Nearly two months after the Wells Fargo scandal was first revealed by the Consumer Financial Protection Bureau (CFPB), the bank has issued statements to customers with important updates about the steps the bank has taken to make amends.
The statement begins by apologizing to consumers stating that, “We are deeply committed to serving you and your financial needs, and in those instances, we did not live up to our commitment. This is inconsistent with our values and with the culture we work hard to maintain. It’s not who we are as a company.”
The statement goes on to say, “Here’s what we are already doing:”
- Putting your interests first. We have eliminated product sales goals for our retail banking team and members who serve customers in our bank branches and call centers.
- Proactively communicating with you. We now send a confirmation after you open a new consumer or small business checking, savings, or credit card account so you know what is happening and can tell us if anything we have confirmed is different than what you expected.
- Full transparency. You can always see your active accounts any time when enrolled in Wells Fargo Online.
- Fixing what went wrong. We have provided full refunds to customers we have already identified and we are broadening our scope of work to find customers we may have missed. If we have any doubt about whether one of your accounts was authorized, and any fees were incurred on that account, we will contact you and refund fees.
The statement issued by the bank is the result of a CFPB investigation which resulted in the Bureau fining the bank $185 million for unethical business practices. The CFPB found the bank had opened approximately two million unauthorized deposit and credit card accounts.
Click here to read a timeline of events of the Wells Fargo Scandal.
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