Comment on Bank at Wells Fargo? Here are 4 things you should do soon

Bank at Wells Fargo? Here are 4 things you should do soon

Wells Fargo, which has been fined $185 million by regulators who said bank employees opened millions of unauthorized accounts to meet sales goals, has promised to contact all customers and invite them to review their accounts. [...] credit card accounts opened in your name may affect your credit score, the all-important number that determines what kind of interest rate lenders will charge you for a home or car loan. Wells Fargo has been ordered by the Consumer Financial Protection Bureau to refund customers going back to 2011, and the company said it has already given back $2.6 million in fees for products that were sold without authorization. Look for any unusual transactions or fees, since employees were transferring money between accounts without permission from customers, according to the CFPB. In August, the CFPB fined Wells Fargo $3.6 million for charging its student loan customers illegal fees, not correcting errors on credit reports and other violations. The reports list all your creditors, so review them for any unauthorized credit cards that may have been opened or unpaid fees that may have been reported to the credit agencies. According to bank, Wells Fargo employees applied for about 565,000 credit cards that consumers may not have authorized. Higher credit scores can mean paying lower interest rates, so if you plan to apply for a mortgage or another loan soon, it may be best to keep it open until then, said Ulzheimer.

 

Comment On This Story

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More World News