The Logical Leftist
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Things Keep Getting Worse For Wells Fargo
Posted
August 31, 2017
Views
8,471
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230
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August 31, 2017
8,471
230
44
3.23%
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The findings show that Wells Fargo's problems are worse than the bank previously admitted to when the scandal began almost a year ago.
Wells Fargo (WFC) now says it has found a total of up to 3.5 million potentially fake bank and credit card accounts, up from its earlier tally of approximately 2.1 million. In other words, there are two-thirds more fake accounts than previously realized.
The additional fake accounts were discovered by a previously announced analysis that went back to January 2009 and that further reviewed the original May 2011 to mid-2015 period.
About 190,000 accounts were slapped with unnecessary fees for these accounts, Wells Fargo said. That's up from 130,000 previously.
Wells Fargo also discovered a new problem: thousands of customers were also enrolled in online bill pay without their authorization. The review found 528,000 potentially unauthorized online bill pay enrollments.
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