Wells Fargo

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Wells Fargo to Pay $1B for Forcing Insurance on People

And for missteps in its mortgage division

(Newser) - A Thursday rumor turned into Friday truth: Wells Fargo will pay $1 billion to settle allegations from federal regulators for abuses tied to its mortgage and auto lending businesses. It will pay $500 million to the Office of the Comptroller of the Currency, its main bank regulator, as well as... More »

US Fed Caps Wells Fargo's Assets in 'Unprecedented' Move

Bank can't grow until it proves widespread misconduct is in the past

(Newser) - In what CNN calls an "unprecedented" punishment, the US Federal Reserve on Friday ordered Wells Fargo to halt all growth until "it sufficiently improves its governance and controls" in the wake of "pervasive and persistent misconduct." The bank admitted in 2016 to opening 3.5 million... More »

Cops: Man Beat Up ATM That 'Gave Too Much Cash'

He told police he didn't know what to do

(Newser) - 'Tis the season to be generous—but not if you're an ATM, and especially not if you're dealing with Michael Joseph Oleksik. Police in Florida say the 23-year-old Merritt Island man was arrested and charged with criminal mischief over an attack that caused at least $5,000... More »

Navajo Nation Sues Wells Fargo

They accuse bank of using predatory tactics

(Newser) - The Navajo Nation announced Tuesday that it is suing Wells Fargo for allegedly engaging in predatory and unlawful banking practices that targeted and harmed tribal members. In a statement, Navajo Nation President Russell Begaye said the tribe's lawyer has been directed to seek restitution, damages, and civil penalties based... More »

Bank Teller Admits Stealing $185K From Homeless Man

Customer came in with trash bag filled with cash

(Newser) - Wells Fargo is in the news again, though this time it's a rogue entity, not upper management, that's catching all the heat. Ex-bank teller Phelon Davis has pleaded guilty to stealing more than $185,000 from a bank customer over a two-year period, starting in October 2014,... More »

Wells Fargo's Fake Account Tally Just Got Much Bigger

Third-party firm's analysis is completed

(Newser) - Roughly a year ago, t he news broke that Wells Fargo employees—5,300 of whom were fired—opened 2.1 million phony deposit or credit card accounts in a bid to reach sales targets and get bonuses. On Thursday, the bank announced a third-party firm has finished reviewing 165... More »

Ex Wells Fargo Worker: I Was Told to 'Club the Baby Seals'

Bank accused of overcharging mom-and-pop shops

(Newser) - Wells Fargo's attempt to regain trust with customers may not be helped by this claim: Days after admitting it signed 570,000 customers up for auto insurance they didn't need —leading to ruined credit scores and repossessions—the bank is now accused of targeting mom-and-pop shops in... More »

Wells Fargo Forced Insurance on Thousands, Is Out $80M

At least 570K customers affected in latest problem for beleaguered bank

(Newser) - First Wells Fargo opened millions of accounts that customers didn't want. Now, in what one consumer advocate calls a "colossal failure of management," the company has admitted it signed up hundreds of thousands of customers for auto insurance they didn't need, NPR reports. And that unrequested... More »

Wells Fargo Grabs Back $75M From Ex-Execs

Former CEO John Stumpf to lose $28M more, Carrie Tolstedt $47.3M in stocks

(Newser) - New developments in the Wells Fargo sales scheme emerged Monday, with an investigative report from the bank's board noting that $75 million in compensation will be clawed back from two former executives, including ex-CEO John Stumpf , the New York Times reports. After a six-month probe into the scandal that... More »

Wells Fargo to Pay $110M to Settle Fake Account Lawsuit

Bank employees opened 2M accounts without customers' permission

(Newser) - Wells Fargo has agreed to pay $110 million to settle a class-action lawsuit over up to 2 million accounts its employees opened for customers without getting their permission, the bank announced Tuesday. It's the first private settlement that Wells has reached since the company paid $185 million to federal... More »

