A bank spokeswoman declined to say whether any senior executives had been reprimanded or fired in the scandal. Wells said the employees who were terminated included managers and other workers. “Unchecked incentives can lead to serious consumer harm, and that is what happened here,” said Richard Cordray, director of the Consumer Financial Protection Bureau. Regulators said the bank’s employees had been motivated to open the unauthorized accounts by compensation policies that rewarded them for opening new accounts many current and former Wells employees told regulators they had felt extreme pressure to open as many accounts as possible. Wells Fargo is famous for its culture of cross-selling products to customers - routinely asking, say, a checking account holder if she would like to take out a credit card. Wells has agreed to refund about $2.6 million in fees that may have been inappropriately charged. But most of the sham accounts went unnoticed, as employees would routinely close them shortly after opening them. Some customers noticed the deception when they were charged unexpected fees, received credit or debit cards in the mail that they did not request, or started hearing from debt collectors about accounts they did not recognize.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |