wells fargo one 800 customer service number

Data General Corp. has donated an Eclipse MV/8000 computer system, valued at more than as part of a major expansion of its customer service business. Visa and Mastercard do not. Chase, Bank of America, Capital One, Citi, Wells Fargo and U.S. Bank are among the other major credit card issuers. Wachovia was able to negotiate a 10 percent discount with an elder-care facility in She leaves her job at a Wells Fargo office in Portland, OR.

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Rewards points or cash rewards (as applicable) are earned on net purchases (purchases minus returns/credits) only. ATM transactions, cash advances of any kind, balance transfers, SUPERCHECKS™, cash equivalents such as money orders and prepaid gift cards, wire transfers, fees or interest posted to a linked account, including but not limited to returned payment fees, late fees, and monthly or annual fees, do not earn rewards points or cash rewards (as applicable). For the Wells Fargo Visa® and Wells Fargo Visa Signature® Cards, casino gaming chips, off-track wagers, lottery tickets, and bets or wagers transmitted over the internet also do not earn rewards points or cash rewards (as applicable). Refer to the Wells Fargo Rewards® Program Terms and Conditions and Addendum for your Wells Fargo Credit Card by signing on at www.wellsfargo.com/rewards, and selecting Terms and Conditions.

Wells Fargo Bank, N.A. Member FDIC.

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Everything you expect from a bank. And yet, fundamentally different.

  • Mobile banking app with over 100,000 5-star ratings

  • No minimum balance and easy-to-waive low fees1

  • Zero liability fraud protection2

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  • Strongest environmental policies of any major US bank3

  • Led by a CEO who is among just 6% of female bank CEOs

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Additional fees can include, but are not limited to, a fee for bank-initiated transactions, amendment fees, statement fees, and fees assessed by other financial institutions (“beneficiary and intermediary banks”). In addition to the wire transfer fee, Wells Fargo makes money when converting U.S. dollars to a foreign currency. Wells Fargo’s retail foreign exchange rates differ from other banks, foreign currency providers, and rates found elsewhere online. 

$10 minimum wire amount and maximum limits may apply.  Online wires sent internationally from personal accounts are not available 24 hours a day, 7 days a week. Contact Online Customer Service for details at 1-800-956-4442.

Wells Fargo Bank, N.A. Member FDIC.

Investment and Insurance Products are:
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  • Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested
Источник: https://www.wellsfargo.com/com/customer-service/

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Wells Fargo Phone Numbers and Emails

Customer Service:

  • (877) 805-7744

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  • (800) 956-4442

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  • (800) 222-8222

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  • (877) 677-8552
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  • (866) 867-5568
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Accounting/ Billing:

  • (800) 225-5935

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Wells Fargo Clearing Services, Inc

420 Montgomery Street

San Francisco,California94104

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P. O. Box 6995

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Los Angeles, CA 90051-5493

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P.O. Box 10335

Des Moines, IA 50306-0335

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Des Moines, IA 50306-0335

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P.O. Box 560948

Charlotte, NC 28256

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Why Do People Call Wells Fargo Customer Service?

Account Question:

  • “Check account”
  • “Balance”
  • “I need my account information”

Payments and Charges Question:

  • “Dispute some charges”
  • “My bill pay was wiped out”
  • “Make car payment”

Cards Question:

  • “I lost my card”
  • “Unlock card”
  • “To get a new card mailed”

Request for Information Question:

  • “Having questions”
  • “Check On status of account”
  • “To check my direct deposit”

Product/ Service Question:

  • “Apply For Personal Loan”
  • “We have not had any loans with you regarding our home for many years. I am with navy federal credit union and I am refinancing and they are questioning a Deed of trust on my property”
  • “School loans”

Activation/ Cancellation Question:

  • “Cancel order”
  • “To cancel a debit card”
  • “Cancel a Automatic withdrawal”

Employment Question:

  • “Why is payroll available”
  • “For pay off balance”
  • “Auto payoff”

Staff Question:

  • “Customer. Service”
  • “Customer service”
  • “I can't call customer service phone not connect”

Return/ Replace Question:

  • “Change address”
  • “Need to ask for replace check”
  • “Tax return”

Shipping and Delivery Question:

  • “My boss pay shipping fee of 500 from Lusaka to kilifi and I was asked to pay again. I want to be refunded”
  • “Delivery”
  • “Pay for product on July 21, 2021 cost me $99and never received it”

Refund Question:

  • “ZELLE TRANSFER REFUND some hacked me”
  • “ZELLE TRANSFER REFUND”
  • “Refund”

Website/ Application Question:

  • “To see if my application submitted through website”

Other Question:

  • “Repo”
  • “I did not use $72 Venmo”
  • “Fraud”

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Pros: Nightmare, No customer service, Decent customer service, Who did try to make me fell better, No help

Cons: Customer service, Incompetant, Rudeness, Rude representatives, Rude representative

Related Companies

Wells Fargo Dealer Services, Americas Servicing Company, Wachovia Bank, Wachovia Dealer Services, Wells Fargo Advantage Funds

Summary

Wells Fargo's principal activities are to provide banking, insurance, investment, mortgage banking and consumer financing services. It operates in three segments: Community Banking, Wholesale Banking and Wells Fargo Financial. Community banking segment provides diversified financial products and services. It also provides investment management, insurance, securities brokerage and venture capital financing. Wholesale banking segment provides commercial, corporate and real estate banking products and services.

Wells Fargo financial segment provides consumer finances and auto finances. The services are provided through banking stores in Alaska, Arizona, California, Colorado, Idaho, Illinois, Indiana, Iowa, Michigan, Minnesota, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oregon, South Dakota, Texas, Utah, Washington, Wisconsin and Wyoming. One of the top banks in the US, Wells Fargo has about 6,600 bank branches in some 40 states, and more than 4,000 mortgage and consumer finance offices nationwide. A top residential mortgage lender in the US, Wells Fargo is also one of the largest mortgage servicers. Wells Fargo & Co completed its acquisition of Wachovia Corporation on December 31, 2008. For the time being however, Wells Fargo Bank, N.A. and Wachovia Bank, N.A remain separate banks owned by Wells Fargo & Co. customer service is available 24 Hours a day, 7 days a week at 1-800-869-3557 (General Banking Questions), 1-800-956-4442 (Online Banking and Bill Pay Service) as well as 1-866-867-5568 or [email protected] (Online Fraud Reports ).

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Wells Fargo is ranked 133 out of 778 in Banks category

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Wells Fargo account fraud scandal

Controversy generated by fraud perpetrated by Wells Fargo

The Wells Fargo account fraud scandal is a controversy brought about by the creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent. News of the fraud became widely known in late 2016 after various regulatory bodies, including the Consumer Financial Protection Bureau (CFPB), fined the company a combined US$185 million as a result of the illegal activity. The company faces additional civil and criminal suits reaching an estimated $2.7 billion by the end of 2018.[1] The creation of these fake accounts continues to have legal and financial ramifications for Wells Fargo and former bank executives as of early 2021.[2]

Wells Fargo clients began to notice the fraud after being charged unanticipated fees and receiving unexpected credit or debit cards or lines of credit. Initial reports blamed individual Wells Fargo branch workers and managers for the problem, as well as sales incentives associated with selling multiple "solutions" or financial products. This blame was later shifted to a top-down pressure from higher-level management to open as many accounts as possible through cross-selling.

The bank took relatively few risks in the years leading up to the financial crisis of 2007–2008, which led to an image of stability on Wall Street and in the financial world. The bank's stable reputation was tarnished by the widespread fraud, the subsequent coverage, and the revelation of other fraudulent practices employed by the company. The controversy resulted in the resignation of CEO John Stumpf, an investigation into the bank led by U.S. Senator Elizabeth Warren, a number of settlements between Wells Fargo and various parties, and pledges from new management to reform the bank.

Background[edit]

Cross-selling[edit]

Cross-selling, the practice underpinning the fraud, is the concept of attempting to sell multiple products to consumers. For instance, a customer with a checking account might be encouraged to take out a mortgage, or set up credit card or online banking account.[3] Success by retail banks was measured in part by the average number of products held by a customer, and Wells Fargo was long considered the most successful cross-seller.[4]Richard Kovacevich, the former CEO of Norwest Corporation and, later, Wells Fargo, allegedly invented the strategy while at Norwest.[5][6] In a 1998 interview, Kovacevich likened mortgages, checking and savings accounts, and credit cards offered by the company to more typical consumer products, and revealed that he considered branch employees to be "salespeople", and consumers to be "customers" rather than "clients".[6] Under Kovacevich, Norwest encouraged branch employees to sell at least eight products, in an initiative known as "Going for Gr-Eight".

