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Did Wells Fargo charge you because of a fake account?
Old 09-08-2016, 06:15 PM   #1
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Did Wells Fargo charge you because of a fake account?

I don't have an account with them, thankfully, but if you did and were charged overdraft, or credit card fees, by surprise, maybe this is why.

How can we trust bank employees who get bonuses based on sales ?

5,300 Wells Fargo employees fired over 2 million phony accounts - Sep. 8, 2016

"
Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts -- without their customers knowing it -- since 2011.
The phony accounts earned the bank unwarranted fees and allowed Wells Fargo employees to boost their sales figures and make more money.


"Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses," Richard Cordray, director of the Consumer Financial Protection Bureau, said in a statement.

Wells Fargo confirmed to CNNMoney that it had fired 5,300 employees over the last few years related to the shady behavior. Employees went to far as to create phony PIN numbers and fake email addresses to enroll customers in online banking services, the CFPB said "
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Old 09-08-2016, 07:03 PM   #2
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Stunning revelation. Mom has a Well Fargo bank account that I started regularly monitoring in early 2014 so I know nothing happened since then... prior to that I have no idea.
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Old 09-08-2016, 07:16 PM   #3
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WF customer since 1994 with checking, brokerage, etc. Never been charged a fee that stuck. Back in 1996 I think they tried to institute a $1 per month statement fee which didn't work as we always got the fee reimbursed. It probably took more than $1 of their time to deal with complaints, so they got rid of it. No fees before or since.
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Wells Fargo & Fake Accounts
Old 09-08-2016, 07:27 PM   #4
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Wells Fargo & Fake Accounts

This comes as no surprise as I have two coworkers who were former W.F. bank branch employees. Both told me how they were constantly harangued by branch managers to "upsell" customers for additional services, accounts, investment products, etc. Their performance reviews, raises & bonuses were heavily weighted by these "sales".

We are long term WF bank customers and I found those sales tactics by tellers to be annoying. It seems recently that our local branch has backed off on that approach.
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Old 09-08-2016, 08:07 PM   #5
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Seems like a criminal offense to me.


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Old 09-08-2016, 08:12 PM   #6
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This comes as no surprise as I have two coworkers who were former W.F. bank branch employees. Both told me how they were constantly harangued by branch managers to "upsell" customers for additional services, accounts, investment products, etc. Their performance reviews, raises & bonuses were heavily weighted by these "sales".



We are long term WF bank customers and I found those sales tactics by tellers to be annoying. It seems recently that our local branch has backed off on that approach.

Well at least they asked!



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Old 09-08-2016, 09:11 PM   #7
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Originally Posted by Sunset View Post
I don't have an account with them, thankfully, but if you did and were charged overdraft, or credit card fees, by surprise, maybe this is why.

How can we trust bank employees who get bonuses based on sales ?

5,300 Wells Fargo employees fired over 2 million phony accounts - Sep. 8, 2016

"
Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts -- without their customers knowing it -- since 2011.
The phony accounts earned the bank unwarranted fees and allowed Wells Fargo employees to boost their sales figures and make more money.


"Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses," Richard Cordray, director of the Consumer Financial Protection Bureau, said in a statement.

Wells Fargo confirmed to CNNMoney that it had fired 5,300 employees over the last few years related to the shady behavior. Employees went to far as to create phony PIN numbers and fake email addresses to enroll customers in online banking services, the CFPB said "
The story doesn't sound complete. Employees created unauthorized accounts using your name and address. You would've received the paperwork and debit card or credit card the bank sent. If you didn't want them you would call the bank and close them. If you kept them open you would've received statements. How can you be charged overdraft fees if you never use them? Among all the unauthorized accounts, how many accounts generated how much fees the bank didn't reverse? I doubt the consumers affected actually paid much in fees.
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Old 09-08-2016, 09:17 PM   #8
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I had a Wells Fargo mortgage, a WF checking account, and a WF HSA account. Only the HSA account is still active but not for long because they recently sold their HSA business to Optum Bank. I never had any negative issues with WF like extra charges or being harassed by the sales staff. They were always helpful in notarizing any documents I needed signed, no charge. Just recently closed my WF checking account to take advantage of a Chase bonus offer.
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Old 09-08-2016, 09:18 PM   #9
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If only customers could get a balance between that sort of thing and the obstructiveness banks are also known for. When a bank wants new business they make things easy. Within the past few years I've gone into a bank, been offered a credit card, and been approved without showing any ID or being asked for any non-public info. Just name and address and the card was on its way.
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Old 09-08-2016, 10:24 PM   #10
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This stuff was well known for a long time Most of the retail banks beat the crap out of the front line employees to get sales, not just Wells.

