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Did Wells Fargo charge you because of a fake account?
09-08-2016, 05:15 PM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 16,973
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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
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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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09-08-2016, 06:03 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,204
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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.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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09-08-2016, 06:16 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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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
09-08-2016, 06:27 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Oct 2013
Location: Cholula
Posts: 1,595
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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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09-08-2016, 07:07 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,304
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Seems like a criminal offense to me.
Sent from my iPhone using Early Retirement Forum
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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09-08-2016, 07:12 PM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,304
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Quote:
Originally Posted by candrew
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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Well at least they asked!
Sent from my iPhone using Early Retirement Forum
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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09-08-2016, 08:11 PM
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#7
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Recycles dryer sheets
Join Date: Dec 2008
Posts: 299
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Quote:
Originally Posted by Sunset
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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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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09-08-2016, 08:17 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Posts: 3,221
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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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09-08-2016, 08:18 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Nov 2011
Posts: 3,865
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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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09-08-2016, 09:24 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Jul 2005
Posts: 2,223
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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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09-08-2016, 09:37 PM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 16,973
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Quote:
Originally Posted by thefinancebuff
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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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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09-09-2016, 03:41 AM
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#12
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Recycles dryer sheets
Join Date: Sep 2013
Posts: 106
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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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09-09-2016, 04:27 AM
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#13
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Thinks s/he gets paid by the post
Join Date: Sep 2014
Location: The Great Wide Open
Posts: 3,779
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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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09-09-2016, 05:51 AM
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#14
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gone traveling
Join Date: Sep 2003
Location: DFW
Posts: 7,586
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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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09-09-2016, 08:28 AM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2008
Posts: 13,127
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Perhaps WF new acronym should be WTF?
If you can't trust your bank, then who can you trust?
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
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09-09-2016, 08:37 AM
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#16
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Thinks s/he gets paid by the post
Join Date: Jan 2012
Posts: 2,581
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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.
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09-09-2016, 08:52 AM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2013
Posts: 11,078
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Quote:
Originally Posted by Lakewood90712
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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I've frequently hard sells from another large bank, here in America.
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09-09-2016, 08:53 AM
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#18
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Thinks s/he gets paid by the post
Join Date: Jul 2005
Posts: 2,223
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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 .
__________________
" A person is smart, but People are dumb, dangerous, panicky animals, and you know it " Agent "K", Men in Black
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09-09-2016, 08:56 AM
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#19
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gone traveling
Join Date: Sep 2003
Location: DFW
Posts: 7,586
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I heard they moving $s temporarily in and out to fund these ficticious accounts.
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09-09-2016, 09:32 AM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2013
Posts: 11,078
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Quote:
Originally Posted by jazz4cash
Seems like a criminal offense to me.
Sent from my iPhone using Early Retirement Forum
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+1
I have no idea why they are not changed.
Sent from my SAMSUNG-SM-G920A using Early Retirement Forum mobile app
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