Wells Fargo Fined $185M For Alleged Unauthorized Accounts

MINNEAPOLIS (WCCO) – Wells Fargo has been fined $185 million for bank employees allegedly opening unauthorized accounts to meet sales goals.

More than two million bank and credit card accounts may have been created.

Money was transferred from a customer's account into the new accounts. Debit cards were issued and activated, as well as PIN's created, all without the customer's knowledge.

Roughly 5,300 employees have been fired in connection to this.

Wells Fargo said they've refunded more than $2.5 million in fees associated with products opened without authorization.