breaking news

Springfield stabbing victim suffers life-threatening injury, police search for suspect

Wells Fargo uncovers up to 1.4 million more fake accounts

Wells Fargo announced Thursday it has uncovered up to 1.4 million more fake accounts, nearly a year after its fraudulent account scandal first emerged, CNN reported.

>> Read more trending news
The findings brought the number of potentially unauthorized accounts to 3.5 million — a nearly 70 percent increase over the bank’s initial estimate, the New York Times reported.
The additional fake accounts were discovered by a previously announced analysis dated to January 2009 and that further reviewed the original May 2011 to mid-2015 period.
Approximately 190,000 accounts were hit with unnecessary fees for these accounts, Wells Fargo said. That's up from 130,000, CNN reported. Also, thousands of customers were enrolled in online bill pay without their authorization. The review put that number at 528,000, CNN reported.
“We apologize to everyone who was harmed by unacceptable sales practices that occurred in our retail bank,” Wells Fargo CEO Tim Sloan said in a statement.
Wells Fargo said it will now refund customers $6.1 million for unauthorized bank and credit card accounts, up from $3.3 million previously. The bank also promised to pay $910,000 to refund customers for the improper online bill pay enrollments. The review of online bill pay was required by the September 2016 settlement, CNN reported.
Wells Fargo agreed in September 2016 to pay $185 million to settle three government lawsuits over the bank’s creation of fake accounts, the Times reported.
Sen. Elizabeth Warren called the discovery of more fake accounts "unbelievable" on Twitter. The Democrat renewed her calls for Congress to hold more Wells Fargo hearings and for the Federal Reserve to remove board members who served during the scandal.
"I don't know what they're waiting for," Warren said.

Wells Fargo said that customers who believe accounts were opened in their name should call a dedicated hotline: 1-877-924-8697.

Reader Comments ...

Next Up in News

'SNL' slams former cast member Al Franken on 'Weekend Update'
'SNL' slams former cast member Al Franken on 'Weekend Update'

"Saturday Night Live" slammed Sen. Al Franken just days after Los Angeles news anchor Leeann Tweeden accused the Minnesota Democrat and former "SNL" cast member of groping and kissing her without her consent during a 2006 USO tour. Colin Jost and Michael Che took aim at the comedian-turned-senator during the show's "Weekend...
Why are these Springfield students building pulleys and hula hoops?

Students at Hayward Elementary School in Springfield are taking a class this year that combines technology and fitness. TECHFIT has students using math and science to design a project that promotes health. “They design a technology and fitness exergame,” teacher Yvonne Shelburne said. “Their game is an obstacle course, so there are...
5 things Ohio governor candidates want to do about the opioid crisis
5 things Ohio governor candidates want to do about the opioid crisis

The next governor of Ohio in all likelihood will inherit a drug crisis that continues to kill thousands of Ohioans each year. The annual cost of opiate abuse, addiction and overdoses to Ohio is estimated at $6.6 billion to $8.8 billion, according to researchers at Ohio State University. Beyond the dollars and cents, the scourge is killing on average...
'Project Runway' contestant Wendy Pepper dead at 53
'Project Runway' contestant Wendy Pepper dead at 53

Anne Eustis Pepper Stewart, known as Wendy Pepper, has died at the age of 53, Page Six reports. The “Project Runway” first season contestant “died peacefully" Nov. 12 while "surrounded by her loving family," according to her obituary. The news comes just one month after the death of fellow contestant...
Suspect named in Pennsylvania police officer's shooting death
Suspect named in Pennsylvania police officer's shooting death

Here’s what we know about the fatal shooting of a New Kensington, Pennsylvania, police officer: >> Read more trending news
More Stories