Wells Fargo Stole Millions from Customers by Opening Fake Accounts

Wells Fargo opened up two million fake accounts for its customers, and in the process, stole millions of dollars in fees and other unauthorized charges, according to Congressional hearings held this month.

Wells Fargo CEO John Stumpf, testifying before a Senate committee, said he was “deeply sorry” for the conduct of the bank, but each of the Senators on the committee were critical of Wells Fargo’s commitment to making things right.

Senator Elizabeth Warren blasted Stumpf, saying: “You should resign, you should give back the money and you should be criminally investigated.”

Wells Fargo Victims: Stolen Money, Spoiled Credit

Anyone who’s ever done business with Wells Fargo needs to watch out for at least two major concerns: first, stolen money in the form of fees charges for unwanted accounts or services, and second, possible damage to your credit report for having unauthorized loans or accounts.

To check the first, you’ll have to contact Wells Fargo and find out how many “products” they have you signed up for, and what fees attach to each. (You’ll probably want to check your own statements to see if any fees are coming out of your main accounts). By the way, anyone who’s ever done business with Wells Fargo—whether it’s a checking account, a car loan, a credit card, or a home loan, could be a victim of this fraud. Check your statements carefully.

Then, check your credit reports to see if there are any strange Wells Fargo accounts opened without your permission. To get your FREE annual credit report directly from the credit reporting agencies, send a letter to each agency (addresses below) that says:

My name is [NAME]. I am requesting my free credit report because I may be a fraud victim. Please send me my free credit report to the address below and redact the first five numbers of my social security number. Please permanently opt me out of promotional offers. Please mail my free credit report to me at my mailing address:

Include:

1. Current address
2. Signature
3. Date
4. Social Security Number
5. Date of Birth
6. Former Address (if lived at current address for less than two years)

Send your letter by certified mail to each of the three bureaus:

Equifax Information Services 1550 Peachtree Street NW Atlanta, Georgia 30309

Experian Information Solutions 701 Experian Parkway Allen, Texas 75013

Trans Union 555 W. Adams Chicago, Illinois 60661

If you see any unauthorized accounts, get legal help immediately to help straighten out your credit and recover any money stolen from you.