Early coverage[edit]

Wells Fargo's sales culture and cross-selling strategy, and their impact on customers, were documented by the Wall Street Journal as early as 2011.[4] In 2013, a Los Angeles Times investigation revealed intense pressure on bank managers and individual bankers to produce sales against extremely aggressive and even mathematically impossible[6] quotas.[7] In the Los Angeles Times article, CFO Timothy Sloan was quoted stating he was unaware of any "...overbearing sales culture". Sloan would later replace John Stumpf as CEO.

Under pressure from their supervisors, employees would often open accounts without customer consent. In an article from the American Bankruptcy Institute Journal, Wells Fargo employees reportedly "opened as many as 1.5 million checking and savings accounts, and more than 500,000 credit cards, without customers' authorization."[8] The employees received bonuses for opening new credit cards and checking accounts and enrolling customers in products such as online banking. California Treasurer John Chiang[9] stated: "Wells Fargo's fleecing of its customers...demonstrates, at best, a reckless lack of institutional control and, at worst, a culture which actively promotes wanton greed."

Verschoor explains the findings of the Wells Fargo investigation shows employees also opened online banking services and ordered debit cards without customer consent. "Blame is being placed on the bank's marketing incentive plan, which set extremely high sales goals for employees to cross-sell additional banking products to existing customers whether or not the customers needed or wanted them."[9] Cross-selling products is not a new practice, but if employees feel pushed to sell more than is needed, and are incentivized to do so, there is no surprise that unethical practices began.

In 2010, New York Department of Financial Services (NY DFS) issued the Interagency Guidance on Sound Incentive Compensation Policies. These policies monitor incentive-based compensation structures, and requires that banks appropriately balance risk and rewards, be compatible with effective controls and risk management, and that they are supported by effective corporate governance.[10]

Fraud[edit]

Employees were encouraged to order credit cards for pre-approved customers without their consent, and to use their own contact information when filling out requests to prevent customers from discovering the fraud. Employees also created fraudulent checking and savings accounts, a process that sometimes involved the movement of money out of legitimate accounts. The creation of these additional products was made possible in part through a process known as "pinning". By setting the client's PIN to "0000", bankers were able to control client accounts and were able to enroll them in programs such as online banking.[11]

Measures taken by employees to satisfy quotas included the enrollment of the homeless in fee-accruing financial products.[7] Reports of unreachable goals and inappropriate conduct by employees to supervisors did not result in changes to expectations.[7]

After the Los Angeles Times article, the bank made nominal efforts to reform the company's sales culture.[12] Despite alleged reforms, the bank was fined $185 million in early September 2016 due to the creation of some 1,534,280 unauthorized deposit accounts and 565,433 credit-card accounts between 2011 and 2016.[11] Later estimates, released in May 2017, placed the number of fraudulent accounts at closer to a total of 3,500,000.[13]

In December 2016, it was revealed that employees of the bank also issued unwanted insurance policies.[14] These included life insurance policies by Prudential Financial and renters' insurance policies by Assurant.[14] Three whistle-blowers, Prudential employees, brought the fraud to light. Prudential later fired these employees,[15] and announced that it might seek damages from Wells Fargo.[16]

Initial fines and broader coverage[edit]

John Stumpf, former CEO of Wells Fargo

Despite the earlier coverage in the Los Angeles Times, the controversy achieved national attention only in September 2016, with the announcement by the Consumer Financial Protection Bureau that the bank would be fined $185 million for the illegal activity. The Consumer Financial Protection Bureau received $100 million, the Los Angeles City Attorney received $50 million, and the Office of the Comptroller of the Currency received the last $35 million.[11] The fines received substantial media coverage in the following days, and triggered attention from further interested parties.[17][18]

Initial response from Wells Fargo and management[edit]

After news of the fines broke, the bank placed ads in newspapers taking responsibility for the controversy.[19] However, the bank rejected the notion that its sales culture led to the actions of employees, stating "...[the fraud] was not part of an intentional strategy".[19] Stumpf also expressed that he would be willing to accept some personal blame for the problems.

Company executives and spokespeople referred to the problem as an issue with sales practices, rather than the company's broader culture.[20]

Initial impact of the fraud, legal action, and press coverage[edit]

On Wells Fargo management[edit]

The bank fired approximately 5300 employees between 2011 and 2016 as a result of fraudulent sales,[21] and discontinued sales quotas at its individual branches after the announcement of the fine in September 2016.[22] John Shrewsberry, the bank's CFO, said the bank had invested $50 million to improve oversight in individual branches. Stumpf accepted responsibility for the problems, but in September 2016, when the story broke, indicated he had no plans to resign.[22]

Stumpf was subject to a hearing before the Senate Banking Committee on September 21, 2016, in an effort led by Senator Elizabeth Warren.[23] Before the hearing, Stumpf agreed to forgo $41 million in stock options that had not yet vested after being urged to do so by the company's board.[24] Stumpf resigned on October 12, roughly a month after the fines by the CFPB were announced, to be replaced by COO Timothy Sloan.[25] Sloan indicated there had not been internal pressure for Stumpf's resignation, and that he had chosen to do so after "...deciding that the best thing for Wells Fargo to move forward was for him to retire...".[24] In November 2016, the Office of the Comptroller of the Currency levied further penalties against the bank, removing provisions from the September settlement.[26] As a result of the OCC adding new restrictions, the bank received oversight similar to that used for troubled or insolvent financial institutions.[26]

Stumpf received criticism for praising former head of retail banking, Carrie Tolstedt, upon her retirement earlier in 2016, given that the bank had been conducting an investigation into retail banking practices for several years at the time.[27] In April 2017, the bank utilized a clawback provision in Stumpf's contract to take back $28 million of his earnings.[28] Tolstedt was also forced to forfeit earnings, though she denied involvement.[28] Tolstedt was responsible for the pressure placed on middle management to dramatically increase the bank's "cross-sell ratio", a metric for how many accounts each customer had.

The bank experienced decreased profitability in the first quarter after the news of the scandal broke.[29] Payments to law firms and other external advisers resulted in increased expenses.[29] After earnings were reported in January 2017, the bank announced it would close over 400 of its approximately 6000 branches by the end of 2018.[30] In May 2017, the bank announced that they would cut costs through investment in technology while decreasing reliance on its “sales organization”.[31] The bank also revised up its 2017 efficiency-ratio goal from 60 to 61.[31]

Wells Fargo costs[edit]

The CFPB fined Wells Fargo $100 million on September 8, 2016 for the "widespread illegal practice of secretly opening unauthorized accounts." The order also required Wells Fargo to pay an estimated $2.5 million in refunds to customers and hire an independent consultant to review its procedures.[32]

Wells Fargo incurred additional costs due to refunds and lawsuits:

  • $6.1 million in customer refunds due to inappropriate fees and charges;[33]
  • $142 million in customer compensation due to a class-action settlement;[33]
  • $480 million settlement for a shareholder class-action lawsuit;[34] and
  • $575 million 50-state Attorneys General (AG) settlement for a combination of opening unauthorized accounts and charging for unnecessary auto insurance and mortgage fees.[1]

The December 2018 AG settlement announcement indicated that Wells Fargo had already paid $2.3 billion in settlements and consent orders, so its $575 million settlement brought the total to nearly $3 billion.[1]

On consumers[edit]

Approximately 85,000 of the accounts opened incurred fees, totaling $2 million.[11] Customers' credit scores were also likely hurt by the fake accounts.[35] The bank was able to prevent customers from pursuing legal action as the opening of an account mandated customers enter into private arbitration with the bank.[21]

The bank agreed to settle for $142 million with consumers who had accounts opened in their names without permission in March 2017.[36][37] The money repaid fraudulent fees and paid damages to those affected.[37]

On non-management Wells Fargo employees[edit]

Wells Fargo employees described intense pressure, with expectations of sales as high as 20 products a day.[38] Others described frequent crying, levels of stress that led to vomiting, and severe panic attacks.[38][12] At least one employee consumed hand sanitizer to cope with the pressure.[12] Some indicated that calls to the company's ethics hotline were met with either no reaction[38] or resulted in the termination of the employee making the call.[39]

During the period of the fraud, some Wells Fargo branch-level bankers encountered difficulty gaining employment at other banks. Banks issue U5 documents to departing employees, a record of any misbehavior or unethical conduct.[39] Wells Fargo issued defamatory U5 documents to bankers who reported branch-level malfeasance, indicating that they had been complicit in the creation of unwanted accounts,[39] a practice that received media attention as early as 2011.[40] There is no regulatory process to appeal a defamatory U5, other than to file a lawsuit against the issuing corporation.

