Over the last year, Wells Fargo has faced a plethora of issues involving scams, improper sales practices, and millions of angry customers. On Thursday, the third-largest bank in the U.S. announced an even bigger scandal.
The bank will have to return a staggering $2.8 million to an additional 1.4 million customers. These victims add to the previous number of customers who have had either a customer or small business account open without their permission.
The new information was revealed on Thursday when a third party was hired to examine accounts spanning back to 2009. The previous review had a shorter timeframe.
The total number of potentially fake bank and credit card accounts is now up to 3.5 million. Moreover, 190,000 of those accounts were given unnecessary fees, an increase of 60,000 that was previously revealed.
Additionally, Wells will have to return $910,000 to around 528,000 people who were enrolled in online bill pay services without giving permission.
According to Reuters, this escalated scandal was revealed almost a year after Wells Fargo reached a $190 million settlement. Later, a chief executive left, and the business had to disclose other sales practice problems.
Wells Fargo CEO Tim Sloan said, “We apologize to everyone who was harmed by unacceptable sales practices that occurred in our retail bank.”
In order to make the situation right, Wells Fargo will reportedly pay a grand total of $6.1 million to refund customers for the unauthorized bank accounts, and $910,000 for the online bill pay enrollment fees. They have also agreed to get rid of their sales goals and install new managers.
Do you bank at Wells Fargo? Please share this to bring awareness to this situation and make sure to protect yourself! If this is your bank, you will also want to be aware of the huge scam involving Wells Fargo customers that has been sweeping the nation.