I figured as much, especially the rearranging of debit card charges for overcharge fees. I’ve had that happen to me:
Most Americans were shocked when they learned that thousands of Wells Fargo employees had opened millions of fake accounts.
People who work at other banks weren’t surprised at all.
Nearly a dozen current and former employees at large and regional banks such as Bank of America (BAC), Citizens Bank, PNC (PNC), SunTrust (STI), and Fifth Third (FITB) tell CNNMoney that a sales obsession pervades their banks. They say they too are under immense pressure to get customers to open multiple accounts.
They described a focus to push as many different products — think debit cards or new online accounts — as they can, an industry practice known as cross-selling.
“Wells Fargo is not the exception (with its) absurd sales culture,” said one former manager of two large regional banks.
Related: 5,300 Wells Fargo workers fired over 2 million phony accounts
No other major banks have been accused by regulators of widespread opening of phony accounts like Wells Fargo (WFC) has been.
But Thomas Curry, one of the country’s chief banking regulators, said that “banks are under enormous margin pressure. That could be a bad environment.”
Curry, the head of the Office of Comptroller of the Currency, told a Senate panel this week that the agency is investigating whether other banks have employed high-pressure sales tactics that led to fake accounts.
One former banker at a regional bank told CNNMoney he witnessed the practice at his company.
“The customers wouldn’t even know,” said the banker, who insisted his name not be used. “Wells Fargo isn’t the only one. This is an industry-wide problem.”
Another scam this banker witnessed involved employees rearranging debit charges on customer accounts to maximize the size of the overdraft fees they experienced.
2 thoughts on “More banks were using scams. Imagine that.”
Banksters! I won’t hold my breath until one of these gangsters goes to jail. And I don’t mean some $12/hr teller.
Ron – ITA – the responsibility falls on bank management.
I bank with a credit union – I hope they’re not infected as well.
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