as trump administration works to REDUCE regulations. Wells Fargo...

[spanone]

Wells Fargo uncovers up to 1.4 million more fake accounts

Wells Fargo has uncovered up to 1.4 million more fake accounts after digging deeper into the bank's broken sales culture.

The findings show that Wells Fargo's problems are worse than the bank previously admitted to when the scandal began almost a year ago.

Wells Fargo (WFC) now says it has found a total of up to 3.5 million potentially fake bank and credit card accounts, up from its earlier tally of approximately 2.1 million. The additional fake accounts were discovered by a previously-announced analysis that went back to January 2009 and that reviewed the original May 2011 to mid-2015 period.

About 190,000 accounts were slapped with unnecessary fees for these accounts, Wells Fargo said. That's up from 130,000 previously.

http://money.cnn.com/2017/08/31/investing/wells-fargo-fake-accounts/index.html

[BSdetect]

1. Another financial cesspool. The creed of greed.

[JimGinPA]

2. K&R

[haele]

3. Enrolling people in automatic bill pay and forcing people with auto loans to buy unneeded insurance.

Ways to ensure a large number of their working class customers end up in financial trouble and with credit problems by taking away their ability to make choices based on the reality of living paycheck to paycheck.

When your paycheck is limited and there's very little savings on hand, no matter how good you are in budgeting sometimes you just do have to push that payment off instead of paying automatically on the due date; especially if you've got an unexpected bump in the utility bill that month, or something on the freeway shreds a tire, or something similar.

Haele

[Freddie]

4. My son used to work for a rival bank

His boss was a former branch manager for Wells Fargo. He heard all about this stuff YEARS ago. How low-paid tellers were fired if they didn't meet sales quotas, so they opened fake accounts to do so. Any employee who complained or reported it was fired for being 1 minute late or similar faux reasons. After this blew up the tellers who opened these accounts (can you blame them?) were fired. AFAIK no restitution was made to any employees unjustly fired.