PS, Been a Wells Fargo customer for over 30 years, never had and services or products crammed on my account.
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Old 09-08-2016, 10:37 PM   #11
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The story doesn't sound complete. Employees created unauthorized accounts using your name and address. You would've received the paperwork and debit card or credit card the bank sent. If you didn't want them you would call the bank and close them. If you kept them open you would've received statements. How can you be charged overdraft fees if you never use them? Among all the unauthorized accounts, how many accounts generated how much fees the bank didn't reverse? I doubt the consumers affected actually paid much in fees.
I know it sounds crazy and mostly illegal, but people will do all sorts of terrible stuff because the boss ordered it.

How much, if you read the article, they are setting aside $5 Million to repay customers. Who knows what the real number would be, although you would think the Bank has records and can tell the real number.
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Old 09-09-2016, 04:41 AM   #12
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We have two checking accounts with debit cards, no credit cards with Wells Fargo. Never paid a cent in fees. On the contrary we get a free safe deposit box. I have always found the staff to be helpful particularly when dealing with the recent passing of my father.

If a checking account is opened aren't checks mailed to the address? Isn't a credit card mailed to the address?
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Old 09-09-2016, 05:27 AM   #13
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Been a customer since 1991, never had a problem, other than a mail solicitation for a cc, another loan or insurance.
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Old 09-09-2016, 06:51 AM   #14
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Oh the games that get played when objectives are not being met and compensation is on the line. Any how, I have several accounts with WF and not aware of any such shenanigans.
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Old 09-09-2016, 09:28 AM   #15
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Perhaps WF new acronym should be WTF?

If you can't trust your bank, then who can you trust?
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Old 09-09-2016, 09:37 AM   #16
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Perhaps WF new acronym should be WTF?


Seriously though, how exactly would all this work? Assuming a WF employee created a phony account using an actual customer's personal info, how would that account have been funded? And wouldn't any fees that were generated by that fake account have triggered notices (emails, letters, calls, etc.) to the actual customer? Need to read more about this to fully understand it, I guess.
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Old 09-09-2016, 09:52 AM   #17
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This stuff was well known for a long time Most of the retail banks beat the crap out of the front line employees to get sales, not just Wells.

PS, Been a Wells Fargo customer for over 30 years, never had and services or products crammed on my account.
I've frequently hard sells from another large bank, here in America.
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Old 09-09-2016, 09:53 AM   #18
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Seriously though, how exactly would all this work? Assuming a WF employee created a phony account using an actual customer's personal info, how would that account have been funded? And wouldn't any fees that were generated by that fake account have triggered notices (emails, letters, calls, etc.) to the actual customer? Need to read more about this to fully understand it, I guess.

Not phony accounts at all. The accounts were all real accounts, opened without the consent of the customer. As to notices and fees , a lot of people are oblivious to the flood of information from financial institutions , including fees deducted on statements. PS , in the case of opting for online statements, as is encouraged , if you don't look for it , you don't see it. Perhaps the bulk of the unauthorized accounts also had online statements .
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Old 09-09-2016, 09:56 AM   #19
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Seriously though, how exactly would all this work? Assuming a WF employee created a phony account using an actual customer's personal info, how would that account have been funded? And wouldn't any fees that were generated by that fake account have triggered notices (emails, letters, calls, etc.) to the actual customer? Need to read more about this to fully understand it, I guess.
I heard they moving $s temporarily in and out to fund these ficticious accounts.
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Old 09-09-2016, 10:32 AM   #20
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Seems like a criminal offense to me.


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I have no idea why they are not changed.

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