Bank customers worry about unauthorized accounts
11 posts across 4 communities in the last 60 days; 73% from r/Banking.
“So a few weeks ago I received a letter addressed to my business with a very odd second name on it indicating "Person X" now had online access to my Wells Fargo Business Checking. The only problem is I don't bank with Wells Fargo. I called the fraud number on their website and…”
“Wells Fargo can't do business in a couple States because they did that back in and what was it 2018-2019”
“Is that a good sign? All it says is complete and tbh idk if that’s a good sign or a bad one.”
Several users are concerned that bank employees opened accounts without their permission, citing a lack of digital signatures and questioning the process. Some express frustration with Wells Fargo specifically, highlighting potential security vulnerabilities and raising questions about account opening procedures.
SOURCES (60)
“Is that a good sign? All it says is complete and tbh idk if that’s a good sign or a bad one. submitted by /u/Low_Yesterday_2677 [link] [comments]”
“The problems at Wells Fargo are so systemic that the only solution is to break them up. I’m already seeing people post online about a new account they never opened. That is the exact thing they have “worked diligently” to correct and get the regulators off their ass, now they’re back to the same shady fraudulent account practices. Of course they didn’t change. The government deemed them too big to fail, and now they’re too big to jail.”
“It's been 10 years since I interviewed at (and rescinded my candidacy from) Wells Fargo, but I still think of it often. Wells Fargo had recently been caught defrauding users, creating fake accounts which led to people being charged unwarranted fees: https://en.wikipedia.org/wiki/Wells_Fargo_cross-selling_scandal It was scummy, but I figured that was just on the corporate side whereas I was interviewing to be part of their tech team managing their website. Why blame coders and designers for w”
It almost always the bank got hacked or a bank employee selling your info
“You’ll lose your job at Chase if you do something like this. Biggest bank in the world.”
“I would definitely check your state office where you register your business with and make sure that person didn't add themselves to your company. If they didn't, I would go to WF and have them add you to the account, and then close it.”
“So a few weeks ago I received a letter addressed to my business with a very odd second name on it indicating "Person X" now had online access to my Wells Fargo Business Checking. The only problem is I don't bank with Wells Fargo. I called the fraud number on their website and explained the issue, and the person confirmed an account existed under the business's EIN number. They took my info and opened a "case", I was told the account would be frozen and I would be noti”
“Not suggesting OP needs to investigate! Just clarifying as nearly every single comment here is assuming that this new person was trying to get in to OR actually got in an account. No such assumption should be made as a name search would NEVER just dump you right into an account - OP even stated as much.”
“She probably just needed any name that had an account so she could figure out the system.”
“You are over the treasury. You should know that the next step is corporate security to deal with this”
“You and the president need to have a cup of coffee. There is a reason for my wife not trusting online bank account security. She worked in the “trust department” and did not want prying eyes. So her pay check was direct deposited into an employee checking account and twice per month transferred out. Your policy fails every employee and customer. Don’t think for a moment employees don’t know the lack of confidentiality. Not beneficial to the bank, employees nor customers. Inept is the best word I”
“It's not just the opening new accounts. They were also upgrading existing accounts and resetting protection settings. For example you had the ability to tell them you did not want overdrafts to go through and charge 20 or $30 fee. But then a year and a half in they "upgrade" your account without informing you and all the sudden your check hits a day late. But your card works the entire time and now you have fees that swallow your whole check. You call them and they tell you to go f”
“Linking all accounts simultaneously seems like an unsafe thing to do. Where are the guardrails to keep certain accounts insulated?”
“Wells Fargo is at it again. They are doing WELL for themselves, and FAR you GO from this bank”
“Fuck Wells Fargo. Closed my account with them in 2011 and never looked back. This is just the tip of the iceberg with them tbh”
“Back when Washington Mutual still existed, I had a checking account there that had been opened elsewhere and transfered across three different banks as part of consolidations/acquisitions. My original “since date” from the first bank stayed with the account as it moved. Later, I needed a business account, but my DBA was less than a year old. Wamu made a policy exception for me based on my “since date” because I was a longstanding customer (of the banks it had bought).”
“I did a case study on Wells Fargo for a management ethics course, it’s wild what they’ve gotten away with over the years.”
“I do. That happened with accounts that had tracking and/or incentives. There is no metric or tracking currently for savings accounts.”
“This kind of thing, along with other nonsense from WF is why my mom pulled all her accounts and went to other banks.”
“I don't get why anyone banks with Wells Fargo. They have been caught doing so much shady shit it's ridiculous. Not that every other bank is perfect, but why go with verified crooks?”
“I've never heard of a bank doing that, I would close all accounts with them immediately and go another bank and probably a brokerage for my high yield savings account.”
“Challenge the authorization of it being opened. So many signatures are required. Either you majorly blanked out on signing, or he possibly forged your signature/authorization. View security cameras if needed.”
“Wells Fargo has had soooo many issues with this type of thing. I’d be afraid to use them. I’d also be considering talking to an attorney to know my options if it happens again.”
“This seems to be more of the exception than the rule, but I get what you’re saying.”
“Saying Wells Fargo only has one bad branch is laughable. They are the scummiest big-name bank.”
I swear WF paid a shit load fines for doing this exact thing.
“Wells Fargo can't do business in a couple States because they did that back in and what was it 2018-2019”
“I wouldn't give Wells Fargo the piss it would take to put one of their execs out if they were on fire. That bank is corrupt and shady as hell. Honestly, you'd do well to just move to another bank. They've been under a LOT of investigations, and they were basically bank-non-grata when I was still at BlackRock.”
“Does banker have your signature on account application? Yes, By all means change banks.”
“I don't know how Wells Fargo does it but at my bank, the account wouldn't get opened until you completed the new account workflow process. The workflow generates the forms that need to be signed after you enter in all of the necessary info. It doesn't actually get opened until you complete the process.”
“I know! The amount of scandals from Wells Fargo about ripping off account holders over the years and somehow people keep going there.”
Wells Fargo is all that was needed. It's their bread and butter!
But be careful….once you’re gone they’ll open a credit card in your name
How is he screwing you out of 3 months of interest? I don’t understand.
was just about to say sounds like Wells Fargo… haven't they been sued?
You know. You could always take your business elsewhere. Just saying
“They asked the person in the family that they trusted the most and had sound financial sense.”
“You don't need to come to Reddit to know that Wells Fargo has been sued for this and everybody wins when it comes down to the end.”
“Every few years there's a new management team saying they've gotten rid of all the unethical stuff and have a stronger compliance department but every few years there are more scandals.”
“Branches have tons of cameras in the lobby. They will compare the signature to other signatures on file for the customer and see. Wells doesn’t have quotas or goals anymore and are forbidden by banking regulations from doing so. There’s no incentive to be received from opening up a regular savings account with no deposits. OP didn’t read what he was signing or is making this up for credit.”
“Yet again, someone proving the point I made in a previous comment. For every 1-2 people they “catch” doing this, 3-5 more are getting away with it. And you, my friend, are a victim of this exact thing. So for that, I am sorry. But also, please don’t lump other banks into the WF category…they are their own animal, so leave the rest of the banks out of it. 🤣🤣🤣”
“Anything is possible. Also, by the way, you said in your other comment that you just LEFT WF…if you’re going to stick up for them so hard, then why did you leave? 🤔 I’ve heard stories from multiple people in the bank subreddit that has employees share their stories (DM if you want the name as I don’t want to advertise it here) that WF pays a lot better than most places, even for entry level, and apparently has some decent benefits. So why leave at all, unless there’s something else that you’re”