Wells Fargo created a special internal group to rehire employees who had left the bank but were not implicated in the scandal. In April 2017, Timothy Sloan stated that the bank would rehire some 1000 employees who had either been wrongfully terminated or who had quit in protest of fraud.[41] Sloan emphasized that those being rehired would not be those who had participated in the creation of fake accounts.[41] The announcement was made shortly after the news was released that the bank had clawed back income from both Carrie Tolstedt and John Stumpf.

Later government investigations and fines[edit]

First hearing[edit]

John Stumpf appeared before the Senate Banking Committee on September 20, 2016. Stumpf delivered prepared testimony and was then questioned. Senators, including Committee Chairman Richard Shelby, asked about whether the bank would clawback income from executives and how the bank would help consumers it harmed.[42] Stumpf gave prepared testimony, but deferred from answering some of the questions, citing lack of expertise concerning the legal ramifications of the fraud.[42]

Elizabeth Warren referred to Stumpf's leadership as "gutless" and told him he should resign.[42]Patrick Toomey expressed doubt that the 5300 employees fired by Wells Fargo had acted independently and without orders from supervisors or management.[42] Stumpf was later replaced as CEO by Tim Sloan, and Warren has expressed apprehension about leadership so closely associated with the period during which the fraud occurred. In October 2018, Warren urged the Fed Chairman to restrict any additional growth by Wells Fargo until Sloan is replaced as CEO.[43]

Other investigations[edit]

Prosecutors including Preet Bharara in New York City, and others in San Francisco and North Carolina, opened their own investigations into the fraud.[44] The Securities and Exchange Commission opened its own investigation into the bank in November 2016.[45]

Maxine Waters, chair of the House Financial Services Committee, announced her intention to investigate the bank further in early 2019. She previously released a report about the bank's malpractice, and had called for the government to dismantle the bank.[46][47] Former Wells Fargo Chairwoman Elizabeth “Betsy” Duke and James Quigley resigned on March 9, 2020 three days before House Committee on Financial Services hearings on the fraud scandal.[48]

The Department of Justice and the Securities and Exchange Commission reached a settlement with the bank in February 2020 for a total fine of US$3 billion to address the bank's criminal and civil violations. However, this settlement does not cover any future litigation against any individual employee of the bank.[49]

In November 2020, the SEC filed civil charges against two former senior executives, Stumpf and Tolstead, accusing them of misrepresentation to investors of key performance metrics.[50]

External reactions[edit]

Divestitures by major clients[edit]

In September 2016, California suspended its relationship with the bank.[51]John Chiang, the California State Treasurer, immediately removed the bank as bookrunner on two municipal bond issuings, suspended investments in Wells Fargo, and removed the bank as the state's broker dealer.[51] Chiang cited the company's disregard for the well-being of Californians as the reason for the decision, and indicated the suspension would last for a year. Chiang later extended these sanctions against the bank to last for a second year, citing the "... opaque manner with which the bank continues to do business and the frequency of new disclosures of wanton greed and lack of institutional control" as his reasons for doing so.[52]

The city of Chicago also divested $25 million invested with Wells Fargo in the same month as the actions taken by the state of California.[53] Additionally, Chicago alderman Edward M. Burke introduced a measure barring the city from doing business with the bank for two years.[53]

Other cities and municipalities that have either replaced or sought to replace Wells Fargo include Philadelphia, which uses the bank to process payroll,[54] and the state of Illinois.[55] Seattle also ended its relationship with the bank in an effort led by Kshama Sawant. In addition to the account controversy, Seattle cited the company's support of the Dakota Access Pipeline as a reason to end its relationship.[56]

Lawsuit by Navajo Nation[edit]

The Navajo Nation sued Wells Fargo in December 2017.[57] The lawsuit claims Wells Fargo employees told elderly members of the Navajo nation who did not speak English that checks could only be cashed if they had Wells Fargo savings accounts. Wells Fargo was the only bank that operated on a national scale with operations with the Navajo Nation. Wells Fargo settled with the Navajo Nation for $6.5 million in August 2019.[58]

From the media[edit]

Wells Fargo survived the Great Recession more or less unharmed, even acquiring and rescuing a failing bank, Wachovia,[59] and the scandal tarnished the bank's reputation for relatively prudent management when compared to other large banks.[60] Politicians on both the left and the right, including Elizabeth Warren and Jeb Hensarling have called for investigation beyond that done by the CFPB.[59]

Many reacted with surprise both to Stumpf's initial unwillingness to resign and the bank's blaming the problem on lower-level employees.[61][62]

In a fall 2019 article, management professor William Tayler and doctoral student Michael Harris analyzed the scandal as an example of the surrogation phenomenon.[63]

Legacy at Wells Fargo and long-term impact[edit]

Leadership implications[edit]

Tim Sloan, who became CEO after Stumpf, later resigned in March 2019 under pressure related to the scandal.[64] He was replaced by Charles Scharf, the former CEO of both Visa and BNY Mellon. Scharf was appointed with the expectation that he would rehabilitate the bank's reputation with regulators,[65] having previously overseen turnaround efforts at BNY Mellon. As of October 2020, Scharf had not introduced a comprehensive plan to address the problems faced by the bank;[66] this plan, announced in January 2021, was received skeptically by industry analysts.[67]

John Shrewsberry, CFO of the bank since 2014, announced his retirement in mid-2020.[68] Mike Santomassimo, a "lieutenant" of Scharf's from BNY, replaced him.[69]

Financial and business implications[edit]

As of 2020, the ongoing regulatory scrutiny faced by Wells Fargo in response to the scandal continued to weigh on the bank's performance.[70] A growth cap, placed on Wells Fargo by the Federal Reserve, complemented by low interest rates, has made recovery difficult.[71] To reduce costs, executives under Scharf began reevaluating the bank's lines of business in an effort to trim or dispose of those outside its core offerings.[72] The first major implication of this refocus was the sale of the bank's student loan business in December 2020 to private equity firms Apollo and Blackstone.[72] As early as October 2020, Wells Fargo was reported to be pursuing a sale of its asset management business, hoping to sell the entire division in a single transaction.[72][73] Potential bidders for the asset management business include Minneapolis-based Ameriprise and Canadian investment management firm CI Financial.[74]

To better address its issues with compliance after news of the fraud broke, Wells Fargo's management teams relied on external consultants and law firms.[75] Firms hired by the bank to oversee compliance initially included McKinsey and Promontory Financial Group; these were later replaced by Oliver Wyman and PricewaterhouseCoopers. In mid-2020, CEO Charlie Scharf announced commitments to reducing the amount of authority conceded to these firms, in part to trim spending on external counsel as high as $758 million a quarter. An employee, quoted in Financial Times, referred to the bank's degree of reliance on consultants as "off the charts" and even "comical".[75]

The cuts to spending on consultants were announced at the same time as other cost-saving measures, chief among them layoffs.[76]

Workplace culture[edit]

As of early 2019, employees at the bank indicated goals remained unrealistic.[77][78]

Rebranding[edit]

On May 6, 2018, Wells Fargo launched an integrated marketing campaign called "Re-Established" to emphasize the company's commitment to re-establishing trust with existing and potential customers.[79] The television commercial opens with the bank's origins in the Old West, references the scandal and fast-forwards to depict bank employees and customers.[80]

Roughly a year later, in January 2019, the company announced another overhaul of their image, in a campaign called "This is Wells Fargo".[81]

Contemporaneous allegations[edit]

In April 2018, new allegations against Wells Fargo were reported, including signing unwitting customers up for unnecessary auto insurance policies, with the possibility of an additional $1 billion fine.[82] The company later paid this fine.[47] The bank has also faced an investigation into the sales practices employed by the company's financial advisors.[81]

References[edit]

