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Wells Fargo Uses Fraudulent Tactics to Boost Sales

Wells Fargo Uses Fraudulent Tactics to Boost Sales

Recently, Wells Fargo was fined $185 million by the Consumer Financial Protection Bureau for opening customer accounts without permission. Wells Fargo fired 5,300 employees after it discovered that they were signing up fake customers for fake accounts, making fake pin numbers, and even carrying out fake money transfers. Essentially, certain Wells Fargo employees used private customer information without permission to inflate their sales figures and meet their sales targets.

Invasion of Privacy and Other Claims

Instances like this raise issues of invasion of privacy, fraud, negligence, and breach of contract. In fact, three former Wells Fargo customers have asked for compensation to cover damages related to identity theft, anxiety, and emotional distress. However, customers may not be able to bring lawsuits for damages, but may instead be limited to arbitration proceedings, which tend to favor the bank. This is because Wells Fargo requires new customers to sign agreements in which customers agree to give up their rights to file lawsuits, and instead agree to resolve disputes through arbitration.

Senator Elizabeth Warren and other elected officials are demanding that Wells Fargo agree to allow customers to choose the legal forum in which to pursue any fraud claims, despite the existence of the mandatory arbitration agreements.

Consumers should immediately review all Wells Fargo accounts that are associated with their identity. If you believe an account was opened without your consent, contact Wells Fargo and initiate an investigation. If you were charged fees associated with any account that you did not authorize, tell the bank to refund those charges and to close any unauthorized accounts.

Our law firm and personal injury attorney handle personal injury, trucking accident, product liability, medical malpractice and other types of cases. Thorp Law handles cases throughout North Carolina, including Wake County, Durham County, Orange County, Johnston County and other counties throughout the state.