The banking saga continues. This time we turn our attention to Wells Fargo a bank which is known for another scandal.
This scandal involves the fact that back in February 2020 it paid $3 billion to settle federal civil and criminal probes. It admitted that at the time it had pressured employees between 2002 and 2016 to meet unrealistic sales goals which led them to open fake accounts for customers. Currently its former executive Carrie Tolstedt 63 is also facing prison besides having to pay $17 million fine over these fake accounts scandal after agreeing to admit guilt to obstructing a bank examination in connection with these massive phony accounts scandal. She could spend sixteen months in jail in a rare instance of a senior bank executive being sentenced to prison due to their employment.
What is the latest news about this bank? The latest news is that it happened that the bank encountered a problem making its customers wondering what has happened to their money.
Social media posts indicated users reporting that recent deposits that had been in their accounts had either vanished or that ones that were supposed to have come in did not. The missing funds then resulted in balances that were not what they had anticipated seeing.
Wells Fargo claimed that there was a technical error but the company didn’t elaborate saying only that the accounts are secure. Really? A glitch? Technical error? Banking magic is very uplifting.
According to WFAA Wells Fargo assured its customers that the funds in their accounts are accurate and available.
Now this happened in the same period when Silicon Valley Bank collapsed. Can somebody explain to the nations what is going on with the banks and with the people’s money when we have always been made to believe that our money is safe at the banks?