  1. ^ abc"Attorney General Shapiro Announces $575 Million 50-State Settlement with Wells Fargo Bank for Opening Unauthorized Accounts and Charging Consumers for Unnecessary Auto Insurance, Mortgage Fees".
  2. ^Eisen, Dave Michaels and Ben (13 November 2020). "Wells Fargo Ex-CEO Settles SEC Claims, Former Consumer-Unit Head Faces Fraud Case". The Wall Street Journal. The Wall Street Journal. Retrieved 3 December 2020.
  3. ^Kolhatkar, Sheelah (21 September 2016). "Elizabeth Warren and the Wells Fargo Scandal". The New Yorker. Retrieved 6 May 2017.
  4. ^ abSmith, Randall (28 February 2011). "Copying Wells Fargo, Banks Try Hard Sell". The Wall Street Journal. Retrieved 6 May 2017.
  5. ^Davidson, Adam (12 September 2016). "How Regulation Failed with Wells Fargo". The New Yorker. Retrieved 6 May 2017.
  6. ^ abcMcLean, Bethany (31 May 2017). "How Wells Fargo's Cutthroat Corporate Culture Allegedly Drove Bankers to Fraud". Vanity Fair. Retrieved 12 June 2017.
  7. ^ abcReckard, E. Scott (21 December 2013). "Wells Fargo's pressure-cooker sales culture comes at a cost". The Los Angeles Times. Retrieved 6 May 2017.
  8. ^Rules amendments effective in December; Wells Fargo under fire for sales practices. (2016). American Bankruptcy Institute Journal, 35(10), 8-9.
  9. ^ abVerschoor, C. (2016). Lessons from the Wells Fargo scandal. Strategic Finance, 98(5), 19-20.
  10. ^Biben, M. L., Kini, S. M., Luigs, D. A., Lyons, G. J., & Alspector, L. (2016). Banking regulators focus on sales practices. Banking & Financial Services Policy Report, 35(11), 15–17.
  11. ^ abcdLevine, Matt (9 September 2016). "Wells Fargo Opened a Couple Million Fake Accounts". Bloomberg.com. Bloomberg. Retrieved 6 May 2017.
  12. ^ abcCowley, Stacy (20 October 2016). "Voices From Wells Fargo: 'I Thought I Was Having a Heart Attack'". The New York Times. Retrieved 10 May 2017.
  13. ^Keller, Laura (12 May 2017). "Wells Fargo's Fake Accounts Grow to 3.5 Million in Suit". Bloomberg.com. Bloomberg. Retrieved 13 May 2017.
  14. ^ abCowley, Stacy (12 December 2016). "Prudential Suspends Sales of Its Life Policies by Wells Fargo". The New York Times. Retrieved 16 May 2017.
  15. ^Voreacos, David (26 January 2017). "Prudential Says Trio in Whistle-Blower Case Fired for Misconduct". Bloomberg.com. Bloomberg. Retrieved 16 May 2017.
  16. ^Chiglinsky, Katherine (22 February 2017). "Prudential May Press Wells Fargo as Account Fallout Spreads". Bloomberg.com. Bloomberg. Retrieved 16 May 2017.
  17. ^Levine, Wells Fargo Opened a Couple Million Fake Accounts
  18. ^Corkery, Michael (8 September 2016). "Wells Fargo Fined $185 Million for Fraudulently Opening Accounts". The New York Times. Retrieved 16 May 2017.
  19. ^ abCorkery, Michael (9 September 2016). "Wells Fargo Offers Regrets, but Doesn't Admit Misconduct". The New York Times. Retrieved 6 May 2017.
  20. ^Agnes, Melissa (12 September 2016). "Wells Fargo Is Not Addressing The Right Questions Within Their Crisis Response". Fortune. Retrieved 16 May 2017.
  21. ^ abOlen, Helaine (8 September 2016). "Wells Fargo Must Pay $185 Million After Opening Customer Accounts Without Asking. That's Not Enough". Slate. Retrieved 6 May 2017.
  22. ^ abPuzzanghera, Jim (13 September 2016). "Wells Fargo is eliminating retail sales goals after settlement over aggressive tactics". The Wall Street Journal. Retrieved 6 May 2017.
  23. ^Phillips, Matt (21 September 2016). "You should resign". Vice. Retrieved 13 May 2017.
  24. ^ abFaux, Zeke (13 October 2016). "Wells Fargo CEO Stumpf Quits in Fallout From Fake Accounts". Bloomberg.com. Bloomberg. Retrieved 14 May 2017.
  25. ^Gonzales, Richard (12 October 2016). "Wells Fargo CEO John Stumpf Resigns Amid Scandal". NPR. Retrieved 14 May 2017.
  26. ^ abKoren, James Rufus (21 September 2016). "Wells Fargo hit with new sanctions following fake-accounts scandal". The New Yorker. Retrieved 6 May 2017.
  27. ^Maxfield, John (13 September 2016). "Why Is Wells Fargo CEO John Stumpf Making These 3 Major Mistakes?". The Motley Fool. Retrieved 16 May 2017.
  28. ^ abKeller, Laura (10 April 2017). "Wells Fargo Board Claws Back $28 Million More From Ex-CEO". Bloomberg. Retrieved 14 May 2017.
  29. ^ abGray, Alistair (9 January 2017). "Wells Fargo counts cost of sham accounts scandal". The Financial Times. Retrieved 13 February 2019.
  30. ^Keller, Laura (13 January 2017). "Wells Fargo Plans to Close More Than 400 Branches Through 2018". Bloomberg. Retrieved 14 May 2017.
  31. ^ abKeller, Laura (11 May 2017). "Wells Fargo Doubles Cost Slashing as Scandal Spurs Tech Push". Bloomberg. Retrieved 14 May 2017.
  32. ^"Consumer Financial Protection Bureau Fines Wells Fargo $100 Million for Widespread Illegal Practice of Secretly Opening Unauthorized Accounts". Consumer Financial Protection Bureau.
  33. ^ ab"Senate Banking Committee-Statement of Tim Sloan, Wells Fargo & Co.-October 3, 2017"(PDF).
  34. ^"Judge signs off on $480-million settlement with Wells Fargo shareholders". Los Angeles Times. December 19, 2018.
  35. ^Zarroli, Jim (26 September 2016). "Wells Fargo's Unauthorized Accounts Likely Hurt Customers' Credit Scores". NPR. Retrieved 10 May 2017.
  36. ^Lam, Bourree (29 March 2017). "Wells Fargo's $110 Million Settlement". The Atlantic. Retrieved 14 May 2017.
  37. ^ abMehrotra, Kartikay (28 March 2017). "Wells Fargo Reaches $110 Million Fake Accounts Settlement". Bloomberg. Retrieved 14 May 2017.
  38. ^ abcArnold, Chris (4 October 2016). "Former Wells Fargo Employees Describe Toxic Sales Culture, Even At HQ". NPR. Retrieved 10 May 2017.
  39. ^ abcArnold, Chris (21 October 2016). "Workers Say Wells Fargo Unfairly Scarred Their Careers". NPR. Retrieved 14 May 2017.
  40. ^Singer, Bill (15 December 2011). "Wells Fargo Hit With Punitive Damages in FINRA U5 Defamation Case". Fortune. Retrieved 13 May 2017.
  41. ^ abKeller, Laura (10 April 2017). "Wells Fargo Rehires About 1,000 Staff in Wake of Account Scandal". Bloomberg. Retrieved 14 May 2017.
  42. ^ abcdChappell, Bill (20 September 2016). "'You Should Resign': Watch Sen. Elizabeth Warren Grill Wells Fargo CEO John Stumpf". NPR. Retrieved 16 May 2017.
  43. ^Schroeder, Pete (18 October 2018). "Senator Warren urges Fed to require removal of Wells Fargo CEO". Reuters. Reuters. Retrieved 18 October 2018.
  44. ^Protess, Ben (14 September 2016). "Wells Fargo Subpoenaed in Sham Account Case". The New York Times. Retrieved 14 May 2017.
  45. ^Masunaga, Samantha (3 November 2016). "Wells Fargo says the SEC is also investigating its accounts scandal". The Los Angeles Times. Retrieved 16 May 2017.
  46. ^Stewart, Emily (16 January 2019). ""I have the gavel": Maxine Waters lays out an aggressive agenda at the House Financial Services Committee". Vox. Retrieved 13 February 2019.
  47. ^ abLane, Sylvan (28 December 2018). "Wells Fargo to pay $575 million in 50-state settlement over sales practices". The Hill. Retrieved 13 February 2019.
  48. ^Wells Fargo directors resign under pressure from House Democrats BY SYLVAN LANE, The Hill, 9 March 2020
  49. ^Egon, Matt (February 22, 2020). "US government fines Wells Fargo $3 billion for its 'staggering' fake-accounts scandal". CNN. Retrieved February 22, 2020.
  50. ^"Carrie L. Tolstedt (Release No. LR-24964; Nov. 13, 2020)". www.sec.gov.
  51. ^ abCorkery, Michael (28 September 2016). "California Suspends Ties With Wells Fargo". The New York Times. Retrieved 14 May 2017.
  52. ^Darmiento, Laurence (16 September 2017). "State Treasurer John Chiang extends sanctions on Wells Fargo for another year". The Los Angeles Times. Retrieved 13 February 2019.
  53. ^ abCampbell, Elizabeth (3 October 2016). "Chicago to Pull $25 Million From Wells Fargo After Scandal". Bloomberg. Retrieved 14 May 2017.
  54. ^Cineas, Fabiola (2 May 2017). "Philly May Soon Drop Wells Fargo as City Payroll Bank". Philadelphia Magazine. Retrieved 15 May 2017.
  55. ^Yerak, Becky (3 October 2016). "Illinois treasurer: State will suspend Wells Fargo business". Chicago Tribune. Retrieved 15 May 2017.
  56. ^Talton, John (2 May 2017). "Does city divestment work? Define 'work'". The Seattle Times. Retrieved 15 May 2017.
  57. ^Miller, Hayley (14 December 2017). "Navajo Nation Sues Wells Fargo Over 'Outrageous,' Predatory Practices". Huffpost. Retrieved 16 January 2018.
  58. ^Egan, Matt (23 August 2019). "Wells Fargo is paying the Navajo Nation $6.5 million to settle allegations of shady sales tactics". CNN Business.
  59. ^ ab"Stumpfed". The Economist. 13 October 2016. Retrieved 15 May 2017.
  60. ^Eisen, Ben (22 February 2020). "Wells Fargo Reaches Settlement With Government Over Fake-Accounts Scandal". Wall Street Journal. Wall Street Journal. Retrieved 4 January 2021.
  61. ^Lazarus, David (15 September 2016). "Thanks, Wells Fargo, for being such a bunch of weasels". Los Angeles Times. Retrieved 6 May 2017.
  62. ^"Wells Fargo executives must answer for scandal". Boston Globe. 16 September 2016. Retrieved 6 May 2017.
  63. ^Harris, Michael; Tayler, William (September–October 2019). "Don't Let Metrics Undermine Your Business". Harvard Business Review. 97 (5): 62–69.
  64. ^Merle, Renae. "After years of apologies for customer abuses, Wells Fargo CEO Tim Sloan suddenly steps down" – via www.washingtonpost.com.
  65. ^Baer, Rachel Louise Ensign and Justin (27 September 2019). "Wells Fargo Names Charles Scharf CEO". Wall Street Journal. Wall Street Journal. Retrieved 4 January 2021.
  66. ^"Wells Fargo: stuck Chuck". www.ft.com. The Financial Times. 14 October 2020. Retrieved 4 January 2021.
  67. ^"Can anyone fix Wells Fargo?". Fortune. Retrieved 2021-04-09.
  68. ^Sebastian, Ben Eisen and Dave (21 July 2020). "Wells Fargo CFO John Shrewsberry to Leave the Bank After 22 Years". Wall Street Journal. Wall Street Journal. Retrieved 4 January 2021.
  69. ^Eisen, Ben (25 July 2020). "Wells Fargo Tightens Purse Strings to Ride Out Coronavirus Pandemic". Wall Street Journal. Wall Street Journal. Retrieved 4 January 2021.
  70. ^Armstrong, Robert (30 November 2020). "Wells Fargo's struggle to escape the dog house isn't over yet". www.ft.com. Financial Times. Retrieved 4 January 2021.
  71. ^Eisen, Ben (8 October 2020). "Wells Fargo CEO Finds Himself on Defense After a Tough First Year". Wall Street Journal. Wall Street Journal. Retrieved 4 January 2021.
  72. ^ abcLevitt, Hannah (19 December 2020). "Wells Fargo to Sell Student Loan Book to Apollo, Blackstone". Bloomberg.com. Bloomberg. Retrieved 4 January 2021.
  73. ^Beltran, Luisa (23 October 2020). "Wells Fargo Is Weighing a Sale of Its Asset Management Business. Bids Are Said to Be Due Next Week". www.barrons.com. Barron's. Retrieved 4 January 2021.
  74. ^Monks, Matthew; Porter, Kiel (14 December 2020). "Ameriprise, CI Eyeing Wells Fargo Asset Management Arm". Bloomberg.com. Bloomberg. Retrieved 4 January 2021.
  75. ^ abMorris, Stephen; Noonan, Laura (5 August 2020). "Wells Fargo to dramatically cut consultancy spend after internal backlash". www.ft.com. Financial Times. Retrieved 4 January 2021.
  76. ^Weinstein, Austin (14 September 2020). "$10 billion in Wells Fargo cost cuts will mostly be layoffs, take several years". Charlotte Observer. Retrieved 4 January 2021.
  77. ^Sainato, Michael (4 January 2019). "Wells Fargo employees say little has changed since fake accounts scandal". The Guardian. Retrieved 13 March 2019.
  78. ^Flitter, Emily; Cowley, Stacy (9 March 2019). "Wells Fargo Says Its Culture Has Changed. Some Employees Disagree". The New York Times. Retrieved 13 March 2019.
  79. ^"Today's Stock Market News and Analysis from Nasdaq.com". NASDAQ.com.
  80. ^Peltz, James F. (9 May 2018). "Wells Fargo launches ad campaign to leave accounts scandal behind. Not everyone is buying it". Los Angeles Times.
  81. ^ abSnel, Ross (27 January 2019). "Wells Fargo Launches Brand Makeover". Barron's. Retrieved 13 February 2019.
  82. ^Emily Flitter and Glenn Thrush, Wells Fargo Said to Be Target of $1 Billion U.S. Fine, The New York Times, April 19, 2018
Источник: https://en.wikipedia.org/wiki/Wells_Fargo_account_fraud_scandal

