Wells Fargo, one of the biggest banks in America, is being fined $185 million by the Consumer Financial Protection Bureau for opening up loads of unauthorized deposit accounts and credit cards in an effort to make the company look more profitable than it really was, reports the New York Times.
Employees would open the fake accounts, and then transfer in money from a customer's authorized account to make it look real. They would also open up fake credit cards in customers' names and created fake emails to sign customers up for online banking services they didn't need.
5,300 employees have been fired over the last few years for creating over 2 million phony accounts, according to CNN Money.
The CFPB has claimed that Wells Fargo will repay all its victims in full.
Some on Twitter think the fine isn't enough.
And that's why I switched to USAA when Wachovia became Wells Fargo... I got screwed by those shenanigans too.— Li 🏳️🌈 (@MagneticCrow) September 8, 2016
Other online are feeling vindicated in their choice of bank.
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