I haven’t spent a lot of time worrying about identity theft. Who would want to be me? As it turns out you don’t have to have perfect credit for someone to commit fraud in your name. It’s even worse when it’s perpetrated by an institution you’ve given your trust.
Wells Fargo just settled a lawsuit for $185 million. If you’re a customer you might get $25 of that. Now you can get fries with your cheeseburger.
Employees of Wells Fargo were creating fake accounts, pin numbers, and email in order to meet sales expectations and earn bonuses. They took some customers’ information to create new accounts for online banking and debit cards. They transferred money temporarily from accounts to the new fake accounts which at times would leave a low balance and trigger overdraft fees and other charges.
The bank says they have fired about 5,300 people. How do you not notice over 5,000 employees committing fraud, especially over a span of four years? The bank is supposed to help you fight credit fraud, not engage in it. How many executives were fired?
If you’re a Wells Fargo customer now might be a good time to check your credit. It might be a good idea even if you’re not. It also might be a good time to find another bank.
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