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Turns Out Wells Fargo Opened a LOT of Fake Accounts

We know that some of the folks over at Wells Fargo were a pretty rotten bunch.

Well, it seems they were even worse than we previously thought.


According to CNN Money, as Wells continues its extensive research and analysis into just what happened there, the bank has learned of up to 1.4 million more fake accounts than it thought it had already uncovered.

The total number of fake accounts, before this latest discovery, stood at 2.1 million. Now, it looks like there were as many as 3.5 million fake bank and credit card accounts, in total, opened by Wells personnel.

To make matters worse, this latest inquiry turned up a brand new problem: The company’s investigation revealed that thousands of customers were enrolled in online bill pay without their authorization. Wells has learned of as many as 528,000 online bill pay enrollments that were initiated without customer permission.

Key personnel at Wells blamed unrealistic sales goals, along with the application of great pressure on staff to meet those goals, as the reason for all of the trouble. Wells has since moved entirely away from sales quotas as a part of its business model, replaced its management team, and is trying to make things up to wronged customers in the form of millions of dollars in refunds.

Wells had previously said it would pay out $3.3 million in refunds. That number is now up to $6.1 million. What’s more, it now says it will be paying $910,000 in refunds to the 528,000 customers who were enrolled in online bill pay without their authorization.

By Robert G. Yetman, Jr. Editor At Large