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Wells Fargo clients began to notice the fraud after being charged unanticipated fees and receiving unexpected credit or debit cards or lines of credit. Initial reports blamed individual Wells Fargo branch workers and managers for the problem, as well as sales incentives associated with selling multiple "solutions" or financial products.
The payment card interchange fee and merchant discount antitrust litigation is a United States class-action lawsuit filed in 2005 by merchants and trade associations against Visa, Mastercard, and numerous financial institutions that issue payment cards. The suit was filed because of price fixing and other allegedly anti-competitive trade ...
Wells Fargo was founded in 1852 and has grown to become a major issuer of mortgage loans, car loans, credit cards and more. That said, Wells Fargo is a relative newcomer to the credit card space ...
In September 2016, Wells Fargo was fined $100 million by the Consumer Financial Protection Bureau, $50 million by the Office of the Comptroller of the Currency and $35 million by the city and county of Los Angeles, for opening two million checking and credit-card bank accounts without its customers' consent.
3. Transfer the balance to the new credit card. While each credit card issuer’s balance transfer process is slightly different, it’s usually a simple process you can likely complete in a few ...
Here's the quick rundown: When Wells Fargo opened credit cards in customers' names without telling them, their credit scores rose (without them knowing).