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According to CNN, employees that tried to report the fraud to HR through the ethics hotline were fired not long after.
@baller4life wrote:Wells Fargo hit with $185 million fine from the CFPB for opening unauthorized customer accounts. The largest ever! And fires 5,300 employees over the past few years related to the shady behaviour. I have a hard time believing that this wasn't a culture that WF encouraged. That's an awful lot of employees involved for the bigwigs not to know what was going on. Sounds like they are being made the scapegoats. SO, glad I left WF and went to CUs.
http://money.cnn.com/2016/09/08/investing/wells-fargo-created-phony-accounts-bank-fees/index.html
More news just broke today. Some journalists spoke with former Wells Fargo employees who say they were fired for NOT participating in the scam. One person said they called their ethics hot line to report anonymously about what they were instructed to do by their manager, and a few days later they were terminated.
http://money.cnn.com/2016/09/21/investing/wells-fargo-fired-workers-retaliation-fake-accounts/
ETA: ^^^^^Great minds think alike. Someone beat me to it.
Is it time to socially blacklist Wells Fargo?
The very least that the MyFICO community can do (if FICO Forums won't prevent Wells Fargo from putting ads on the site) is that every time someone asks advice about opening a Wells Fargo account, tell them not to do it, ever.
We don't have good memory, but as a community, it's our duty to inform and educate other users. This is not about a few employees gone rogue, it's a systematic scam that the company has been pulling over many years. It's time they're punished by the general public.
I agree with you Ghoshida, but we might not stop at just Wells Fargo. They're not the only bank that has these practices. So we might end up having to 'blacklist' a whole host of other banks.
CNN - 'Wells Fargo isn't the only one': Other bank workers describe intense sales tactics
@baller4life wrote:Wells Fargo hit with $185 million fine from the CFPB for opening unauthorized customer accounts. The largest ever! And fires 5,300 employees over the past few years related to the shady behaviour. I have a hard time believing that this wasn't a culture that WF encouraged. That's an awful lot of employees involved for the bigwigs not to know what was going on. Sounds like they are being made the scapegoats. SO, glad I left WF and went to CUs.
http://money.cnn.com/2016/09/08/investing/wells-fargo-created-phony-accounts-bank-fees/index.html
I deposit my money in the credit union of my former employer. I never put a penny in any bank. Credit Union is owned by the members and not for profit...why would I put money in a bank when I get free checking, interest on my deposits even in checking. The only use I have for banks is to suck some free money out of their rewards credit cards.
@sarge12 wrote:
@baller4life wrote:Wells Fargo hit with $185 million fine from the CFPB for opening unauthorized customer accounts. The largest ever! And fires 5,300 employees over the past few years related to the shady behaviour. I have a hard time believing that this wasn't a culture that WF encouraged. That's an awful lot of employees involved for the bigwigs not to know what was going on. Sounds like they are being made the scapegoats. SO, glad I left WF and went to CUs.
http://money.cnn.com/2016/09/08/investing/wells-fargo-created-phony-accounts-bank-fees/index.html
I deposit my money in the credit union of my former employer. I never put a penny in any bank. Credit Union is owned by the members and not for profit...why would I put money in a bank when I get free checking, interest on my deposits even in checking. The only use I have for banks is to suck some free money out of their rewards credit cards.
+ a million! I feel the exact same way. I will never again put a dime of my money in a bank! #teamcreditunions
@Anonymous wrote:I agree with you Ghoshida, but we might not stop at just Wells Fargo. They're not the only bank that has these practices. So we might end up having to 'blacklist' a whole host of other banks.
CNN - 'Wells Fargo isn't the only one': Other bank workers describe intense sales tactics
And then we shall.
The only way to really punish these banks is not to put money in them.
Or at least that's how capitalism is supposed to function. Consumers must be informed. We take a lot of info from this forum, and it's our duty to pay it back.
Looks like this has been going on alot longer than initially thought. Possibly as far back as 2008.