Most people keep their money in a bank account. It is the easiest way to keep track of our money, get paid and save what we earn. Your money is in the hands of an institution at all times, but can you trust them?
One reputable bank raises the question.
Wells Fargo is well-known for charging overdraft fees and anonymous charges for simply having an account with them. People get stuck in accounts with them and they continue to take advantage of every default they can. Recently, they have been charged with committing fraudulent activity that is easily hidden by the basic charges people are used to seeing.
Wells Fargo employees have been accused of creating unauthorized bank accounts and credit card accounts for customers. They move the funds from their actual accounts to these fake accounts and the customer is charged with extra fees, resulting in unwarranted profits. Basically, they are stealing your money.
It has been discovered that customers are unknowingly paying ATM and overdraft fees because of this tactic. Employees are reported to have opened as many as 565,443 fake accounts, which has allowed the bank to accrue $400,000 in fees.
The bank has been charged with $185 million in penalties and has to pay back $5,000,000 to its customers.
Employees are blaming Well’s Fargo’s sales target and strict measures for their unethical acts. It has cost the bank their customers’ trust, however. Several have closed their accounts.
Wells Fargo left a statement saying,” At Wells Fargo, when we make mistakes, we are open about it, we take responsibility and we take action. ”
They are required to notify all of their customers of the scam, but most Wells Fargo customers are still unaware. Be sure to check your bank accounts and keep track of your money on your own. Wells Fargo is not to be trusted.