Customers who had accounts opened in their name with neither their knowledge nor their permission were hit with fees for failing to take actions (like paying bills or maintaining minimum balances) they had no idea they were on the hook for.
And when those customers sued, Wells Fargo argued they shouldn’t be allowed, since as customers they had agreed to arbitration-only rules without knowing it, since that was in their adhesion contract. (Wells should’ve just added into the adhesion contract that sales people could hit their quotes by opening accounts unilaterally then all would have been good, right?)
Since Wells is supposed to actually get customers to open credit card accounts now because they actually want the accounts they’ve been trying to figure out how their cards can give customers a tingly sexy feeling.
Meanwhile a new review finds that there were actually 3.5 million — not just 2 million — fake accounts.
They also found “528,000 potentially unauthorized online bill-pay enrollments.”
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Not surprisingly Wells Fargo “isn’t planning additional” reviews of its fraudulent practices, despite not covering,
other areas in which the bank has been accused of wrongdoing, including improperly withholding refunds that were due to some car loan customers and charging some customers for auto insurance that they did not need.
The bank has also been accused of handling mortgages improperly by making unauthorized changes to the loans of borrowers in bankruptcy (which it has denied) and charging customers fees to extend applications that it delayed (an issue the bank said it is looking into).