Thursday, August 31, 2017

Wells Fargo has trouble counting

Remember last year when the bank coughed up $185 million to settle three government lawsuits over the bank’s creation of potentially millions of unauthorized customer accounts? Well, it turns out that they underestimated how many false accounts they created. Originally they said that 2.1 million accounts were involved. They finally completed the count and the total was 3.5 million.

Also, a new issue came up: unauthorized enrollments of customers in the bank’s online bill payment service. Their estimate is that they had  528,000 cases in which customers may have been signed up without their knowledge or consent.

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