Wells Fargo Charged With Ripping Off Customers
- 5 years ago
Wells Fargo is accused of opening up accounts and credit cards in customers' names without their authorization.
The accounts are being opened by Wells Fargo employees under pressure to meet unrealistic sales goals and quotas, according to the civil complaint filed by the Los Angeles City Attorney.
The complaint charges that bank employees opened new accounts for existing customers without their authorization, in order to meet sales quotas. The employees also allegedly transferred money from customers' authorized accounts to pay fees on the unauthorized accounts.
When fees on unauthorized accounts went unpaid, some customers were placed into collection. Others had negative information placed on their credit reports as a result.
Full story: http://money.cnn.com/2015/05/05/news/companies/wells-fargo-customer-accounts/
The accounts are being opened by Wells Fargo employees under pressure to meet unrealistic sales goals and quotas, according to the civil complaint filed by the Los Angeles City Attorney.
The complaint charges that bank employees opened new accounts for existing customers without their authorization, in order to meet sales quotas. The employees also allegedly transferred money from customers' authorized accounts to pay fees on the unauthorized accounts.
When fees on unauthorized accounts went unpaid, some customers were placed into collection. Others had negative information placed on their credit reports as a result.
Full story: http://money.cnn.com/2015/05/05/news/companies/wells-fargo-customer-accounts/