How To Guide For: Understanding The Wells Fargo Scandal -- What Can Consumers Learn From This
Just to catch you up on whats been going on with Wells Fargo . Federal Regulators disclosed that Wells Fargo employees created millions of unauthorized bank and credit card accounts without their customers knowing it and this has been taking place since 2011. According to Richard Cordray, Director of the Consumer Financial Protection Bureau the Wells Fargo employees opened the bogus accounts so that they could make sales targets and receive bonuses. The employees even created fake PIN numbers and fake email addresses so that they could enroll customers into the online banking services. The fact that this has been going on since 2011 is very shocking. But the bank has now been fined $185 million for this fraudulent activity and 5,300 employees have been fired. The question is now what can be learned from this scandal. For starters it doesn't matter who you bank with if you don't do this already always make sure you review everything on your statements and if you do online banking you should be able to look through the online account and see what accounts were opened and when. Another issue with the Wells Fargo scandal is the credit cards that were opened in consumers name, if the credit card was activated and used will affect a consumers credit score. So you want to make sure you follow-up with your bank and the credit bureaus: Experian, Equifax and Transunion to make sure everything on the statements and reports are accurate. Another important thing to do is to always make sure to check your banking balances, to make sure that no money is being taking out of your accounts without your knowledge. To get more in depth information about the Wells Fargo scandal and what can consumers learn from this -- click the pictures below to read the articles.