cancel
Showing results for 
Search instead for 
Did you mean: 

Wells Fargo Fined $185 Million in Fraud Case

Regular Contributor

Re: Wells Fargo Fined $185 Million in Fraud Case

According to CNN, employees that tried to report the fraud to HR through the ethics hotline were fired not long after.

 

CNN - I called the Wells Fargo ethics line and was fired

Message 21 of 44
Super Contributor

Re: Wells Fargo Fined $185 Million in Fraud Case

WOW. No way CEO and upper management were not in on the scheme. They just made the lower level employees the scapegoats. I agree with Sen. Warren wholeheartedly. The CEO should at least resign and or face criminal charges.
Message 22 of 44
Established Contributor

Re: Wells Fargo Fined $185 Million in Fraud Case


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.

https://www.google.com/amp/journalstar.com/news/national/wells-fargo-fires-workers-fined-million-in-...

 

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. 






EX FICO (AMEX): 728 (4/29/17) | TU FICO (Discover): 737 (4/7/17) | EQ FICO (Citi): 746 (3/28/17)
Message 23 of 44
Valued Contributor

Re: Wells Fargo Fined $185 Million in Fraud Case

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. 

 

Message 24 of 44
Regular Contributor

Re: Wells Fargo Fined $185 Million in Fraud Case

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

Message 25 of 44
Valued Contributor

Re: Wells Fargo Fined $185 Million in Fraud Case


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.

https://www.google.com/amp/journalstar.com/news/national/wells-fargo-fires-workers-fined-million-in-...

 

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.Smiley Very Happy



TU fico08=831 05/31/18
EX fico08=800 06/18/18
EQ fico08=826 04/18/18
EX fico09=823 06/02/18
EQ fico bankcard08=856 05/22/18
Message 26 of 44
Super Contributor

Re: Wells Fargo Fined $185 Million in Fraud Case


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.

https://www.google.com/amp/journalstar.com/news/national/wells-fargo-fires-workers-fined-million-in-...

 

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.Smiley Very Happy


+ a million! I feel the exact same way. I will never again put a dime of my money in a bank! #teamcreditunions 

Message 27 of 44
Highlighted
Super Contributor

Re: Wells Fargo Fined $185 Million in Fraud Case

Thanks baller4life ... the article were very informational. Liked the part about opening 565,xxx credit cards. Unreal! Fire the CEO and claw back funds from management and workers. Closed Wells out back in 2011 when they pulled a consolidate my insurance but not cover me so I get a cancel notice ... their response we just haven't had time.
Starting Score: 829 Fico TU08
Current Score: 835 Fico TU08
Goal Score: 850


Take the myFICO Fitness Challenge
Message 28 of 44
Valued Contributor

Re: Wells Fargo Fined $185 Million in Fraud Case


RBM3 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. 

Message 29 of 44
Regular Contributor

Re: Wells Fargo Fined $185 Million in Fraud Case

Looks like this has been going on alot longer than initially thought. Possibly as far back as 2008.

 

CNN - Wells Fargo workers: Fake accounts began years ago

Message 30 of 44