Soon You'll Be Able to Withdraw Cash Without Debit Card

Wells Fargo updating all of its ATMs to add the feature

(Newser) - Wells Fargo plans to upgrade all 13,000 of its ATMs next week to allow customers to access their funds using their cellphones instead of traditional bank cards, the AP reports. The announcement was made by Wells Fargo CEO Tim Sloan on Tuesday at an employee town hall in Orlando.... More »

5 Best, 5 Worst Company Reputations

Congrats, Amazon

(Newser) - Congrats, Amazon. The company has the best reputation among American consumers, according to 24/7 Wall St. , which lists the companies with the best and worst reputations based on the 2017 Harris Poll and American Customer Satisfaction Index. The top five in each category, with a reputation score out of 100:... More »

Seattle to End 18-Year Deal With Wells Fargo Over Pipeline

City Council approves move with 9-0 vote Tuesday

(Newser) - Seattle City Council says it will pull its average daily $10 million balance from Wells Fargo at the end of 2018, ending an 18-year relationship with a lender in the $3.8 billion Dakota Access pipeline. Citing the pipeline project, the council voted 9-0 Tuesday to end its relationship with... More »

Foreclosed Mall Sold for $100

Galleria at Pittsburgh Mills' previous owners owed $143M

(Newser) - A Pennsylvania mall that was foreclosed on after its owners failed to repay $143 million has been auctioned off for just $100. Wells Fargo Bank was owed the money from a 2006 loan and submitted the winning—and only bid—for the 1.1 million-square-foot Galleria at Pittsburgh Mills on... More »

Wells Fargo CEO Steps Down Amid Sales Scandal

John Stumpf retiring as CEO, giving up chairman title

(Newser) - Wells Fargo's embattled CEO John Stumpf is stepping down as the nation's second-largest bank is roiled by a scandal over its sales practices, the AP reports. The San Francisco bank said Wednesday that Stumpf is retiring effective immediately and also relinquishing his title as chairman. It had earlier... More »

What a Woman Did When an ATM Kept Throwing Cash at Her

'It was like something out of a movie': Kristina Edwards, who returned her $380 windfall

(Newser) - The public might not be too happy with Wells Fargo right now, but Wells Fargo has good reason to be happy with one particular member of the public, per the AP . Pennsylvania's Kristina Edwards found herself in an awkward but potentially lucrative situation Sunday morning when one of the... More »

'It Sucks': Service Member on Bank's Illegal Car Seizures

Wells Fargo now has to pay $24m for taking more than 400 cars from members of military

(Newser) - Elizabeth Warren recently called Wells Fargo's CEO "gutless," and members of the US military may soon feel that way about the entire company. CNN reports that the bank will pay out $24 million for illegally repossessing 413 cars from military service members from 2008 to 2015. Each... More »

Wells Fargo Hits CEO With 'Aggressive' $41M Clawback

John Stumpf also forfeits bonus, part of salary, will work for free during investigation

(Newser) - John Stumpf, the Wells Fargo CEO slammed for his "gutless leadership" by Sen. Elizabeth Warren last week, is going to have to tighten his belt a little this year: He will forfeit his bonus, part of his salary, and $41 million in stock awards over the fake-account scandal that... More »

'They Ruined My Life': Wells Fargo Whistleblower

CNN talks to ex-employees who say they were fired for reporting unethical practices

(Newser) - More than 5,000 Wells Fargo workers were fired in the phony-accounts scam that's rocked the company—but they weren't the only ones who got pink slips. CNNMoney reports it spoke with a handful of ex-workers who say they were terminated after raising the red flag about the... More »

Elizabeth Warren Slams Wells Fargo CEO as 'Gutless'

Says he should 'be criminally investigated'

(Newser) - Sen. Elizabeth Warren went after Wells Fargo CEO John Stumpf during a Senate hearing Tuesday with the kind of heat she usually reserves for Donald Trump tweetstorms . "You should resign ... and you should be criminally investigated," NPR quotes Warren as saying. Stumpf was in front of the Senate... More »

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