Emergency Contacts

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In an emergency, the last thing you want to do is worry about your finances. Wells Fargo can help with your immediate financial needs and, if your home or business has been damaged or destroyed, we have services to help you start rebuilding.

For any questions you have about your property, business, or other general concerns, please call 1-800-TO-WELLS (1-800-869-3557). You can also call our business groups directly. Customer service representatives are ready to help you at the following numbers.

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Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A., and its various affiliates and subsidiaries. Wells Fargo Bank, N.A. is a bank affiliate of Wells Fargo & Company.

Wells Fargo Bank, N.A. offers various advisory and fiduciary products and services including discretionary portfolio management. Wells Fargo affiliates, including Financial Advisors of Wells Fargo Advisors, a separate non-bank affiliate, may be paid an ongoing or one-time referral fee in relation to clients referred to the bank. The bank is responsible for the day-to-day management of the account and for providing investment advice, investment management services and wealth management services to clients. The role of the Financial Advisor with respect to the Bank products and services is limited to referral and relationship management services.

Investment products and services are offered through Wells Fargo Advisors. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

WellsTrade® brokerage accounts are offered through WFCS.

Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.

Источник: https://www.wellsfargo.com/help/emergency-contacts/

Wells Fargo tells customers it’s shuttering all personal lines of credit

Wells Fargo is ending a popular consumer lending product, angering some of its customers, CNBC has learned.

The bank is shutting down all existing personal lines of credit in coming weeks and has stopped offering the product, according to customer letters reviewed by CNBC.

The revolving credit lines, which typically let users borrow $3,000 to $100,000, were pitched as a way to consolidate higher-interest credit card debt, pay for home renovations or avoid overdraft fees on linked checking accounts.

"Wells Fargo recently reviewed its product offerings and decided to discontinue offering new Personal and Portfolio line of credit accounts and close all existing accounts," the bank said in the six-page letter. The move would let the bank focus on credit cards and personal loans, it said.

A man walks past a Wells Fargo Bank branch on a rainy morning in Washington.

Wells Fargo CEO Charles Scharf has been forced to make difficult decisions during the coronavirus pandemic, offloading assets and deposits and stepping back from some products because of limitations imposed by the Federal Reserve. In 2018, the Fed barred Wells Fargo from growing its balance sheet until it fixes compliance shortcomings revealed by the bank's fake accounts scandal.

The asset cap has ultimately cost the bank billions of dollars in lost earnings, based on the balance sheet growth of rivals including JPMorgan Chase and Bank of America over the past three years, analysts have said.

It has also affected Wells Fargo's customers: Last year, the lender told staff it was halting all new home equity lines of credit, CNBC reported. Months later, the bank also withdrew from a segment of the auto lending business.

With its latest move, Wells Fargo warned customers that the account closures "may have an impact on your credit score," according to a "Frequently Asked Questions" segment of the letter.

Another part of the FAQ asserted that the account closures couldn't be reviewed or reversed: "We apologize for the inconvenience this Line of Credit closure will cause," the bank said. "The account closure is final."

Sen. Elizabeth Warren, a frequent critic of the banking industry, denounced Wells Fargo's decision to pull back the credit lines.

Simplify offerings

Wells Fargo didn't directly answer questions as to what role, if any, the Fed asset cap played in its latest move.

The bank gave this statement: "In an effort to simplify our product offerings, we've made the decision to no longer offer personal lines of credit as we feel we can better meet the borrowing needs of our customers through credit card and personal loan products."

After publication of this article, a Wells Fargo spokesman gave additional remarks: "We realize change can be inconvenient, especially when customer credit may be impacted," the bank said, adding that it was "committed to helping each customer find a credit solution that fits their needs."

Customers have been given a 60-day notice that their accounts will be shuttered, and remaining balances will require regular minimum payments at a fixed rate, according to the statement. When it was offered, the credit lines had variable interest rates ranging from 9.5% to 21%.

The move is a strange one given the banking industry's need to boost loan growth.  

