Home / News / Wells Fargo To Pay $3 Billion In Settlement For Fake Accounts Scandal | NBC Nightly News

Wells Fargo To Pay $3 Billion In Settlement For Fake Accounts Scandal | NBC Nightly News



As part of the settlement, “Wells Fargo admitted that it collected millions of dollars in fees and interest to which the company was not entitled, harmed the credit ratings of certain customers, and unlawfully misused customers’ sensitive personal information,” according to the U.S. State Attorney’s Office of the Central District of California.
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Wells Fargo To Pay $3 Billion In Settlement For Fake Accounts Scandal | NBC Nightly News

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35 comments

  1. How does a company have to pay a $3b fine and no one goes to jail? Meanwhile unarmed robbery gets you time in the slammer….please explain to me the difference?

  2. These fake accounts had Zero impact to customers, it was just employees ripping off the company. How anyone can be outraged is a complete joke.

  3. So the money doesn't go to customers or employees who had this policy destroy their lives. What kind of sense does that make

  4. Wells Fargo should be put out of business. This bank has a culture of predatory behavior towards its so called clients. I call us victims. Years ago my company had an asset based loan with a bank called Fleet Bank which was sold to Bank of America. BofA sold many asset based loans to Wells Fargo as part of that transaction. Wells Fargo decided to shed all loans below 20 million. Mine was one of those at 15 million. So rather than asking us to find a new bank they tortured us by administering as many service failures as they could which nearly forced me out of business – they did this to force us to break our contract and pay a penalty of $268,000.00 to get out of our loan agreement. This bank deserves to be dismantled. I am so very happy for this settlement they made. I hope it puts them out of business. I for one since this incident would never patronize Wells Fargo or BofA – although BofA did nothing wrong but make a business decision. One that hurt me tremendously. Wells Fargo should go down the tube…………………..

  5. If a company commits what would be a felony (acting against U.S. citizens), it's license to do business in any form under any name should be revoked as a matter of policy, and the people who own the company should be involved in that prosecution, just as parents who are responsible for the behavior of their children. That seems like a clear and necessary step to stop the rampant corruption in white collar corporate America.
    To big to fail? Let them fail. They did it, and while it may be somewhat painful to consumers, we can handle it. It might even begin to straighten out the other crimes against consumers. Let's take care of them the right way.

  6. this happened to me about 15 years ago- I had around $100 in my WF checking account and made 6 small purchases in one day. each less than $10, so I had about $70 left. then NEXT day a $100 check that I wrote to someone and forgot about had cleared and I was in the negative. Instead of charging me just 1 overdraft fee for the said check, WF also decided to charge me six more $35 overdraft fees for 6 purchases I made the day before. After week of complaining, they refunded 50% which, in their words was "maximum allowed".

  7. This is not Wells Fargo first and it will not be the last.

  8. Hahahaha finally some justice

  9. United snakes of America

  10. so instead of compensating the people who had to deal with this, the government decides to take the money for themselves leaving the people who ACTUALLY suffered… with nothing. makes sense.

  11. This is what happens when a country has zero accountability and zero oversight.

  12. Wow! It's good the Agent Orange deregulatized big banks, right? MAGA, MEGA, MESS!

  13. This is probably a expected calculated loss.
    They have probably already made the profit even with a 3 bill loss

  14. These white ppl be finessing STEALING FROM EVERYONE, everyone BUT THEY Lock ppl up for 5-10-20-40-50-60-70 years for learning it FROM THEM

  15. Wow so where dose that 3billion go?? The government?? What about the people’s lives that were ruined because of greed??

  16. The Stugotz of banks , Frauds !

  17. Customer again paying the bill, while govonment take the money.. companies made over 3 billion , so everyone happy execpt u

  18. I'd like to know when they merged with McDonald's. All they're ATM's look like a Mc D drive through. "Fast and loose with your money. You deserve a fake today." Peace

  19. So we checked out ourselves and found yes we did wrong. No we not paying back customers. Sounds about right.

  20. So the people who are affected by the scams aren't getting the money, not to mention Wells Fargo were targeting black elderly customers to take advantage of them. I love the U.S. Justice system…

  21. For this fianancial crime, Wells Fargo should be dissolved.

  22. Pennies on the dollar for this conglomerate

  23. Just you watch – a bunch of average Joe workers will now get laid off. Executives will all still get multi-million dollar bonuses this year. This is disgusting.

  24. And WHERE EXACTLY IS the 3 billion going to if not the ones who were taken advantage of??? You cant fix corruption with MORE CORRUPTION!

  25. One of the greediest bank! 😡😡😡😡😡

  26. Are you telling me not one person is going to jail over this how can they do something illegal and not go to jail just because they have money this is so not right

  27. Shut down Wells Fargo bank problem solved no one get scam from Wells Fargo again.

  28. THE BIGGEST IDENTITY THEFT IN OUR LIFETIME AND OFCOURSE NO ONE GOES TO JAIL?

    OFCOURSE… JUST PROVES AMERICA IS THE BIGGEST CRIMINAL COUNTRY IN THE WORLD AND DEEP STATE OWNED!!!

  29. I want straight 💸 homie !

  30. Junk bank runs by junky criminals money worshipers

  31. This amount of money is exactly what a penny is us to them, nothing

  32. This is why I try to avoid banks, even though I have to deal with banks I try not to leave only the money required in them for my business.

  33. I worked in Citibank collections for a couple of years. There were monetary rewards for those who collected the most. I caught several employees setting up unauthorized automatic transfers, for weeks at a time. Stay vigilant, folks!

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