Banking giant Wells Fargo was fined $185 million for opening customer accounts and conducting transactions without permission. The Consumer Financial Protection Bureau imposed the fine on Wells Fargo, which reportedly fired approximately 5,300 who signed up nearly two million customers for fake accounts dating as far back as 2011.
Wells Fargo employees reportedly opened unauthorized accounts, transferred funds without permission, and submitted credit card applications in customers’ names without their consent. Wells Fargo is said to have pocketed nearly $400,000 in annual fees, interest charges and overdraft protection fees from fraudulent credit card accounts alone. Many unsuspecting customers had money taken from their accounts and were never made whole even when the fraud was exposed. Adding more insult to injury, the executive in charge of the banking unit embroiled in the scandal recently retired from Wells Fargo and received $124.6 million in benefits.
If you or someone you know banked with Wells Fargo or another financial institution and have been a victim of fraudulent account creation or unauthorized transactions, contact us. Our class action attorneys are experienced in consumer protection lawsuits and can advise you of your legal rights and options.