After a burst of commercial lending during the early days of the pandemic, loan growth has been hard to muster. Corporations have used money raised in stock and debt issuance to retire bank credit lines, and consumers stuck at home had fewer reasons to use credit cards.

In fact, last year big banks experienced the first aggregate drop in loans in more than a decade, according to Barclays bank analyst Jason Goldberg. Of the four largest U.S. banks, Wells Fargo saw the worst decline.

After banks saw that borrowers held up far better than they had initially feared, the industry recently began marketing new credit cards with large sign-on bonuses in an effort to boost lending.

Making the switch

Wells Fargo doesn't disclose how many customers used the credit lines it is eliminating. It had $24.9 billion in loans in a category called "other consumer" as of March, which was 26% lower than the year-earlier period.

One customer said the change is prompting him to switch banks after more than a decade with Wells Fargo. Tim Tomassi, a Portland, Oregon, programmer, said he used a personal line of credit linked to his checking account to avoid expensive overdraft fees.

"It's a bit upsetting," Tomassi said in a phone interview. "They're a big bank, and I'm a small person, and it feels like they're making decisions for their bottom line and not for customers. A lot of people are in my position, they need a cushion every once in a while from a line of credit."

Tomassi said he is considering opening an account at Ally or Chime, banking players that don't charge overdraft fees.

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Источник: https://www.cnbc.com/2021/07/08/wells-fargo-is-shutting-down-all-personal-line-of-credit-accounts-.html

Credit Card Help

Rewards points or cash rewards (as applicable) are earned on net purchases (purchases minus returns/credits) only. ATM transactions, cash advances of any kind, balance transfers, SUPERCHECKS™, cash wells fargo one 800 customer service number such as money orders and prepaid gift cards, wire transfers, fees or interest posted to a linked account, including but not limited to returned payment fees, late fees, and monthly or annual fees, do not earn rewards points or cash rewards (as applicable). For the Wells Fargo Visa® and Wells Fargo Visa Signature® Cards, casino gaming chips, off-track wagers, lottery tickets, and bets or wagers transmitted over the internet also do not earn rewards points or cash rewards (as applicable). Refer to the Wells Fargo Rewards® Program Terms and Conditions and Addendum for your Wells Fargo Credit Card by signing on at www.wellsfargo.com/rewards, and selecting Terms and Conditions.

Wells Fargo Bank, N.A. Member FDIC.

Источник: https://www.wellsfargo.com/help/credit-cards/

Emergency Contacts

We're Here to Help

In an emergency, the wells fargo one 800 customer service number thing you want to do is worry about your finances. Wells Fargo can help with your immediate financial needs and, if your home or business has been damaged or destroyed, we have services to help you start rebuilding.

For any questions you have about your property, business, or other general concerns, please call 1-800-TO-WELLS (1-800-869-3557). You can also call our business groups directly. Customer service representatives are ready to help you at the following numbers.

Wells Fargo Home Mortgage

1-888-818-9147
(Se habla español)

Home Equity

1-866-355-1540
(Se habla español)

Personal Banking

1-800-869-3557
(Se habla español)

Personal Loan

1-877-269-6056
(Se habla español)

Personal Line of Credit

1-800-946-2626
(Se habla español)

Auto Loan

1-800-289-8004
Mon – Fri: 7 am – 9 pm 
Central Time

Credit, ATM and Debit Cards

Credit Cards: 1-800-642-4720
ATM and Debit Cards:1-800-869-3557
(Se habla español)

Small Business Banking

1-800-225-5935
(Se habla español)

Investment Services

  • The Private Bank 1-888-715-0380
  • WellsTrade 1-800-TRADERS or 1-800-872-3377
  • Wells Fargo Funds 1-800-222-8222
  • Wells Fargo Advisors: 1-866-817-7940
Investment and Insurance Products are:
  • Not Insured by the FDIC or Any Federal Government Agency
  • Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank Affiliate
  • Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested

Wells Fargo Private Bank offers products and services through Wells fargo one 800 customer service number Fargo Bank, N.A., and its various affiliates and subsidiaries. Wells Fargo Bank, N.A. is a bank affiliate of Wells Fargo & Company.

Wells Fargo Bank, N.A. offers various advisory and fiduciary products and services including discretionary portfolio management. Wells Fargo affiliates, including Financial Advisors of Wells Fargo Advisors, a separate non-bank affiliate, may be paid an ongoing or one-time referral fee in relation to clients referred to the bank. The bank is responsible for the day-to-day management of the account and for providing investment advice, investment management services and wealth management services to clients. The role of the Financial Advisor with respect to the Bank products and services is limited to chase credit card online login full site and relationship management services.

Investment products and services are offered through Wells Fargo Advisors. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

WellsTrade® brokerage accounts are offered through WFCS.

Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.

Источник: https://www.wellsfargo.com/help/emergency-contacts/

Contact Us

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Источник: https://www.wellsfargo.com/help/contact-us/

Wells Fargo to pay $3 billion over fake account scandal

Wells Fargo, the nation's fourth-largest bank, agreed Friday to pay a $3 billion fine to settle a civil lawsuit and resolve a criminal prosecution filed by the Justice Department over its fake account scandal.

Under pressure to meet sales quotas, bank employees opened millions of savings and checking accounts in the names of actual customers, without their knowledge or consent. Since the fraud became public in 2016, the bank has faced a torrent of lawsuits. The scheme lasted more than a decade, Justice Department officials said, and was carried out by thousands of Wells Fargo employees.

“This settlement holds Wells Fargo accountable for tolerating fraudulent conduct that is remarkable both for its duration and scope and for its blatant disregard of customer private information," said Michael Granston of the Justice Department's Civil Division.

Department officials said the bank took several steps to conceal the accounts from customers, such as forging customer signatures and preventing other Wells Fargo employees from contacting customers during routine surveys about their accounts.

None of the money to be paid to the government under this settlement will go to compensate customers. But officials said Wells Fargo has separately made efforts to compensate victims for potential losses — such as fees they might have been charged or harm to their credit ratings, if any.

The Securities and Exchange Commission said $500 million of the settlement would be used to compensate investors who responded to the bank’s promotion of its “cross-sell” strategy — selling more products and services to existing customers.

"We take seriously the rights of customers, creditors, and investors, all of whom were harmed by this conduct, where the bank was making up sales activities to get wells fargo one 800 customer service number competitive advantage over its customers," a senior Justice Department official said.

As part of the settlement, Wells Fargo admitted that employees were pressured to sell large volumes of new products to existing customers as a way of generating more business, often with little regard for a customer's actual needs. Bank employees began calling the practice "gaming," and it included opening accounts without a customer's knowledge, issuing credit and debit cards, and moving money from existing accounts to the fraudulently opened ones.

As part of Friday's settlement, the Justice Department agreed not to criminally prosecute the bank during the three-year term of the agreement, provided that Wells Fargo continues to cooperate with government investigations.

The agreement was reached with the bank itself, not with any individuals responsible for the fraud. But last month, the bank's former chief executive, John Stumpf, was fined $17.5 million by the Office of the Comptroller of the Currency for his role in seoul luxury homes for sale scandal. Other former bank executives were hit with smaller fines.

Pete Williams is an NBC News correspondent who covers the Justice Department and the Supreme Court, based in Washington.

Источник: https://www.nbcnews.com/news/all/wells-fargo-pay-3-billion-over-fake-account-scandal-n1140541

Wells Fargo account fraud scandal

Controversy generated by fraud perpetrated by Wells Fargo

The Wells Fargo account fraud scandal is a controversy brought about by the creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent. News of the fraud became widely known in late 2016 after various regulatory bodies, including the Consumer Financial Protection Bureau (CFPB), fined the company a combined US$185 million as a result of the illegal activity. The company faces additional civil and criminal suits reaching an estimated $2.7 billion by the end of 2018.[1] The creation of these fake accounts continues to have legal and financial ramifications for Wells Fargo and former bank executives as of early 2021.[2]

Wells Fargo clients began to notice the fraud after being charged unanticipated fees and receiving unexpected credit or debit cards or lines of credit. Initial reports blamed individual Wells Fargo branch workers and managers for the problem, as well as sales incentives associated with selling multiple "solutions" or financial products. This blame was later shifted to a top-down pressure from higher-level management to open as many accounts as possible through cross-selling.

The bank took relatively few risks in the years leading up to the financial crisis of 2007–2008, which led to an image of stability on Wall Street and in the financial world. The bank's stable reputation was tarnished by the widespread fraud, the subsequent coverage, and the revelation of other fraudulent practices employed by the company. The controversy resulted in the fidelity sign in login of CEO John Stumpf, an investigation into the bank led by U.S. Senator Elizabeth Warren, a number of settlements between Wells Fargo and various parties, and pledges from new management to reform the bank.

