Bank Tricks Customers

September 11, 2016

Everyone loves a reward: a trophy upon winning a soccer game, a scoop of ice cream after a long day at school, a toy for finishing weekly chores. We all love rewards because it feels great when we finally receive them, right? Hey, we reached our goal and now we get to celebrate! Yippie!

At work, adults are oftentimes incentivized (or encouraged to do well) too. A large bank like Wells Fargo, for example, rewards its salespeople with money when they reach their sales goals. But rewards can be tricky because sometimes people will cheat to get the reward and that’s exactly what happened at Wells Fargo.

After an investigation into the company, Wells Fargo was found guilty of creating bank accounts, credit cards, email accounts, and much more for customers without them knowing about it. Employees did this to reach their sales goals. Wells Fargo was ned $185 million, and have set aside $5 million to refund the over 100,000 customers that were affected. They also red the 5,300 employees who were involved in this cheating. Like we always say, CHEATERS NEVER WIN!

Update October 2016:

  • John Stumpf steps down as CEO of Wells Fargo after an investigation into the company found that employees were creating bank accounts, credit cards, email accounts, and much more without customers’ knowledge.