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One of the largest banks and financial institutions in the world has been slapped with a fine of $180 Million Dollars!!!   Wells-Fargo Bank.   Now this may sound like a lot of money for one company, but for Wells-Fargo, it hardly scratches the surface of their financial windfall.  Reports say that Wells-Fargo is worth more than $280 Billion Dollars.

So why were they fined so heavily?  Here’s why.  Federal regulators said Wells-Fargo employees secretly created millions of unauthorized bank and credit card accounts in customers names without them knowing about it; and it’s been going on since 2011.  The unauthorized accounts earned the bank unwarranted fees and allowed Wells Fargo employees to boost their sales figures and to hit sales targets; make more money, and receive bigger bonuses.

Wells Fargo has confirmed that they have fired 5,300 employees over the past few years for bad and unclear business practices

If you’re wondering how many accounts we are talking about; somewhere in the range of 1.5 million deposit account were created with fake PIN number and fake email addresses.

Wells Fargo employees also submitted applications for 565,443 credit card accounts without their customers’ knowledge or consent. Roughly 14,000 of those accounts incurred over $400,000 in fees, including annual fees, interest charges and overdraft-protection fees.

Wells Fargo has acknowledged that money will be refunded to affected customers.

Now how many of these employes will be charged with a crime is not yet determined; but we’ll keep our eyes open for that decision.  But in the meantime, every Wells Fargo Customer including me, should take a look at our accounts and see if we notice anything that doesn’t  look right and keep a record.