Wells Fargo recently paid substantial fines for millions of dollars after allegedly deceiving customers by opening up accounts they never requested so the bank could collect fees. Despite copious evidence of theft, no criminal charges were ever filed.
Now, the bank is accused of arbitrarily closing customer accounts that individuals really needed, leaving them without access to their money. Here again, there is no discussion of criminal charges.
The bank reportedly revealed in a regulatory disclosure that the Consumer Financial Protection Bureau is exploring claims of financial misconduct pertaining to its depositors and borrowers. Among those are complaints from customers who say they endured financial hardship over the last several years after the bank suddenly closed or froze their accounts – a move they were not expecting. Continue reading