If Wells Fargo was focused on bank charges and interest rates rather than political hot button issues, perhaps they wouldn’t have had to fire thousands of employees for ripping off customers and be liable for millions in fines.In a recent press release, the Consumer Financial Protection Bureau [CFPB] recounted that Wells Fargo Bank, N.A. will pay “the largest penalty the CFPB has ever imposed,” $185 million, because thousands of Wells Fargo employees “covertly” opened “more than two million deposit and credit card accounts,” transferring funds from consumers’ authorized accounts without their knowledge or consent, often racking up fees or other charges.”The press release says the employees who engaged in this “widespread illegal practice” were “spurred by sales targets and compensation incentives.” “Spurred” is a little mild, considering that CNN Money reports that a “pressure cooker environment” at Wells Fargo resulted in employees engaging “in all kinds of sordid practices.” Specifically, approximately 5,300 employees may have opened roughly 1.5 million deposit accounts, transferring funds from consumers’ accounts to temporarily fund the new, unauthorized accounts.
Wells Fargo is a Bank, Not a Center for Political Activism