In a bid to boost sales figures and earn more money for themselves, 5,300 Wells Fargo employees have created over 2 million ghost accounts since 2011.
These employees have been fired by Wells Fargo, but not before the ghost accounts incurred huge amounts of overdraft and late payment fees.
To create the ghost accounts, employees moved funds from a customer’s current account into a new one. The new accounts were often created using fake pins and email addresses. Customers were then charged for insufficient funds or overdraft fees because their original account was not as large as they had thought.
Wells Fargo has agreed to pay full restitution for any fees incurred. However, that over 5,000 Wells Fargo employees were able to create nearly two million fake accounts puts into question the quality control of the bank.
Current customers should review their accounts carefully and report any suspicious-looking accounts.
Contact an experienced attorney if you believe you have been the victim of fraud.