National Consumer News

Wells Fargo makes a big change in effort to rebuild trust after bogus account scandal


Mike Timmermann,

Less than one week after news broke that Wells Fargo employees allegedly opened more than 2 million unauthorized accounts for customers in order to meet sales goals, the bank has announced a major change.

Wells Fargo seeks to rebuild trust after bogus account scandal

In a news release, Wells Fargo said it will eliminate all product sales goals in retail banking, effective January 1, 2017.

“Our objective has always been and continues to be to meet our customers’ financial needs and drive customer satisfaction,” said Wells Fargo CEO John Stumpf. “We are eliminating product sales goals because we want to make certain our customers have full confidence that our retail bankers are always focused on the best interests of customers.”

Of course, this comes after California and federal regulators fined Wells Fargo a combined $185 million as a result of the scandal, which cost 5,300 bank employees their jobs.

According to the Consumer Financial Protection Bureau, the bank’s sales staff had not only opened millions of new accounts, but they also transferred money from customers’ other accounts without authorization. Even debit cards were issued and activated — and PINs created — without customers knowing anything about it.

In a statement released last week, Wells Fargo said: “We regret and take responsibility for any instances where customers may have received a product that they did not request.”

On the radio show, Clark said Wells Fargo customers need to do what feels right to them in the wake of this scandal. If you have a good relationship with the staff at your branch, you may not feel inclined to make a move.

But if customer service and lower fees are important to you, Clark has always suggested opening an account at a credit union.

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