Wells Fargo is catching up to HSBC and Deutsche Bank as a dirty bank. From Simon Black at sovereignman.com:
Last week Wells Fargo paid the largest fine yet for one of it’s many scandals– $3 billion.
This time, the fine was for opening bank accounts under customers’ names without the customers’ knowledge or consent.
Workers at Wells Fargo did this to boost their own sales goals. They forged customers’ signatures, falsified records, and engaged in outright fraud.
This internal identity theft ended up costing customers millions of dollars in unnecessary fees and overdraft charges. And it went on for fourteen years.
This was no accident, one-off, or a case of a few bad apples. In fact, this wasn’t even close to the only scandal Wells Fargo has been fined for over the past few years.
Wells Fargo also sold customers car insurance they didn’t need, and charged erroneous fees which caused 20,000 cars to be wrongly repossessed.
A computer glitch once caused over 500 Wells Fargo customers to have their houses foreclosed on.
