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However, if you were a victim of fraud — for example, someone hacked into your bank account or stole your identity — you may have more luck in getting your money back.
Wells Fargo's sales culture and cross-selling strategy, and their impact on customers, were documented by the Wall Street Journal as early as 2011. [5] In 2013, a Los Angeles Times investigation revealed intense pressure on bank managers and individual bankers to produce sales against extremely aggressive and even mathematically impossible [7] quotas. [8]
The emblematic case is the account-opening scam first uncovered by my former Times colleague E. Scott Reckard in 2013, in which Wells Fargo bankers opened as many as 2 million fake accounts in the ...
Banks have argued that covering the cost of scams will encourage more fraud and potentially cost billions of dollars. Spokespeople for JPMorgan, Wells Fargo, BofA and the CFPB declined to comment.
Bank of America: 1986 Wells Fargo Corp. Crocker National Bank: Wells Fargo Corp. (combined California bank uses Crocker's charter) Wells Fargo: 1987 Chemical Bank New York Trust Co. Texas Commerce Bank: Chemical Banking Corporation (TX banks continued to operate as Texas Commerce) $1.2 billion JPMorgan Chase: 1987 NBD Bancorp: USAmeribancs: NBD ...
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.
In March, Wells Fargo confirmed that some customers’ direct deposits were not showing up but that their accounts “continue to be secure,” according to an NBC News report. The bank has also ...
The bank was renamed in the mid-1980s after a series of mergers. After being acquired by First Union Corporation, which later also acquired Wachovia National Bank to become Wachovia Corporation, CoreStates Financial Corporation became a part of Wells Fargo in 2008 when Wachovia (formerly known as First Union) was acquired by that company.