CNN reports that 5,300 Wells Fargo employees were fired after creating over two million fake bank accounts. Employees have been making unauthorized bank accounts and credit cards since 2011.
These accounts increased employee's sales records and earned the bank several unwanted fees. Wells Fargo claimed they have fired 5,300 employees since 2011 due to this occurrence. An analysis of the damage confirmed that over 1.5 million unauthorized deposit accounts were created.
Employees would move funds from people's accounts to fake accounts, which resulted in the customers having insufficient funds and overdraft fees. Credit card accounts were also created. CNN states that 565,443 unauthorized credit card accounts were made, and 14,000 incurred $400,000 of fees.
Wells Fargo is planning to reimburse each customer affected by the scandal, which will total in over $5 million. The bank will also pay $185 million in fines.
A bank memo said, "At Wells Fargo, when we make mistakes, we are open about it, we take responsibility, and we take action."
However, many customers are still outraged by the scandal.
Brian Kennedy of Maryland told CNN that he suspected an unauthorized account had been created in his name. When he talked to the bank about his suspension, the account was closed.
"I didn't sign up for any bloody checking account. They lost me as a banking customer, and I have warned my family and friends."