Wells Fargo faced a massive fake account scandal where employees opened up to 3.5 million unauthorized bank and credit card accounts between 2002-2017 to meet unrealistic sales goals. The bank fired 5,300 employees but many argue the low-level employees were compelled by superiors. Wells Fargo paid out $142 million in settlements and refunded over $6 million to customers for improper charges. The CEO was fired and reforms were implemented, but the author remains skeptical and plans to close their Wells Fargo accounts.

1. WELLS FARGO
By: Patrick Anderson

2. Fake Account Scandal
■ Scandal lasted for nearly a year
■ 1.4 million additional fraudulent accounts
■ Total of 3.5 million potentially fake bank and credit car accounts
■ Bank admitted that it erroneously charged over 800,000 customers for car loan
insurance they no longer needed
– Causing 25,000 car to get repossessed

3. Wells Fargo Response
■ Wells Fargo blamed unrealistic sales goals on employees for encouraging
unauthorized bill pay and bank accounts openings.
■ Now pay 6.1 million to refund customers
■ 910,000 to refund customers for improper online bill payment enrollments
■ Fired 5300 employees
■ Agreed to 142 million national class action settlement that dates back to 2002.

4. Wells Fargo Reform
■ CEO John Stumf : public relations approach minimized the scandal and disclaimed any
problem at all
– Fired
■ Hired a new CEOTim Sloan , former president and chief operating officer
■ Former Federal Reserve Governor Elizabeth Duke will ascend to boards chair

5. My Opinion as aWells Fargo Customer
■ RemoveWells Fargo board members
■ Although they fired 5300 employees, the majority were low-level employees
– Compelled by superiors to open fraudulent accounts
■ Personally monitor my accounts on a weekly basis
■ Will be leavingWells Fargo this month

6. Works Cited
Egan, Matt. Wells Fargo uncovers up to 1.4 million fake Accounts.
http://money.cnn.com/2017/08/31/investing/wells-fargo-fake-accounts/index.html