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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]
Wells Fargo is among big banks the Consumer Financial Protection Bureau is probing for handling of customer funds on fraud-plagued Zelle platform Wells Fargo among major banks under investigation ...
A federal regulator sued JPMorgan Chase, Wells Fargo and Bank of America on Friday, claiming the banks failed to protect hundreds of thousands of consumers from rampant fraud on the popular ...
Wells Fargo, JP Morgan Chase and Bank of America are being sued by the embattled Consumer Financial Protection Bureau over alleged unchecked fraud on the Zelle payment app — setting up a legal ...
“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 ...
San Francisco-based Wells Fargo declined to comment on the lawsuit. Early Warning called the lawsuit “legally and factually flawed.” “Zelle leads the fight against scams and fraud and has industry-leading reimbursement policies that go above and beyond the law,” the company said.
The controversial regulator alleges the banks failed to prevent fraud on Zelle, a payment platform they co-own. JPMorgan Chase, Bank of America, and Wells Fargo sued over Zelle scams that cost ...
Wells Fargo & Co will pay $65 million to settle claims that it misled investors about its "cross-selling" business strategy, according to officials.