• Follow us on Twitter @buckeyeplanet and @bp_recruiting, like us on Facebook! Enjoy a post or article, recommend it to others! BP is only as strong as its community, and we only promote by word of mouth, so share away!
  • Consider registering! Fewer and higher quality ads, no emails you don't want, access to all the forums, download game torrents, private messages, polls, Sportsbook, etc. Even if you just want to lurk, there are a lot of good reasons to register!

wells fargo account fraud

Jump to latest Follow Reply
Sort by date Sort by votes
martinss01

martinss01

blissfully stupid
kinda surprised there isn't a thread on this one yet unless i missed it, in which point... sorry and feel free to mock me incesently at your earliest convenience :).

http://www.msn.com/en-us/money/comp...ceo-testifies/ar-BBwm2wY?li=BBnbfcN&ocid=iehp

seems wells fargo was nice enough to pro-actively open accounts for many of their customers without their customers actually asking for them. then charge said customers late and other various fees for those accounts.

my question is, other than hoping wells fargo sending you bills on accounts you didn't actually open. is there anyway to determine if you were a victim of this fraud?
 
martinss01 said:
kinda surprised there isn't a thread on this one yet unless i missed it, in which point... sorry and feel free to mock me incesently at your earliest convenience :).

http://www.msn.com/en-us/money/comp...ceo-testifies/ar-BBwm2wY?li=BBnbfcN&ocid=iehp

seems wells fargo was nice enough to pro-actively open accounts for many of their customers without their customers actually asking for them. then charge said customers late and other various fees for those accounts.

my question is, other than hoping wells fargo sending you bills on accounts you didn't actually open. is there anyway to determine if you were a victim of this fraud?
Click to expand...
https://www.annualcreditreport.com/index.action
 
Upvote 0
Well, don't hold your breath waiting for it to change. As long as they know there's zero chance of being charged criminally or of their bank being broken up, it'll continue. All these scum will still get their bonus checks, and any "penalties" will be paid with stockholder money.

guillotine%2Bgolden.jpg
 
Upvote 0
I investigated and prosecuted cases against banks for over a decade.

This is not surprising, it is not really an interesting story in of itself, and practices similar to this are incredibly common. In fact, this sort of behavior, meaning illegal stuff rob clients, is not only common it is the norm, in one fashion or another. This one is just being publicized.
 
Upvote 0
martinss01 said:
my question is, other than hoping wells fargo sending you bills on accounts you didn't actually open. is there anyway to determine if you were a victim of this fraud?
Click to expand...

Credit Karma gives you access to free VantageScore 3.0 models for both TransUnion and Equifax, updated every seven days, along with summary credit factors, utilization, inquiries, and public records. If a revolving credit account, loan, or mortgage is opened in your name, or even if a hard inquiry is submitted, that will show up on CK within ~ 2 weeks. I doubt there is much you can do about a false savings/checking account in your name until you receive a letter from either the bank, the IRS, or collections.
 
Upvote 0
thanks for the replies everyone! would any of those services inform me of an account that was opened and then later closed? such as in this case the bank opening an account in my name then closing it. i'm guessing yes, but not sure how this type of thing is handled from a reporting perspective.

kinch said:
I investigated and prosecuted cases against banks for over a decade.

This is not surprising, it is not really an interesting story in of itself, and practices similar to this are incredibly common. In fact, this sort of behavior, meaning illegal stuff rob clients, is not only common it is the norm, in one fashion or another. This one is just being publicized.
Click to expand...

no, it isn't surprising in the least which is the sick part of it. but here is the thing... if someone (anyone) uses "my" information to open an account without my authorization is that not the definition of identity theft? identity theft, i believe, is a crime. while i realize the gov. made a settlement on behalf of the people who were charged money. what about the people who were not charged money but had their identity very literally stolen/used illegally? just because i wasn't charged money because of late fees or whatever doesn't mean a crime was not committed here.

according to the wells fargo website if i fear my information has been stolen/used illegally i should do the following (https://www.wellsfargo.com/privacy-security/fraud/report/identity-theft):

5. File a report with the local police
A police report may lend credibility to your case when dealing with creditors, who may require proof of criminal activity. Be sure to request a copy of the police report.

my intention is to file a police report and informing said police that i know who stole my identity. at which point i intend to name the entire wells fargo upper management team including the ceo. and yes, i want to press charges.

while im 100% sure i have no legal basis for doing this as businesses im sure are protected from this type of thing. i personally would like someone to explain to me, and the rest of the country, why a teller at my bank stealing my identity and opening accounts in my name that i did not authorize is somehow a crime. but a manager telling their employee to steal my identity and opening accounts in my name that i did not authorize is somehow not a crime.
 
Upvote 0
ORD_Buckeye said:
I used to think that a Glass-Steagall reinstatement was needed to reign them in.
Now, I'm pretty much resolved that only a forceful implementation of the RICO statutes will do because the too big to fail, too big to jail banks are pretty much ongoing criminal enterprises at this point.
Click to expand...
I don't think this is really a RICO situation. I do agree that the behavior of the institution and many of its employees is unlawful.
 
Upvote 0
kinch said:
I don't think this is really a RICO situation. I do agree that the behavior of the institution and many of its employees is unlawful.
Click to expand...

This or half a dozen examples coming out of BofA or Goldman using their own money to bet against their very own toxic investment vehicles. Wells Fargo is but one symptom of a much more far reaching disease. And it's clear that a policy of no prosecutions along with half-assed lobbyist-written Dodd-Frank (both of whom were rewarded with lucrative industry jobs) is ineffectual in controlling Wall Street's criminal tendencies.
 
Upvote 0
https://finance.yahoo.com/news/well...ess-that-its-first-mess-caused-141756800.html

WFC announces plans to work with credit bureaus to restore credit histories for victims having a credit account opened in their name without their consent, as well as working with victims directly to adjust or refund money if its determined their credit was affected enough to change their interest rate on a financial product, even if financed with another lender.
 
Upvote 0
You must log in or register to reply here.
Back
Top