Anyone bank at Wells Fargo?

[xsubsailor]

5,300 Wells Fargo employees fired over 2 million phony accounts.

On Thursday, federal regulators said Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts -- without their customers knowing it -- since 2011.

 

http://money.cnn.com/2016/09/08/investing/wells-fargo-created-phony-accounts-bank-fees/index.html

[jpx2rk]

Somewhat surprised, but not really.   Big banks like WF & BOA, etc., have monthy, quarterly, annual sales and growth quotas as part of their budgets.  If dept's don't meet their portion of the goal(s), then they get poor annual evaluations, no raises, etc.  Large banks also have incentive plans for employees so if they open up xx number of new credit card accts, they get a $xx bonus or something.  

Article references "robust internal controls", uh no.  

[Raoul]

I'm happy to take money for services to the big banks, but when it comes to my own money I prefer smaller regional banks. If something goes awry I like to think I have a better chance at finding the culprit and extracting a bit of revenge.

[btq96r]

Quote

Wells Fargo is being slapped with the largest penalty since the CFPB was founded in 2011. The bank agreed to pay $185 million in fines, along with $5 million to refund customers.

I'm not wearing my glasses, so I'm hoping I missed the part where people go to prison for credit fraud and criminal conspiracy.  Probably shouldn't hold my breath.  $190 million is a pittance for a bank like Wells Fargo.  Individuals committed these acts, and with the number of people that did, it couldn't have been individuals acting on their own thoughts. 

[A.J. Holst]

I'm sure our 5 remaining too-big-to- fail, now-control-more-of-the-market- than -in-08 bank corps are drooling over the possibility of negative interest rates. 

 

[DWARREN123]

5.300 employees need to go to jail!

Along with some supervisors.

Edited September 9, 2016 by DWARREN123

[SquidBilly]

Now I know why the girl at my bank insisted on a savings account when all I wanted to open was a checking. Quota!