Unfortunately, this meant close to 190,000 customers were charged additional fees like overdraft and interest on accounts they did not authorize in the first place. Indeed, a total of around 3.5 million fake credit card and bank accounts were opened by Wells Fargo employees during this period in order to tip their sales numbers higher. Why would so many employees do this? It became apparent that the sales culture of the bank was at fault, and necessary sales targets set for employees were high enough that employees were incentivized to open fake accounts in order to qualify for certain bonuses. Indeed, the issue made headlines in 20 when it was found that Wells Fargo employees had opened millions of false bank accounts in their customers’ names. If you’ve heard of an issue with fake bank accounts, you probably heard of the Wells Fargo scandal specifically.
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