Wells Fargo wanted to increase the number of bank accounts it serviced and implemented unreasonable sales quotas for its personal bankers. To meet these quotas, some bankers opened multiple accounts for its customers without the customer’s knowledge or consent. This lead to many people having numerous accounts at Wells Fargo they knew nothing about.
Worse, the bankers engaging in this fraudulent conduct received bonuses and promotions. However, the bankers who did not illegally open accounts were demoted or fired. These employees are now suing Wells Fargo for unlawful termination.
But what does this mean to you?
Well, if you opened an account at Wells Fargo in the last 7 years, then you may have some additional accounts you don’t know about. The problem is this: if any of these unknown accounts went into insufficient funds status or were closed with a derogatory status then you are unlikely able to open a bank account at a different institution.
How can I find out if I am a victim?
You can request a “Full File Disclosure” from Early Warning Systems. Click Here for a free template. If you come across any problems or have questions, we can help.