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Wells Fargo Finds More Fake Accounts

On Thursday, August 31st, Wells Fargo & Co. said that 1.4 million fake accounts have been discovered, higher than its 2016 total of about 2.1 million. That totals up to 3.5 million possible fake bank and credit card accounts opened without the permission of customers from the years 2009 to 2016.


Wells Fargo found that 528,000 customers were enrolled in online bill pay even without their authorization. Customers were also charged for car insurance that they didn’t know about, causing people to fall behind on their payments. Customers of Wells Fargo sued the company and they said that they suffered from unjustified overdraft operations.


Wells Fargo is currently working on trying to make things right by refunding money to their customers and having new managers make amends.


Wells Fargo CEO Tim Sloan apologized for the error and stated, “To rebuild trust and to build a better Wells Fargo, our first priority is to make things right for our customers, and the completion of this expanded third-party analysis is an important milestone.”



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