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Wells Fargo bank employees caught stealing, at least 5.3K fired    

Wells Fargo Logo (Photo Source: Twitter/ Wells Fargo Verified account @WellsFargo)

Wells Fargo Logo (Photo Source: Twitter/ Wells Fargo Verified account @WellsFargo)

If you’re a Wells Fargo bank customer you should start gathering your past bank records. It has been revealed that  workers at the banking giant have been manipulating depositor’s money and accounts. A federal investigation revealed that employees of Wells Fargo across the country have been illegally opening new accounts that include checking, savings and credit cards without a customer’s permission or knowledge. According to Richard Cordray, director of the Consumer Financial Protection Bureau, “Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses.”

This includes transferring money from existing accounts to the new fraudulent accounts, resulting in overdraft fees that garnered the bank $400K in profit each year. Wells Fargo Bank is the country’s biggest bank worth close to $250 billion and is owned by Warren Buffett, one of the most successful businessmen in America and the world.

It has been revealed that 5,300 employees have been fired for creating more than two million phony accounts. The scheme allowed the employees to increase their sales figures and make more money with raises and incentives. Bank employees created phony PIN numbers and fake email addresses to enroll customers in online banking services and move money. Customers were charged for insufficient funds or overdraft fees, because the money was stolen from their original accounts. Wells Fargo employees also submitted applications for 565,443 credit card accounts without customers’ knowledge or consent. At least 14Kof those accounts incurred over $400K in fees, including annual fees, interest charges and overdraft-protection fees.

Wells Fargo stated, “We regret and take responsibility for any instances where customers may have received a product that they did not request.”

The bank must know pay $185 million in fines and reimburse customers at least $5 million. The money breaks down as follows:

  • $100 million CFPB’s Civil Penalty Fund,
  • $35 million Office of the Comptroller of the Currency
  • $50 million will be paid to the City and County of Los Angeles.

The scheme seems to have started in 2011 and the 5,300 employees were fired over the years. Wells Fargo has not commented on when they hired an auditor and became aware of the issue. In 2015, a lawsuit was filed by a Los Angeles law firm for a customer. After filing the suit, the firm received more than 1K calls and emails from customers. They also were contacted by current and former Wells Fargo employees about the allegations. Critics are stating that fines leveled against the bank are not enough and the scope of the impact to customers is still unknown. Wells Fargo issued the following statement for customers who night be affected:

Wells Fargo (Photo Source: Twitter/ Wells Fargo Verified account @WellsFargo)

Wells Fargo Logo (Photo Source: Twitter/ Wells Fargo Verified account @WellsFargo)


  1. Blu Loony on September 9, 2016 at 10:14 am

    Big mistake, Wells Fargo stock should be nosediving soon. Wells Fargo just fires 5,300 over fraud, that’s a lot of bad people in one place. Wells Fargo needs some new horses to pull the aging stagecoach.


    Too many people have been hurt by Wells Fargo.

    • Sol Rothstein on September 9, 2016 at 11:29 am

      From a business stand point…firing 5300 employees is a PROFIT INCREASE….The fee’s of $185 MM is bad, but they have insurance that will cover the cost of employee crimes.

      • WHaleWIllie on September 9, 2016 at 12:25 pm

        SOl shut yo gapin’ pie hole. YA know nuthin’ ’bout nuthin’. GO back to yo crazy nigga-jew jew-nigga pretend world. DUnno what ta even call it. HYmie gots lots o’ cash an’ finds himself a nice afro bride. HUmpta humpta all night long grabbin’ on d’at star o’ david. WOo hoo

        I’Se be pickin’ scabs offa da scabs of ma big fat black ass an’ I’Se be readin’ di’s wit’ disbelief. WElls FArgo been givin’ jobs ta brothas an’ sistas fo (as a racist cracka once said) a coon’s life. TIme ta fight back. NIggas gots ta do what niggas gots a do. TIme ta take it to da streets.

        REminds me o’ da time CHris ROck n’ I’Se got so drunk, we wind up in da gay village in SAn FRan. CHRis be lookin’ ova dis beef-cake not realizin’ it was a flame broiled he-she. DAmn he be pukin all ova da place. I’Se laugh so hard I’Se poop my already soiled jeans. TOo bad CHris gone. CAn thank TOnka TAnk KEvin JAmes fo’ runnin’ him ova wit’ da’t UPS truck. JUst t’ink, one less pastry delight an’ CHris be all ‘live

        WAs watchin’ FAmily FUed da otha day. STeve HArvey need ta STFU. LOoks choco covered m&m grimace

        • Sol Rothstein on September 10, 2016 at 3:38 pm

          Praise your stupidity…LOL…you funny.

  2. Just Saying on September 9, 2016 at 10:46 am

    Ive known several people that work for Wells and the pressure is so high for them to get people to open different accounts. The have quotas they have to reach every month or get written up. I can totally see this happening.

  3. Blu Loony on September 9, 2016 at 12:06 pm

    Dear Mo, How should I leave a comment so you don’t mark it as spam?