WELLS FARGO SCANDAL FAR FROM OVER: 1.4 MILLION NEW UNAUTHORIZED ACCOUNTS FOUND
Unless you lived under a rock last year, than you will remember when news broke about the scam of the year ( besides that "election" we just had) that exposed Wells Fargo for opening 2.1 million fraudulent bank and credit card accounts. Well according to reports from CNN Money , that number has just risen to 3.5 million, after uncovering 1.4 million more unauthorized accounts. Of those accounts about 190,000 were said to be hit with avoidable fees ; this number also increased from the originally reported 130,000. If that's not enough to make you gawk, Wells Fargo also has to deal with the thousands of customers who were enrolled in online bill pay, without their knowledge or consent. Upon review, there was a staggering 528,000 unlawful enrollments.
While these offenses are inexcusable, Wells Fargo is reportedly using the pressure of their unrealistic sales goals as an explanation for the opening of the unauthorized bank accounts and bill pay. After much public outcry they offered up the solution of bringing in new management , doing away with the old sales goal policy and rightfully paying out the millions they stole as refunds to their customers.
The total of the payouts has increased from $3.3 million to $6.1 million, which will be refunded to the customers who had bank and credit card accounts opened in their name fraudulently . As well, Wells Fargo has promised to pay $910,00 to repay customers for the 528,000 inaccurate bill pay enrollments.
Wells Fargo was trying hard to repair and rebuild after the scandal news hit last year, but with this new influx of information it would seem that their trouble is far from over and there is surely a long road to recovering their customer's trust.
We will definitely be following this story as it develops.
Do you believe you've been a victim of this fraudulent account scandal? Wells Fargo is imploring customers to call this dedicated hotline: 1-877-924-8697