Wells Fargo Bank: Phony Accounts Customers Charged Fees

Employees Fired

Everyone hates paying bank fees. But imagine paying fees on a ghost account you didn't even sign up for. That's exactly what happened to Wells Fargo customers nationwide. On Thursday, federal regulators said Wells Fargo employees since 2011 secretly created millions of unauthorized bank and credit card accounts -- without their customers knowing it. The phony accounts earned the bank unwarranted fees and allowed Wells Fargo employees to boost their sales figures and make more money. Richard Cordray, Dir ofConsumer Fin Protection Bureau confirmed, "Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses. And that it fired 5,300 employees over the last few years related to the shady behavior." More