Summary: According to a 2017 lawsuit, for several years, Wells Fargo’s merchant services division overcharged small businesses for processing credit card transactions. Business owners...
Brokerage Customers Scammed
Summary: Wells Fargo brokerage division – Wells Fargo Advisors – sold customers an investment that was almost guaranteed to lose them money and told...
Improper Mortgage Foreclosures, Modification Denials
Summary: 545 customers who lost their homes when the bank incorrectly denied 870 loan modification requests due to “calculation errors” and “computer glitches.” Insultingly,...
Student Loans Scam
Summary: In 2016 the CFPB fined Wells Fargo $3.6 million for illegally charging on-time payers with late fees, failing to inform borrowers of steps...
Wealth Management Criminal Fraud
Summary: In 2011, a whistleblower reported bank, mail, and wire fraud at the wealth management division. The employee was terminated from the company and...
Overdraft Fee Gouging
Summary: In August 2010, Wells Fargo was fined by US District Court judge William Alsup for overdraft practices designed to “gouge” consumers and “profiteer”...
Victims of Fraud Abuse
Summary: A new lawsuit in 2018 by an ex-fraud investigator for the bank claims that Wells Fargo engaged in an “illegal and systematic scheme...
FHA Loan Scam
Summary: On October 9, 2012, the US Federal Government sued the bank under the False Claims Act at the federal court in Manhattan, New...
Delays to Mortgage Modifications
Summary: In May 2013, the New York attorney-general, Eric Schneiderman, announced a lawsuit against Wells Fargo over alleged violations of the national mortgage settlement,...
Actions Leading Up to the Financial Crisis
Summary: On August 14, 2012, Wells Fargo agreed to pay around US$6.5 million to settle US Securities and Exchange Commission (SEC) charges that in...