Former Wells Fargo employee recounts unauthorized accounts scam

Early in September, Wells Fargo Bank was hit with a $185 million fine for illegally opening millions of deposit and credit card accounts. Officials said this was done to boost sales figures by secretly transferring money from people's authorized accounts without permission.

On Reddit, a former employee at Wells Fargo, user DOfferman7, recalled their own experience watching the scam in action. The user went on to describe that Wells Fargo had daily goals or rather "solutions".

"I was a banker and I needed eight solution a day and one checking account a day," they said. "One solution is either a debit card, savings account, checking account, direct deposit, and I think a credit card is considered a solution but I can't remember."

DOfferman7 then described a fellow employee who, without the customer's knowledge, would open multiple accounts on the customer's behalf. The user claimed they reported this person to Wells Fargo's ethics hotline and to their district manager but the co-worker would end up becoming DOfferman7's manager.

They continued in the comment explaining how the corruption they saw ran from the bottom to the top in Wells Fargo. We've linked the comment below if you're interested in reading.

Wells Fargo has agreed to pay "full restitution to all victims" as well as pay a fine of $100 million to the Consumer Financial Protection Bureau's civil penalty fund. The bank has not admitted or denied any of the allegations towards its banking practices.


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