deeply Sorry” About That Time His Employees Opened Millions Of Fake Accounts In Customers’ Names
By 10.2.17 — Updated: 10.3.17
Tuesday morning, Wells Fargo CEO Tim “Apology Machine” Sloan will appear before the Senate Banking Committee to take some public tongue lashings for his bank’s fake account fiasco, which saw Wells employee opening up millions of bogus accounts in customers’ names in order to game the bank’s sales quota system. Sloan’s prepared remarks for this televised tomato-throwing include all manner of statements about how badly the bank behaved and how it’s darn-tootin’ not gonna let that happen again, but also don’t discuss one issue that will certainly be a hot-button topic among some senators in the room. [More]
Wells Fargo Teller Pleads Guilty To Stealing $185K From One Customer
By 9.29.17
A year after thousands of Wells Fargo employees were accused of opening unauthorized accounts in customers’ name in order to make sales goals, one bank teller has pleaded guilty to also opening an account without authorization, this time, in order to steal more than $185,000 from one customer. [More]
Wells Fargo Fake Account Fiasco Grows By 1.5 Million Customers
By 8.31.17
It’s been nearly a year since Wells Fargo was slapped with a $185 million fine for pushing their employees to increase their sales numbers by opening new accounts without proper authorization from the customer. Now the bank has revealed a new estimated number of so-called ‘fake accounts‘ that is 1.5 million higher than the bank had previously disclosed. This brings the new total to 3.5 million. [More]
Feds Investigating Wells Fargo Sudden Account Closures
By 8.21.17
Last year, federal regulators fined Wells Fargo $185 million for its fake account fiasco in which employees were found to have opened more than two million accounts without customers’ authorization. Now, the bank says it’s under investigation for wrongly closing some accounts. [More]
Wells Fargo Board Gets Makeover Amid Continuing Scandals
By 8.16.17
Months after lawmakers urged the Federal Reserve to oust the 12 Wells Fargo board members who served during the bank’s fake account fiasco, the banking giant has taken it upon itself to revamp some board seats. Next year, Chairman Stephen Sanger will step down and two other members will retire. [More]
Wells Fargo Accused Of Overcharging Small Businesses
By 8.11.17
The scandals and accusations continue to mount for Wells Fargo. This time, the banking giant is being accused of overcharging small businesses to process credit card transactions. [More]
Did Wells Fargo Fail To Refund Customers’ Auto Insurance?
By 8.8.17
Only weeks after being accused of pushing hundreds of thousands of auto loan customers into paying for unwanted and unnecessary insurance plans, Wells Fargo finds itself in another possible insurance scandal, with banking regulators investigating claims that Wells allegedly failed to refund insurance money to some borrowers who paid off their car loans early. [More]
Wells Fargo Subpoenaed Over Alleged Insurance Scheme That Resulted In 25,000 Vehicle Repossessions
By 8.2.17
Less than a week after a report alleged, and Wells Fargo admitted, to charging its auto loan customers for unnecessary and unwanted insurance, the bank has been subpoenaed by New York state banking and insurance regulators over the matter. [More]
Wells Fargo Customers Sue Bank Over Alleged Insurance Scheme That Led To Vehicle Repossessions
By 7.31.17
After a recent report alleged that Wells Fargo had charged its auto loan customers for unnecessary and unwanted insurance — resulting in 25,000 repossessed vehicles — the bank now faces a lawsuit from one of those borrowers. [More]
Report: 25,000 Wells Fargo Customers Lost Vehicles After Bank Charged For Unwanted Insurance
By 7.28.17
Nearly 25,000 Wells Fargo customers, including many servicemembers, lost their vehicles after failing to pay for unneeded, unwanted insurance the bank charged them for, according to a new report suggests. [More]
Wells Fargo Accidentally Handed Over A Bunch Of Confidential Info On Its Rich Clients
By 7.24.17
After having a heckuva time dealing with backlash over its recent fake accounts fiasco, Wells Fargo has another debacle on its hands: A new report says a lawyer for the bank accidentally released a whole lot of confidential information about tens of thousands of its richest clients. [More]
Will The Federal Reserve Fire Wells Fargo Board For Fake Account Fiasco?
By 7.13.17
Last month, Massachusetts Senator Elizabeth Warren urged the Federal Reserve to oust the 12 Wells Fargo board members who served during the bank’s fake account fiasco. Today, she received a response, sort of. [More]
Judge Gives Preliminary Approval To $142M Wells Fargo Fake Account Settlement
By 7.10.17
Two months after a federal court judge tasked with reviewing the pending $142 million settlement for million of fake accounts opened in customers’ names warned he might reject the deal, he finally rubber-stamped the proposal, signaling yet another closed chapter in Wells Fargo’s fake account fiasco. [More]
Lawmaker Calls For Ouster Of 12 Wells Fargo Board Members
By 6.19.17
Since Wells Fargo’s fake account fiasco came to light in Sept. 2016, the top executive at the bank has “retired,” other executives have departed, and many have lost bonuses. Despite this, there are many holdovers from the years when employees opened millions of unauthorized accounts. To this end, Massachusetts Senator Elizabeth Warren is calling for the ouster of 12 Wells Fargo board members. [More]
Wells Fargo Accused Of Adding Years To Modified Mortgages Without Telling Borrowers
By 6.15.17
As the country tried to crawl out of the last recession, homeowners all across America sought mortgage modifications to make their home loans more manageable. However, some homeowners say that Wells Fargo not only modified their loans without asking, but that this lower rate added years — perhaps decades — to the terms of their mortgages. [More]
Judge Says He May Have To Reject $142 Million Wells Fargo Fake Account Settlement
By 5.17.17
The federal court judge tasked with reviewing the pending $142 million settlement for the millions of fake accounts opened in customers’ names isn’t ready to rubber-stamp the deal. In fact, the judge’s questions about this settlement appear to indicate that he may reject the agreement. [More]
