Mega-bank Wells Fargo has now admitted to 1.4 million additional fake accounts opened without customers’ knowledge.

When combining that with the other fake accounts unveiled in the scandal last year, this means Wells Fargo has been caught opening roughly 3.5 million fake checking and credit card accounts on behalf of existing customers as a means of breaking sales quotas. The original scandal involved accounts opened between 2011 and 2015. However, according to CNN Money, the practice actually dates back to 2009 when taking the newly discovered fake accounts into consideration.

The original scandal was uncovered roughly a year ago, when the bank announced it was paying $185 million in fines to federal regulators and city regulators in Los Angeles. Rank-and-file bankers and branch managers were financially incentivized by Wells Fargo senior leadership to open new accounts for existing customers without notifying them, moving money out of their existing accounts into the fake accounts, and then proceeding to gouge those customers with excessive fees (roughly 190,000 accounts) when there wasn’t enough money in the original account. The new discovery also shows that there were 528,000 unauthorized enrollments in Wells Fargo’s online bill pay system.

While the bank has apologized for the scandal and paid $3.3 million in refunds to customers who were wronged, the bank is now paying an additional $2.8 million in refunds to customers who were gouged in the fake account scandal between 2009 and 2011. On Twitter, Mad Money host Jim Cramer blasted the bank for its practices, calling for the resignation of all board members and top executives. Others sounded off on the new scandal as well, expressing disgust at the greed that went into the decision to defraud customers:

On August 15, the Los Angeles Times reported that Wells Fargo board chairman Stephen Sanger would be resigning as a result of the scandal, along with two additional directors. Despite the breaking news of the scandal, Wells Fargo’s stock remains somewhat bullish, with its stock trading at $51.17 per share as as 10:17 AM ET.


Jordan Shaw is a New Jersey-based writer and commentator specializing in national and state government issues for Grit Post. When heโ€™s not writing, you can find him volunteering in Camden, New Jersey, or hiking the Wissahickon Valley Park.

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