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FILE - In this July 14, 2014, file photo, a man passes by a Wells Fargo bank office in Oakland, Calif. Regulators announced Thursday, Sept. 8, 2016, that Wells Fargo is being fined $185 million for illegally opening millions of unauthorized accounts for their customers in order to meet aggressive sales goals. (AP Photo/Ben Margot, File)

Wells Fargo hit with a huge fine for opening bogus accounts to boost its finances


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.

Other online are feeling vindicated in their choice of bank. 

Is this fine fair?

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