WOW!
Wells Fargo workers opened sham accounts in customers’ names for years to hit internal targets, and the bank was fined $185 million
Thursday, September 8, 2016 3:21 PM EDT
Credit cards issued secretly without a customer’s consent. Bank employees creating fake email accounts to sign up customers for online banking services. Customers accumulating late fees on accounts they never even knew they had.
Those illegal banking practices were widespread and pervasive at Wells Fargo, which on Thursday was fined $185 million, including a $100 million penalty from the Consumer Financial Protection Bureau, the largest such penalty the agency has ever issued.
In all, Wells Fargo employees opened roughly 1.5 million bank accounts and applied for 565,000 credit cards that may not have been authorized by their customers, the regulators said.
NYTimes.com
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