The complex sales quota systems introduced by Wells Fargo Bank have resulted in employees opening illegal bank accounts of the customers. The process is damaging the credit of the bank along with bogus fees charges on customers. City Attorney Mike Feuer filed a suit in Los Angeles state court against this malpractice. The bank based in California has forced its employees to conduct illegal, fraud and unfair business, he informed.
The bank pressurized its employees for high sales records. The customers’ confidential data was exploited by the employees and whenever customer complained, the employees never closed the illegal account. The additional accounts were opened using the customers’ money in the current account with the bank. The suit has alleged bank for a massive internal corruption. Many customers said that the information is being used by employees for illegal purposes. The lawsuit calls the Wells Fargo ‘The virtual fee generating machine’ because it reaps profit to unnecessary charges and taxes.
The bank officials have responded by saying that the responsible employees have been punished or fired from the job and there were very few of them. But after the investigation by the local press, it can be said that this is just a tip of the iceberg. There have been very few incidents of the bank firing an employee for unlawful conduct to drive the cell. To add more misery to the client’s life, the bank never informed them about the misuse of the data and even false fees and charge are never credited back to the customer account. The overall incident has made customers question the integrity of the banking system in the California.