Wells Fargo finds an additional 1.4 million fake accounts

Wells Fargo finds an additional 1.4 million fake accounts
AUG 31, 2017 news

Wells Fargo said Thursday that it had potentially opened an additional 1.4 million sham accounts that its customers didn’t want or know about, bringing the total number to 3.5 million.

Wells Fargo’s initial estimate, 2.1 million, was based on a review of data between 2011 and mid-2015. But under pressure from Congress, the San Francisco megabank extended its review to 2009 and found that the practice had been going on far longer than it had estimated.

“We apologize to everyone who was harmed by unacceptable sales practices that occurred in our retail bank,” chief executive Tim Sloan said in a statement. “To rebuild trust and to build a better Wells Fargo, our first priority is to make things right for our customers, and the completion of this expanded third-party analysis is an important milestone.”

Of the 3.5 million unauthorized accounts, which include credit cards and bank accounts, about 190,000 incurred fees and charges to customers. The bank said it would give more than $6 million in refunds and credit to address the matter.