Background[edit]

Cross-selling[edit]

Cross-selling, the practice underpinning the fraud, is the concept of attempting to sell multiple products to consumers. For instance, a customer with a checking account might be encouraged to take out wells fargo one 800 customer service number mortgage, or set up credit card or online banking account.[3] Success by retail banks was measured in part by the average number of products held by a customer, and Wells Fargo was long considered the most successful cross-seller.[4]Richard Kovacevich, the former CEO of Norwest Corporation and, later, Wells Fargo, allegedly invented the strategy while at Norwest.[5][6] In a 1998 interview, Kovacevich likened mortgages, checking and savings 160 east 53rd street, and credit cards offered by the company to more typical consumer products, and revealed that he considered branch employees to be "salespeople", and consumers to be "customers" rather than "clients".[6] Under Kovacevich, Norwest encouraged branch employees to sell at least eight products, in an initiative known as "Going for Gr-Eight".

Early coverage[edit]

Wells Fargo's sales culture and cross-selling strategy, and their impact on customers, were documented by the Wall Street Journal as early as 2011.[4] In 2013, a Los Angeles Times investigation revealed intense pressure on bank managers and individual bankers to produce sales against extremely aggressive and even mathematically impossible[6] quotas.[7] In the Los Angeles Times article, CFO Timothy Sloan was quoted stating he was unaware of any ".overbearing sales culture". Sloan would later replace John Stumpf as CEO.

Under pressure from their supervisors, employees would often open accounts without customer consent. In an article from the American Bankruptcy Institute Journal, Wells Fargo employees reportedly "opened as many as 1.5 million checking and savings accounts, and more than 500,000 credit cards, without customers' authorization."[8] The employees received bonuses for opening new credit cards and checking accounts and enrolling customers in products such as online banking. California Treasurer John Chiang[9] stated: "Wells Fargo's fleecing of its customers.demonstrates, at best, a reckless lack of institutional control and, at worst, a culture which actively promotes wanton greed."

Verschoor explains the findings of the Wells Fargo investigation shows employees also opened online banking services and ordered debit cards without customer consent. "Blame is being placed on the bank's marketing incentive plan, which set extremely high sales goals for employees to cross-sell additional banking products to existing customers whether or not the customers needed or wanted them."[9] Cross-selling products is not a new practice, but if employees feel pushed to sell more than is needed, and are incentivized to do so, there is no surprise that unethical practices began.

In 2010, New York Department of Financial Services (NY DFS) issued the Interagency Guidance on Sound Incentive Compensation Policies. These policies monitor incentive-based compensation structures, and requires that banks appropriately balance risk and rewards, be compatible with effective controls and risk management, and that they are supported by effective corporate governance.[10]

Fraud[edit]

Employees were encouraged to order credit cards for pre-approved customers without their consent, and to use their own contact information when filling out requests to prevent customers from discovering the fraud. Employees also created fraudulent checking and savings accounts, a process that sometimes involved the movement of money out of legitimate accounts. The creation of these additional products was made possible in part through a process known as "pinning". By setting the client's PIN to "0000", bankers were able to control client accounts and were able to enroll them in programs such as online banking.[11]

Measures taken by employees to satisfy quotas included the enrollment of the homeless in fee-accruing financial products.[7] Reports of unreachable goals and inappropriate conduct by employees to supervisors did not result in changes to expectations.[7]

After the Los Angeles Times article, the bank made nominal efforts to reform the company's sales culture.[12] Despite alleged reforms, the bank was fined $185 million in early September 2016 due to the creation of some 1,534,280 unauthorized deposit accounts and 565,433 credit-card accounts between 2011 and 2016.[11] Later estimates, released in May 2017, placed the number of fraudulent accounts at closer to a total of 3,500,000.[13]

In December 2016, it was revealed that employees of the bank also issued unwanted insurance policies.[14] These included life insurance policies by Prudential Financial and renters' insurance policies by Assurant.[14] Three whistle-blowers, Prudential employees, brought the fraud to light. Prudential later fired these employees,[15] and announced that it might seek damages from Wells Fargo.[16]

Initial fines and broader coverage[edit]

John Stumpf, former CEO of Wells Fargo

Despite the earlier coverage in the Los Angeles Times, the controversy achieved national attention only in September 2016, with the announcement by the Consumer Financial Protection Bureau that the bank would be fined $185 million for the illegal activity. The Consumer Financial Protection Bureau received $100 million, the Los Angeles City Attorney received $50 million, and the Office of the Comptroller of the Currency received the last $35 million.[11] The fines received substantial media coverage in the following days, and triggered attention from further interested parties.[17][18]

Initial response from Wells Fargo and management[edit]

After news of the fines broke, the bank placed ads in newspapers taking responsibility for the controversy.[19] However, the bank rejected the notion that its sales culture led to the actions of employees, stating ".[the fraud] was not part of an intentional strategy".[19] Stumpf also expressed that he would be willing to accept some personal blame for the problems.

Company executives and spokespeople referred to the problem as an issue with sales practices, rather than the company's broader culture.[20]

Initial impact of the fraud, legal action, and press coverage[edit]

On Wells Fargo management[edit]

The bank fired approximately 5300 employees between 2011 and 2016 as a result of fraudulent sales,[21] and discontinued sales quotas at its individual branches after the announcement of the fine in September 2016.[22] John Shrewsberry, the bank's CFO, said the bank had invested $50 million to improve oversight in individual branches. Stumpf accepted responsibility for the problems, but in September 2016, when the story broke, indicated he had no plans to resign.[22]

Stumpf was subject to a hearing before the Senate Banking Committee on September 21, 2016, in an effort led by Senator Elizabeth Warren.[23] Before the hearing, Stumpf agreed to forgo $41 million in stock options that had not yet vested after being urged to do so by the company's board.[24] Stumpf resigned on October 12, roughly a month after the fines by the CFPB were announced, to be replaced by COO Timothy Sloan.[25] Sloan indicated there had not been internal pressure for Stumpf's resignation, and that he had chosen to do so after ".deciding that the best thing for Wells Fargo to move forward was for him to retire.".[24] In November 2016, the Office of the Comptroller of the Currency levied further penalties against the bank, removing provisions from the September settlement.[26] As a result of the OCC adding new restrictions, the bank received oversight similar to that used for troubled or insolvent financial institutions.[26]

Stumpf received criticism for praising former head of retail banking, Carrie Tolstedt, upon her retirement earlier in 2016, given that the bank had been conducting an investigation into retail banking practices for several years at the time.[27] In April 2017, the bank utilized a clawback provision in Stumpf's contract to take back $28 million of his earnings.[28] Tolstedt was also forced to forfeit earnings, though she denied involvement.[28] Tolstedt was responsible for the pressure placed on middle management to dramatically increase the bank's "cross-sell ratio", a metric for how many accounts each customer had.

The bank experienced decreased profitability in the first quarter after the news of the scandal broke.[29] Payments to law firms and other external advisers resulted in increased expenses.[29] After earnings were reported in January 2017, the bank announced it would close over 400 of its approximately 6000 branches by the end of 2018.[30] In May 2017, the bank announced that they would cut costs through investment in technology while decreasing reliance on its “sales organization”.[31] The bank also revised up its 2017 efficiency-ratio goal from 60 to 61.[31]

Wells Fargo costs[edit]

The CFPB fined Wells Fargo $100 million on September 8, 2016 for the "widespread illegal practice of secretly opening unauthorized accounts." The order also required Wells Fargo to pay an estimated $2.5 million in refunds to customers and hire an independent consultant to review its procedures.[32]

Wells Fargo incurred additional costs due to refunds and lawsuits:

  • $6.1 million in customer refunds due to inappropriate fees and charges;[33]
  • $142 million in customer compensation due to a class-action settlement;[33]
  • $480 million wells fargo one 800 customer service number for a shareholder class-action lawsuit;[34] and
  • $575 million 50-state Attorneys General (AG) settlement for a combination of opening unauthorized accounts and charging for unnecessary auto insurance and mortgage fees.[1]

The December 2018 AG settlement announcement indicated that Wells Fargo had already paid $2.3 billion in settlements and consent orders, so its $575 million settlement brought the total to nearly $3 billion.[1]

On consumers[edit]

Approximately 85,000 of the accounts opened incurred fees, totaling $2 million.[11] Customers' credit scores were also likely hurt by the fake accounts.[35] The bank was able to prevent customers from pursuing legal action as the opening of an account mandated customers enter into private arbitration with the bank.[21]

The bank agreed to settle for $142 million with consumers who had accounts opened in their names without permission in March 2017.[36][37] The money repaid fraudulent fees and paid damages to those affected.[37]

On non-management Wells Fargo employees[edit]

Wells Fargo employees described intense pressure, with expectations of sales as high as 20 products a day.[38] Others described frequent crying, levels of stress that led to vomiting, and severe panic attacks.[38][12] At least one employee consumed hand sanitizer to cope with the pressure.[12] Some indicated that calls to the company's ethics hotline were met with either no reaction[38] or resulted in the termination of the employee making the call.[39]

During the period of the fraud, some Wells Fargo branch-level bankers encountered difficulty gaining employment at other banks. Banks issue U5 documents to departing employees, a record of any misbehavior or unethical conduct.[39] Wells Fargo issued defamatory U5 documents to bankers who reported branch-level malfeasance, indicating that they had been complicit in the creation of unwanted accounts,[39] a practice that received media attention as early as 2011.[40] There is no regulatory process to appeal a defamatory U5, other than to file a lawsuit against the issuing corporation.

