Wells Fargo is like a chronic illness
It’s been a long time since the uncovering of Wells Fargo’s shady practices. And things and not getting any better for them. Wells Fargo is the third largest bank in U.S. The Consumer Financial Protection Bureau (CFPB) is currently looking into the matter for well over a year. The scandal appears to be a lot worse than previously known to us. If you may ask how much worse, let’s give you a picture.
Cover the uncovered scandal
To start with Wells Fargo was under heavy fire from CFPB for opening over a 2.1 million fake account without customer’s permission. Fixing here and there 2-3 or even a couple hundred accounts is a different thing, maybe going on in a single branch. And wasn’t common knowledge in the organization. But if 2.1 million is the number to start with, whatever the results of this investigation be. We can all agree this was a well planned and executed operation like any other major project in the company.
What’s worse for Wells Fargo?
Now that number has soared up to a staggering 3.1 million fake account. Even before the rise, the bank has paid a fine of $185 million to the federal government. And they had to testify in front of Congress, resulted in the CEO resigning. The bank has been tested positive under dozens of investigations. For different aspects of this scandal. And had to fire over 5,000 employees involved in the fake account creation. That must not have been a pretty sight to witness within the company. Top all of that with public backlash and you have a perfect recipe for a steamy financial doom. The current situation of Wells Fargo is like if we gave Donald Trump a second term.
And that’s not the surprising part
The surprising thing is, even after all this is in public eye. The corporate client of the bank like Amazon is still in service with them. I still receive checks from Amazon’s affiliate program via Wells Fargo. Though that won’t be a perfect solution many people are urging others to quit their bank accounts in the bank. If the bank can create new accounts without customer’s approval. They can very well use their personal information as their interests intend them to. The corporate clients might have long terms contracts with the bank. But to all other personal clients, if we still stay with them. We are just stating we are okay with your shady practices and how you use our personal information doesn’t bother us.