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Wells Fargo Scandal: Have You Checked Your Credit Report Lately?

October 11th 2016 by
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Keeping an eye on your credit report allows you to monitor any errors that come up. At Aspire, we offer free credit report reviews and try to help you understand what’s happening with your accounts, but it also helps for you to look at your report once a year at annualcreditreport.com (you get one free look every year).

Why is it so important? Even companies you think you can trust, like Wells Fargo, can be corrupt.

Wells Fargo Employees Opened Millions of Unauthorized Bank Accounts

Since 2011, Wells Fargo employees have been opening deposit and credit card accounts without notifying customers. Employees would move the funds a customer had in one account into a newly created accounts, which inevitably caused a lot of fees to occur: overdraft, insufficient funds and annual fees are some examples.

The employees did this to increase their sale numbers and get larger bonuses. About 5,300 employees needed to be fired over the past few years because of this problem. It’s estimated about $400,000 in wrongful fees was charged to customers.

What’s Happening Now?

Wells Fargo has been ordered to pay $185 million in fines on top of refunding customers. The bank has also been ordered to alter sales practices and improve internal oversight.

But this all just a slap on the wrist for the wealthy mega-bank.

Wells Fargo should be concerned about the trust their customers have in them now, but even that may prove inconsequential.

While it may seem like a hassle to switch an account to a different financial institution, it doesn’t have to be. Services like ClickSwitch make it easier than ever!

It’s Your Choice

Big banks never have your best interest at heart. Credit Unions are not-for-profit organizations with every member being a shareholder. What’s more, people trust their credit union.

If you’re concerned about your credit, contact us today for a free review. And don’t forget to look at your free annual report!


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