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Wells Fargo clients began to notice the fraud after being charged unanticipated fees and receiving unexpected credit or debit cards or lines of credit. Initial reports blamed individual Wells Fargo branch workers and managers for the problem, as well as sales incentives associated with selling multiple "solutions" or financial products.
What happens if your bank opened up a fake account in your name – do you cancel the account or leave the fake account in your name?
The person she was speaking to on the phone was not a Wells Fargo rep, as she discovered when she went into the bank to confirm that she'd been talking to a legitimate customer service staff member.
Wells Fargo, Chase and Bank of ... criminals to make bogus fraud claims that institutions would have to pay — raising the app's costs and driving away credit unions and community and minority ...
Carrie L. Tolstedt is an ousted American banking executive and former head of the community banking division at Wells Fargo, [1] from which she retired in 2016 before the company's account fraud scandal came to light. In 2017, Wells Fargo retroactively fired Tolstedt for cause. In 2023, she would plead guilty to obstructing a bank examination.
The bank will pay $185M in penalties and $5M to customers that were pushed into fee-generating accounts, officials said on Thursday.
In December 2023, claim forms began mailing to millions of business owners in the class who accepted Visa and/or Mastercard payment cards during the 15-year class period from January 1, 2004, to January 25, 2019. [3] The claims period was extended from May 31 to August 30, 2024, and further extended to February 4, 2025.
“Defendants’ failures resulted in millions of complaints about Zelle fraud at (JP Morgan Chase, Bank of America and Wells Fargo) alone, including complaints of over $290 million in fraud ...