Wells Fargo created a special internal group to rehire employees who had left the bank but were not implicated in the scandal. In April 2017, Timothy Sloan stated that the bank would rehire some 1000 employees who had either been wrongfully terminated or who had quit in protest of fraud.[41] Sloan emphasized that those being rehired would not be those who had participated in the creation of online banking for huntington bank accounts.[41] The announcement was made shortly after the news was released that the bank had clawed back income from both Carrie Tolstedt and John Stumpf.

Later government investigations and fines[edit]

First hearing[edit]

John Stumpf appeared before the Senate Banking Committee on September 20, 2016. Stumpf delivered prepared testimony and was then questioned. Senators, including Committee Chairman Richard Shelby, asked about whether the bank would clawback income from executives and how the bank would help consumers it harmed.[42] Stumpf gave prepared testimony, but deferred from answering some of the questions, citing lack of expertise concerning the legal ramifications of the fraud.[42]

Elizabeth Warren referred to Stumpf's leadership as "gutless" and told him he should resign.[42]Patrick Toomey expressed doubt that the 5300 employees fired by Wells Fargo had acted independently and without orders from supervisors or management.[42] Stumpf was later replaced as CEO by Tim Sloan, and Warren has expressed apprehension about leadership so closely associated with the period during which the fraud occurred. In October 2018, Warren urged the Fed Chairman to restrict any additional growth by Wells Fargo until Sloan is replaced as CEO.[43]

Other investigations[edit]

Prosecutors including Preet Bharara in New York City, and others in San Francisco and North Carolina, opened their own investigations into the fraud.[44] The Securities and Exchange Commission opened its own investigation into the bank in November 2016.[45]

Maxine Waters, chair of the House Financial Services Committee, announced her intention to investigate the bank further in early 2019. She previously released a report about the bank's malpractice, and had called for the government to dismantle the bank.[46][47] Former Wells Fargo Chairwoman Elizabeth “Betsy” Duke and James Quigley resigned on March 9, 2020 three days before House Committee on Financial Services hearings on the fraud scandal.[48]

The Department of Justice and the Securities and Exchange Commission reached a settlement with the bank in February 2020 for a total fine of US$3 billion to address the bank's criminal and civil violations. However, this settlement does not cover any future litigation against any individual employee of the bank.[49]

In November 2020, the SEC filed civil charges against two former senior executives, Stumpf and Tolstead, accusing them of misrepresentation to investors of key performance metrics.[50]

External reactions[edit]

Divestitures by major clients[edit]

In September 2016, California suspended its relationship with the bank.[51]John Chiang, the California State Treasurer, immediately removed the bank as bookrunner on two municipal bond issuings, suspended investments in Wells Fargo, and removed the bank as the state's broker dealer.[51] Chiang cited the company's disregard for the well-being of Californians as the reason for the decision, and indicated the suspension would last for a year. Chiang later extended these sanctions against the bank to last for a second year, citing the ". opaque manner with which the bank continues to do business and the frequency of new disclosures of wanton greed and lack of institutional control" as his reasons for doing so.[52]

The city of Chicago also divested $25 million invested with Wells Fargo in the same month as the actions taken by the state of California.[53] Additionally, Chicago alderman Edward M. Burke introduced a measure barring the city from doing business with the bank for two years.[53]

Other cities and municipalities that have either replaced or sought to replace Wells Fargo include Philadelphia, which uses the bank to process payroll,[54] and the state of Illinois.[55] Seattle also ended its relationship with the bank in an effort led by Kshama Sawant. In addition to the account controversy, Seattle cited the company's support of the Dakota Access Pipeline as a reason to end its relationship.[56]

Lawsuit by Navajo Nation[edit]

The Navajo Nation sued Wells Fargo in December 2017.[57] The lawsuit claims Wells Fargo employees told elderly members of the Navajo nation who did not speak English that checks could only be cashed if they had Wells Fargo savings accounts. Wells Fargo was the only bank that operated on a national scale with operations with the Navajo Nation. Wells Fargo settled with the Navajo Nation for $6.5 million in August 2019.[58]

From the media[edit]

Wells Fargo survived the Great Recession more or less unharmed, even acquiring and rescuing a failing bank, Wachovia,[59] and the scandal tarnished the bank's reputation for relatively prudent management when compared to other large banks.[60] Politicians on both the left and the right, including Elizabeth Warren and Jeb Hensarling have called for investigation beyond that done by the CFPB.[59]

Many reacted with surprise both to Stumpf's initial unwillingness to resign and the bank's blaming the problem on lower-level employees.[61][62]

In a fall 2019 article, management professor William Tayler and doctoral student Michael Harris analyzed the scandal as an example of the surrogation phenomenon.[63]

Legacy at Wells Fargo and long-term impact[edit]

Leadership implications[edit]

Tim Sloan, who became CEO after Stumpf, later resigned in March 2019 under pressure related to the scandal.[64] He was replaced by Charles Scharf, the former CEO of both Visa and BNY Mellon. Scharf was appointed with the expectation that he would rehabilitate the bank's reputation with regulators,[65] having previously overseen turnaround efforts at BNY Mellon. As wells fargo one 800 customer service number October 2020, Scharf had not introduced a comprehensive plan to address the problems faced by the bank;[66] this plan, announced in January 2021, was received skeptically by industry analysts.[67]

John Shrewsberry, CFO of the bank since 2014, announced his retirement in mid-2020.[68] Mike Santomassimo, a "lieutenant" of Scharf's from BNY, replaced him.[69]

Financial and business implications[edit]

As of 2020, the ongoing regulatory scrutiny faced by Wells Fargo in response to the scandal continued to weigh on the bank's performance.[70] A growth cap, placed on Wells Fargo by the Federal Reserve, complemented by low interest rates, has made recovery difficult.[71] To reduce costs, executives under Scharf began reevaluating the bank's lines of business in an effort to trim or dispose of those outside its core offerings.[72] The first major implication of this refocus was the sale of the bank's student loan business in December 2020 to private equity firms Apollo and Blackstone.[72] As early as October 2020, Wells Fargo was reported to be pursuing a sale of its asset management business, hoping to sell the entire division in a single transaction.[72][73] Potential bidders for the asset management business include Minneapolis-based Ameriprise and Canadian investment management firm CI Financial.[74]

To better address its issues with compliance after news of the fraud broke, Wells Fargo's management teams relied on external consultants and law firms.[75] Firms hired by the bank to oversee compliance initially included McKinsey and Promontory Financial Group; these were later replaced by Oliver Wyman and PricewaterhouseCoopers. In mid-2020, CEO Charlie Scharf announced commitments to wells fargo one 800 customer service number the amount of authority conceded to these firms, in part to trim spending on external counsel as high as $758 million a quarter. An employee, quoted in Financial Times, referred to the bank's degree of reliance on consultants as wells fargo one 800 customer service number the charts" and even "comical".[75]

The cuts to spending on consultants were announced at the same time as other cost-saving measures, chief among them layoffs.[76]

Workplace culture[edit]

As of early 2019, employees at the bank indicated goals remained unrealistic.[77][78]

Rebranding[edit]

On May 6, 2018, Wells Fargo launched an integrated marketing campaign called "Re-Established" to emphasize the company's commitment to re-establishing trust with existing and potential customers.[79] The television commercial opens with the bank's origins in the Old West, references the scandal and fast-forwards to depict bank employees and customers.[80]

Roughly a year later, in January 2019, the company announced another overhaul of their image, in a campaign called "This is Wells Fargo".[81]

Contemporaneous allegations[edit]

In April 2018, new allegations against Wells Fargo were reported, including signing unwitting customers up for unnecessary auto insurance policies, with the possibility of an additional $1 billion fine.[82] The company later paid this fine.[47] The bank has also faced an investigation into the sales practices employed by the company's financial advisors.[81]

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Источник: https://en.wikipedia.org/wiki/Wells_Fargo_account_fraud_scandal

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