Wells Fargo employees created millions of fake accounts

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InCreditWeTrust
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Wells Fargo employees created millions of fake accounts

Postby InCreditWeTrust » Thu Sep 08, 2016 7:09 pm

https://www.youtube.com/watch?v=uSkTKRPp820


Wells Fargo fires 5,300 employees for creating fake bank and credit card accounts and laundering money from actual customer accounts to these fake accounts.


As a Wells Fargo customer this is quite concerning, I wonder how deep this went. I also wonder how prevalent this practice is in other banks.

If you guys are WF customers will you continue to do banking with WF?


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Re: Wells Fargo employees created millions of fake accounts

Postby JustRewards » Tue Sep 13, 2016 3:12 pm

My guess is that this isn't an isolated event with a single major bank. All the big bank holding companies that have thousands of branches across the country have similar incentive programs for their poorly compensated line personnel. I used to work for a large bank years ago and I remember they offered employees $20 a pop at the time for new accounts that were brought in with paper applications that contained the employee's assigned tracking code. I don't bank with Wells Fargo so I can't tell you what I would do beyond checking your credit report on a semi-regular basis to make sure you haven't been caught up in the scam. That advice goes for anyone really, regardless of where they bank. Good luck.

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Re: Wells Fargo employees created millions of fake accounts

Postby TyE » Tue Sep 13, 2016 3:45 pm

It's crazy to see how shady employees of banks are becoming. I read an article a few months back on how tellers are selling customer's info to identity thieves for a lot of money. These tellers make what $12-$13 an hour and by selling people's personal info, they are making thousands.... Scary to see this happening. Looks like I will be putting my money into bitcoin sooner than later.

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Re: Wells Fargo employees created millions of fake accounts

Postby Stros05 » Thu Sep 22, 2016 10:10 am

It shows that you have to be careful how you incentivize people. When you put a carrot out there for someone to get, make sure you have the proper controls in place so they do not obtain it the wrong way.

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InCreditWeTrust
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Re: Wells Fargo employees created millions of fake accounts

Postby InCreditWeTrust » Sun Oct 02, 2016 1:09 pm

I am planning on leaving Wells Fargo. That bank is too shady.

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Re: Wells Fargo employees created millions of fake accounts

Postby Tubpbs » Sun Oct 02, 2016 2:17 pm

InCreditWeTrust wrote:I am planning on leaving Wells Fargo. That bank is too shady.


You must realize they're all the same... At least the big four.
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InCreditWeTrust
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Re: Wells Fargo employees created millions of fake accounts

Postby InCreditWeTrust » Sun Oct 02, 2016 6:25 pm

Tubpbs wrote:
InCreditWeTrust wrote:I am planning on leaving Wells Fargo. That bank is too shady.


You must realize they're all the same... At least the big four.



Yeah not going with any of the big 4 banks.

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Re: Wells Fargo employees created millions of fake accounts

Postby Tubpbs » Sun Oct 02, 2016 6:29 pm

Fair enough.

They'll all continue to do whatever they want until someone goes to jail.
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Re: Wells Fargo employees created millions of fake accounts

Postby Vattené » Wed Oct 05, 2016 2:24 pm

Fines obviously aren't punitive enough to change any behavior. If they don't see customers leaving en masse what hope is there that anything will ever change? Sure, they won't like all the temporary negative press when a scandal breaks out, but if it doesn't hurt the bottom line then it doesn't matter. If they're all the same, take your business to a small/local bank. I've found there's nothing a giant bank can do for me* that a local bank can't do just as well.

*As far as deposit accounts, at least. I admit I do use big banks for credit cards (smaller banks offer rewards, but there is a clear difference between them and big banks when it comes to that - plus if one of my credit card issuers did something I was that disgusted with I'd have no problem leaving them) and my mortgage (only because I didn't have any control over what bank ended up getting my mortgage).
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Re: Wells Fargo employees created millions of fake accounts

Postby InCreditWeTrust » Wed Oct 05, 2016 9:51 pm

Vattené wrote:Fines obviously aren't punitive enough to change any behavior. If they don't see customers leaving en masse what hope is there that anything will ever change? Sure, they won't like all the temporary negative press when a scandal breaks out, but if it doesn't hurt the bottom line then it doesn't matter. If they're all the same, take your business to a small/local bank. I've found there's nothing a giant bank can do for me* that a local bank can't do just as well.

*As far as deposit accounts, at least. I admit I do use big banks for credit cards (smaller banks offer rewards, but there is a clear difference between them and big banks when it comes to that - plus if one of my credit card issuers did something I was that disgusted with I'd have no problem leaving them) and my mortgage (only because I didn't have any control over what bank ended up getting my mortgage).



I agree. I recently read Wells Fargo stocks fell by 9% which is a pretty big hit. If a large influx of customers begin pulling out their money; we may very well see why its important to have a bank that is FDIC insured... What happens if Wells Fargo falls? Will debt be written off?

I think if the decline continues and customers begin leaving and Wells Fargo actually loses big money, we will see Wells Fargo close down more branches and cut staff. Even some states are not doing business with WF.



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