Bogus Accounts: Wells Fargo Loses Better Business Accreditation
Wells Fargo has lost its accreditation with the Better Business Bureau, a decision that inflicts yet another black eye on the embattled bank in the wake of the month-old scandal over bogus accounts.
The BBB announced Tuesday it has lowered Wells Fargo’s rating to C-minus, said Jarrod Wise, a spokesman for the Better Business Bureau’s Golden Gate unit in Oakland.
“We made this decision after the recent government enforcement actions,” Wise said.
On Sept. 8, Wells Fargo was hit with $185 million in fines for a yearslong practice in which bank employees secretly opened as many as 2 million unauthorized checking, savings and credit accounts, and funding those accounts with customers’ money.
“I’m not surprised this has happened to Wells Fargo,” said Mariana Phipps, an Oakland resident who worked for several years in the bank’s communications department until she quit in August, taking a new job with a East Bay company.
Phipps said that when she began working for Wells Fargo in 2012, she went to a branch to open a checking account. She was pressured to open six accounts in all, including one for her retirement.