Wells Fargo Is Fined $185 Million Over Unapproved Accounts

Updated on
  • Regulators say bank employees broke the law to hit sales goals
  • CFPB and OCC say more than 2 million accounts were opened

Wells Fargo Fined $185 Million for Phony Accounts

Wells Fargo & Co. will pay $185 million to resolve claims that bank employees opened deposit and credit-card accounts without customers’ approval to satisfy sales goals and earn financial rewards, U.S. regulators said.

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