Wells Fargo Card Fraud

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Bacon
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Wells Fargo Card Fraud

Postby Bacon » Fri Sep 09, 2016 2:35 pm

Just curious, has anyone here been notified of being ensnared in the Wells Fargo card fraud?

The news today says various Wells employees have been committing fraud for the past 5 years (!) by opening up over 2 million deposit and credit card accounts - without the consent or knowledge of the account holders.

Wells has apparently been fined and set aside $5 million for impacted account holders, and I'm assuming, like other wide ranging class suits or impacts, wronged account holders will be notified to participate in any settlement.

I've never been a Wells customer. Thanks


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CarefulBuilder14
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Re: Wells Fargo Card Fraud

Postby CarefulBuilder14 » Sat Sep 10, 2016 10:50 am

No WF history here, but I know someone who used to work there many years ago, and the "sell products no matter what" culture has been around for ages. They get rid of a few salespeople who committed fraud, but not (as far as I'm aware) the higher-ups who set the incentives/expectations and knew/should have known what was going on.

It makes me want to churn and bonus chase their cards, but their cards aren't even worth churning.

It is discouraging how banks screw customers over and over, but the fines don't make much difference. This fine is less than 4% of WF's quarterly income.
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lobbythis
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Re: Wells Fargo Card Fraud

Postby lobbythis » Sat Sep 10, 2016 11:01 am

unlike MF, seems like most people on this forum are intelligent enough to know when random accounts have been opened up under their name/SSN, so im sure everyone here is safe.

but yea, saw that and just laughed because WF are crooks just like any other crook. did not surprise me at all

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Re: Wells Fargo Card Fraud

Postby Tubpbs » Sat Sep 10, 2016 3:25 pm

lobbythis wrote:unlike MF, seems like most people on this forum are intelligent enough to know when random accounts have been opened up under their name/SSN, so im sure everyone here is safe.

but yea, saw that and just laughed because WF are crooks just like any other crook. did not surprise me at all


Are these accounts supposed to be under the person's profile (i.e. Statements are mailed to the home etc) or were they hidden / stealth accounts?

It seems insane to me that someone could have checking or savings accounts or credits cards opened in their name that they get statements for and not notice it..

Also, aren't these people sort of ripping Wells Fargo off a little as well? They're getting a bonus / commissions for opening these fake accounts no?
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Bacon
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Re: Wells Fargo Card Fraud

Postby Bacon » Sun Sep 11, 2016 7:27 pm

Tubpbs wrote:
lobbythis wrote:unlike MF, seems like most people on this forum are intelligent enough to know when random accounts have been opened up under their name/SSN, so im sure everyone here is safe.

but yea, saw that and just laughed because WF are crooks just like any other crook. did not surprise me at all


Are these accounts supposed to be under the person's profile (i.e. Statements are mailed to the home etc) or were they hidden / stealth accounts?

It seems insane to me that someone could have checking or savings accounts or credits cards opened in their name that they get statements for and not notice it..

Also, aren't these people sort of ripping Wells Fargo off a little as well? They're getting a bonus / commissions for opening these fake accounts no?



Yes, the fraud was committed by employees to meet sales goals and theoretically hit personal commissions and bonuses. Supposedly 5300 employees have been let go. Affected consumers are getting 5 million, the feds and regulatory agencies are getting 185 million from Wells.

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Re: Wells Fargo Card Fraud

Postby Tubpbs » Sun Sep 11, 2016 8:02 pm

I know all that but how does someone not notice if they have additional accounts all of a sudden? It seems ridiculous...a million and a half times over.
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Bacon
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Re: Wells Fargo Card Fraud

Postby Bacon » Mon Sep 12, 2016 10:51 am

Tubpbs wrote:I know all that but how does someone not notice if they have additional accounts all of a sudden? It seems ridiculous...a million and a half times over.



I think the people on this forum are above average in terms of monitoring their credit score and card and account statements. Agree it is amazing as the fraudulent accounts were funded or paid fees by employees transferring money between customers' accounts (between legitimate accounts and fraudulent accounts).

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Re: Wells Fargo Card Fraud

Postby Tubpbs » Mon Sep 12, 2016 7:48 pm

Bacon wrote:
Tubpbs wrote:I know all that but how does someone not notice if they have additional accounts all of a sudden? It seems ridiculous...a million and a half times over.



I think the people on this forum are above average in terms of monitoring their credit score and card and account statements. Agree it is amazing as the fraudulent accounts were funded or paid fees by employees transferring money between customers' accounts (between legitimate accounts and fraudulent accounts).


It's really mind boggling. And it went on for 5 years and I'm sure is still going on potentially. People can't stop once they start...
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Re: Wells Fargo Card Fraud

Postby Vattené » Thu Sep 15, 2016 3:36 pm

CarefulBuilder14 wrote:It makes me want to churn and bonus chase their cards, but their cards aren't even worth churning.

That was exactly my reaction. I looked at their credit card products just to see what all they offered and it's all mediocre at best.

CarefulBuilder14 wrote:It is discouraging how banks screw customers over and over, but the fines don't make much difference. This fine is less than 4% of WF's quarterly income.

Just a business expense.
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Re: Wells Fargo Card Fraud

Postby TXviking » Sat Sep 17, 2016 12:16 am

I never caught Wells Fargo outright defrauding me, but they still screwed me over so badly I wouldn't use them again if they were the only bank on the planet. :rant: :beat:

I have to admit to a certain amount of schadenfreude at the news of their record fine. Even if it's just a drop in the bucket to them, it couldn't have happened to a nicer group of Ferengi.



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