Efforts continuing to clean up fake account fiasco at Wells Fargo
There haven’t been a lot of high-profile articles about the Wells Fargo fake account fiasco recently. I’ve noticed a number of articles though, which suggest there is ongoing activity addressing the intentional, systemic failure. This disaster will not be cleared up soon.
- How does Wells fix the indirect harm it caused?
- New compensation plan removes cross-selling as a benchmark
- Possible MD&A enforcement action?
- Branches received 24 hour notice of internal inspections
- Bank may eliminate 2016 bonuses for senior staff
12/27/16 – Wall Street Journal – Wells Fargo Is Trying to Fix Its Rogue Account Scandal, One Grueling Case at a Time – Making customers whole will be easy if the customer was only charged a few dollars a month for a while. Still simple to resolve if there were monthly charges and a bunch of overdraft fees because money was taken out of an account unknowingly which resulted in some bounced checks.
What do you do when the unpaid fees on a credit card flowed into negative information on a credit report which resulted in a customer being denied funding for a home loan somewhere else? That’s what happened to one interviewed customer.
Destroying someone’s credit is a tough thing to make right.
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