SAN FRANCISCO, CA - So what happens when you work for a bank and get caught creating phony accounts that steals money from customers? For one you get fired, but we`re not just talking about one rogue employee here.
Over 5,000 workers have been shown the door after being caught creating over 1.5 million fake bank accounts. Why? It was all in the name of meeting those all-important sales goals.
While the sales team was hitting their quotas Wells Fargo customers were getting hit in the pocket. Some people were charged overdraft fees when their money had been unknowingly moved from their account to fund a fake one opened in their name.
Now it`s Wells Fargo that`s being hit with the fees; they`re in the process of paying $185 million in fines due to the scandal. while employees` heads have rolled because of their faulty practices it`s yet to be seen if some executives will soon be on the chopping block.
The consumer financial protection bureau says Wells Fargo will pay back all customers affected in full. In the meantime, customers of Wells Fargo may be considering a permanent withdrawal.