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Wells Fargo to pay $190M settlement in customer fraud case
The largest U.S. bank by market capitalization will pay $185 million in penalties and $5 million to customers that regulators say were pushed into fee-generating accounts they never requested.
251 points by Las Vegas Review-Journal | Bank Financial services Finance Cheque Credit card Banking Minneapolis Los Angeles
Wells Fargo Fined for Years of Harm to Customers
Federal banking regulators say that the bank issued unauthorized credit cards and charged late fees on accounts created by bank employees without customers’ knowledge.
21 points by The New York Times | Bank Wells Fargo Bank of America Consumer protection Banking Cheque Los Angeles Office of Fair Trading
Raid targets millionaire on food stamps
Police are investigating potential theft as well as Medicaid and welfare fraud charges.       
225 points by USA Today | Bank Secrecy Act Banking Bank Cheque Geauga County Ohio Police Net income Loan
Duterte pressed for details of $44m 'hidden deposit'
Opposition senator releases 'proof' that president and his family did not declare multiple deposits as required by law.
40 points by Al Jazeera English | President of the United States Philippines Gloria Macapagal-Arroyo Senate of the Philippines Genuine Opposition Banking Davao City Antonio Trillanes IV
Community banks hopeful as lawmakers target financial rules
Community banks and small businesses are optimistic about changes the Trump administration and Congress have promised to laws that tightened supervision of the banking industry after the 2008 financial crisis. They hope regulations will ease the paperwork required that they say has become a financial burden and caused many small banks and lenders to fail.
7 points by The Denver Post | Bank Bank run Small business Banking Federal Deposit Insurance Corporation Fractional-reserve banking Business Overdraft
Ex-Professor gets prison for Swiss tax cheat scheme
Eric DuVallFeb. 11 (UPI) -- A former business professor will spend seven months in prison after being convicted of stashing more than $200 million in Swiss accounts to avoid U.S. taxes.
4 points by UPI | Tax Taxation in the United States Internal Revenue Service Offshore bank Bank United States Banking Crime
Wells Fargo execs unlikely to get bonuses after scandal
Like many of their own customers, Wells Fargo’s top executives are about to be in for a shock when they check their bank accounts. Top Wells Fargo executives, including Chief Executive Tim Sloan, likely won’t get a bonus this year after a fake accounts scandal sullied the bank’s reputation and weighed heavily on its shares,...
16 points by New York Post | Wells Fargo Cheque Native Americans in the United States North Dakota Bank of America Indian reservation Banking Bank
Mail in someone else's name could signal fraud: Money Matters
Over the past eight months, we've been receiving mail for people who don't and have never lived at our address. For the first month the mail was addressed to one person. We have about 12 pieces of mail for her. Since then we've received about 37 pieces of mail addressed to seven different people. I am worried this could lead to identity theft. File photo  Q: We've lived at and owned our home in for seven years and know the previous owner and the names of others in her family. Over the past eight months, we've been receiving mail for people who don't and have never lived at our address. For the first month the mail was addressed to one person. We have about 12 pieces of mail for her. Since then we've received about 37 pieces of mail addressed to seven different people. I am worried this could lead to identity theft. L.A., Lyndhurst A: I agree that this is concerning. I believe it's probably more creepy than a real imminent danger. Rather than this possibly leading to identity theft, I think it could be an indicator of possible identity theft in the future. If I were you, I'd go on offense: Check your credit reports immediately to make sure there are no accounts you don't recognize, and make sure none of these names or forms of them appear as AKAs on your report. You're entitled to one free credit report per year from each of the three major credit bureaus. Go to or call 1-877-322-8228. You'll be asked to provide your name, address, Social Security number and date of birth. Do some investigating. Ask your neighbors whether they've heard of this person. The person could be one of your neighbors and somehow his or her address got bungled in a database that multiple companies are using. Do some investigating part 2. Call some of these companies (block your number, or call from a work phone) and ask where they got this address for Mary Whatsherhead. It could be something as innocent as this: Mary used your address to enter a contest at the mall and just made up an address. You and I both know that marketers pounce on suckers who are naive enough to give out information in situations like this. If Mary gave out your address one time, other companies could be using that database. Be extra paranoid about calls to your home, text messages or emails that look like they're from reputable companies that you may do business with. Be on guard for any attempt to extract personal information about you. Buy a locking mailbox. My husband and I got a locking mailbox 12 years ago. I remain stunned that I hardly ever see other locking mailboxes. We've switched a lot of bank statements, utility bills, etc., to be sent by email. Still, like most people, we get mail with personal information. I just couldn't sleep at night if I knew that on any given day, someone could roll up and snatch mail out of our mailbox. The thought just makes me queasy. Anyway, a locking mailbox is about $100. Another advantage is that it can hold small packages and magazines. Contact the companies where you have bank accounts, investment accounts, credit cards and other types of financial accounts. Ask whether you can put additional verbal passwords on your accounts that don't involve any public record data such as your date of birth. We're talking about PINs or random words (like tennis or treetop). You want to make sure someone can't access your accounts for wire transfers or to change your contact information without your secret password. Put every type of protection you can on your financial accounts. If you can require codes to be sent to your cellphone in order for you to log in from an unknown phone or computer, do it. If you can request email or text alerts for purchases or bank account withdrawals or changes to your contact information, then do it. While you're at it, make sure that companies you do business with have all of your current contact information in their files. If you get really paranoid, or come across new information points strongly to possible identity theft, you could do a credit freeze. You'd have to contact each of the bureaus individually. Equifax: or call 1-800-685-1111 TransUnion: or call 1-888-909-8872. Experian: or call 1-888-397-3742.One of my primary sticking points with credit freezes is that they can give people a false sense of security. Credit freezes won't help prevent fraud on existing accounts, which constitutes 88 percent of identity theft. Return the letters. First, open the mail to see whether it involves their financial account or anyone you do business with, Yes, open it, don't be afraid of the it's-a-crime-to-open-other-people's-mail boogeyman in a case like this, then scan or take a cellphone picture of the outside of the letter, and then cross out your address and write on it RETURN TO SENDER/ NO ONE HERE AT THAT ADDRESS. And drop it in a mailbox.
