Learn from Wells Fargo fraud
Earlier this month, it was discovered that Wells Fargo employees opened nearly two million checking and credit accounts without the permission or knowledge of their customers.
According to National Public Radio, Wells Fargo was fined $185 million for this scandal. They also stated that the bank is trying to “make restitution.” However, this will be difficult since it is hard to tell exactly how much it affected the customers.
Most people believe it had a negative effect on people’s credit scores because all credit cards opened in your name will be noted in a credit score. The credit score will also be negatively affected if this is a card that has a yearly fee and the consumer does not pay the fee because they are unaware of the existence of the card Chi Chi Wu, attorney at the National Consumer Law Center, told NPR.
In light of these recent events, we The Threefold Advocate ask students to do three things.
First do business with a bank you can trust. Look at customer reviews and see if they are a place that you would be willing to do business with.
However, this situation has proven that sometimes the reputation of a corporation is not enough. In this case, Wells Fargo was a bank that had respect. They had avoided many scandals that affected other banks since the recession.
Therefore, we The Threefold Advocate urge students to stay up to date with all of their accounts. Look for unusual activity on your account. This will not only make sure that your bank is doing the right thing, but allow you to see if someone else has accessed your account.
Finally students should check their credit scores to make sure no one is making fraudulent accounts in their name.
We understand that some students may find it unimportant to check their credit scores since it does not affect them right now. However, We The Threefold know this will affect you soon after graduation, and it would be better to handle it now than in the future.