New York, September 10 (RHC)-- The U.S.-based financial giant Wells Fargo will pay $185 million in fines after it was caught illegally manipulating customers’ bank accounts in order to rack up fees and other charges.
The Consumer Financial Protection Bureau found Wells Fargo employees secretly opened phony bank accounts and issued credit cards to customers who did not want them. These practices led to overdraft charges, late fees and other penalties.
Wells Fargo is a provider of banking, mortgage, investing, credit card, insurance, and consumer and commercial financial services. The bank has fired at least 5,300 employees involved in the illegal activity.
Financial Giant Wells Fargo Fined $185 Million for Creating Phony Accounts and Credit Cards
Related Articles
Commentaries
MAKE A COMMENT
All fields requiredMore Views
- Israeli military’s new killing tactic: Drones that play sounds of crying children, luring Palestinians to their deaths
- Extradition of Julian Assange edges closer as U.S. claims it will respect his human rights
- Adidas president highlights reunion with Cuba
- Honduras to withdraw diplomats from Ecuador in support of Mexico
- Cuba and the United States hold migration talks