2 points by The Plain Dealer | Mobile phone Password Banking 2007 singles Bank American films English-language films Bank account
Golden Entertainment selects new executive officer and CFO
Las Vegas-based Golden Entertainment Inc. on Thursday announced that Charles Protell will be named executive vice president, chief strategy officer and chief financial officer of the company.
2 points by Las Vegas Review-Journal | Management occupations Finance Investment banks Vice president Corporate governance Banking Investment Managing director
At Wells Fargo, workers say, sales focus was all-consuming
NEW YORK (AP) — It began with the constant and compulsive pressure to sell. Then came stress-induced health problems. Wells Fargo employees, both current and former, say they spent every day frantically trying to persuade customers to open more accounts…
-1 points by Arizona Daily Star | Bank Banking Cheque Wells Fargo Credit union Overdraft Bank of America Credit card
Wells Fargo CEO apologizes; senators heap criticism on bank
WASHINGTON — The CEO of Wells Fargo faced accusations of fraud and calls for his resignation today from harshly critical senators at a hearing over allegations that bank employees opened millions of accounts customers didn’t know about to meet aggressive sales quotas.
55 points by Pittsburgh Post-Gazette | Bank Wells Fargo Retail banking Cheque Banking Bob Corker Money United States Senate
Wells Fargo CEO John Stumpf offers a clinic on how to weasel out of real accountability
Wells Fargo Chairman and CEO John G. Stumpf, who has been described as “the Mr. Clean of banking,” took his unflappable and well-groomed mien Tuesday to a hearing room on Capitol Hill to defend the bank’s actions after the disclosure that it had massively defrauded millions of its customers. Amazingly,...
4593 points by Los Angeles Times | Bank Wells Fargo Bank of America Cheque Retail banking Credit card Banking Fraud
In Statement to Senate, Wells Fargo Chief Is ‘Deeply Sorry’
John G. Stumpf, chief of Wells Fargo, is expected to apologize to a Senate panel on Tuesday for sham accounts set up at the bank.
1131 points by The New York Times | Wells Fargo Bank of America Bank Banking American Express Sales Want Trial
Well's Fargo pressure cooker sales come at a cost
Wells Fargo live updates: CEO to testify on Capitol Hill about bogus accounts Sept. 20, 2016, 6:54 a.m. Wells Fargo Chief Executive John Stumpf is to appear this morning before the Senate Banking Committee, which is expected to grill him on the bank's admission that employees created some 2 million...
1075 points by Los Angeles Times | Bank Wells Fargo Credit card Cheque Bank of America Credit history Overdraft Banking
Wells Fargo CEO to apologize for betraying trust
Chief Executive John Stumpf says he is “deeply sorry” the bank failed to meet its responsibility to customers        
-1 points by The Detroit News | Bank Retail banking Wells Fargo Banking
Wells Fargo CEO to apologize for betraying customers' trust
WASHINGTON (AP) - The CEO of Wells Fargo plans to apologize before a congressional panel for betraying customers' trust in a scandal over allegations that employees opened millions of unauthorized accounts, moved money into them and signed customers up for online banking in order to meet sales targets. In prepared ...
-1 points by The Washington Times | Bank Retail banking Wells Fargo Banking
Wells Fargo scandal puts focus on 'clawbacks' of executive compensation
When the Senate Banking Committee grills Wells Fargo & Co.’s chairman Tuesday about the banking giant’s sales scandal, look for the word “clawback” to come up more than once. That’s a reference to rescinding, or clawing back, part of an executive’s previously granted compensation, and critics in...
140 points by Los Angeles Times | Bank Wells Fargo Retail banking Los Angeles Bank of America Banking
Wells Fargo branch boss linked to scam walked away $125M
The Wells Fargo executive in charge of the bank’s massive branch network — which last week were found to have created over 2 million fake accounts — left the bank earlier this summer with a $124.6 million payday. And it doesn’t look like Wells Fargo is going to claw back any of the cash. In...
-1 points by New York Post | Bank Wells Fargo Vice president Bank run Bank of America Los Angeles Banking Wachovia
Wells Fargo Offers Regrets, but Doesn’t Admit Misconduct
The case reflects a trend in which regulators fine financial institutions and require changes, but not an admission of wrongdoing.
8826 points by The New York Times | Bank of America Wells Fargo Financial services Bank Credit card Citigroup Banking JPMorgan Chase
Wells Fargo scandal looks like a vast uprising of disgruntled employees
Two basic principles of management, and regulation, and life, are: - You get what you measure. - The thing that you measure will get gamed. Really that's just one principle: You get what you measure, but only exactly what you measure. There's no guarantee that you'll get the more general good thing...
-1 points by Chicago Tribune | Bank Cheque Debit card Credit card Wells Fargo Banking MasterCard Bank of America