Another banking scandal would hardly surprise anybody, as such things happen all the time. Wells Fargo is just one of many reasons why people get suspicious about banks. There are millions of customers who were affected by this sad story. The latest Wells Fargo’s trick involved the Department of Labor and was revealed recently.
A week before the latest scandal, the company signed a billion dollar check. Their scheme involved car insurance, allowing the company to take advantage of 570,000 customers. The bank even admitted that 20,000 of these people got their SUVs, trucks, and cars repossessed because they couldn’t afford the premiums that Wells Fargo forced them to buy.
In November 2017, Wells Fargo faced troubles for illegally repossessing cars owned by military members and their families. In October, it turned out that the company intentionally promoted risky investments that had a high probability of losing their value. The same month, Wells Fargo admitted that they erroneously charged fees. More than 100,000 customers became victims of the mistake made by the bank.
In 2016, employees from the Californian branch of Wells Fargo were convicted of selling their customers’ private data, including Social Security numbers, to an organization specialized in identity theft. After that, millions of customers were affected by the infamous “fake accounts” scandal. There were tens of millions of accounts created using fake identities.
This week, the bank made headlines once again, this time, because of retirement accounts. Currently, Wells Fargo is under investigation for intentionally charging higher fees and costs. Retirement accounts are very profitable for the bank, which cannot be said about the bank’s customers.
Wells Fargo is not the only bank with such a kind of reputation, it just has been caught more often than others. Almost all banks, including Citigroup, Bank of America, JP Morgan, and Barclays, have been caught on defrauding their customers and misleading the public.
Nevertheless, none of the Wells Fargo executives have faced any jail time, neither have they been convicted of financial crimes. Quite the contrary, the executive responsible for the fake accounts scandal has left the company in 2016 with $67 million in severance pay. His successor got a 35% increase in salary when the bank’s share price dropped.
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