COLOSSAL FRAUD | Thousands of complaints suggest account issues are not limited to Wells Fargo

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COLOSSAL FRAUD | Thousands of complaints suggest account issues are not limited to Wells Fargo

COLOSSAL FRAUD | Thousands of complaints suggest account issues are not limited to Wells Fargo

MARKET WATCH –

The news that Wells Fargo secretly created over two million accounts generated outrage across the country.

Wells Fargo WFC, -0.37% said it regrets and takes responsibility for “any instances where customers may have received a product that they did not request.” It’s refunded $2.6 million, or an average of $25, to customers who were impacted.

But a look at a database of customer complaints finds that issues of account openings and closings are not limited to that bank — raising at least the possibility that the practice could go on elsewhere. The database, from the Consumer Financial Protection Bureau, shows over 30,000 complaints on the issue of “account opening, closing or management.”

[MARKET WATCH]

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