Which players should you be paying attention to on the wire?
By now, you’ve probably heard about the Wells Fargo/Associated Press report that Wells Fargo had opened more than 2 million accounts for customers who had used their personal information to make unauthorized withdrawals and credit card purchases.
The data showed that roughly 1.5 million accounts had been opened in the months before the scandal.
Wells Fargo is the largest U.S. bank, with roughly 8.4 million accounts, and its customers account for nearly two-thirds of all Wells Fargo customers.
Wells said it was conducting an internal review of the AP’s data.
“The company will take all appropriate steps to ensure the integrity and accuracy of the data, and is committed to taking appropriate actions,” a Wells spokesman said.
In an emailed statement, Wells Fargo Chief Executive Brian Moynihan said the company would “conduct a thorough and comprehensive review of all the data from the AP report.”
“The information we’ve collected is accurate and reliable, and we’ve taken steps to strengthen controls to prevent fraud,” he said.
Wells Fargo said the AP did not provide information about the number of accounts that had been closed and whether any customer data had been compromised. “
We will continue to take appropriate actions as we uncover and respond to these issues.”
Wells Fargo said the AP did not provide information about the number of accounts that had been closed and whether any customer data had been compromised.
In response to the Wells story, the National Association of Bank Supervisors (NABSA) issued a report saying that the banks are making it easier for customers to use debit cards.
“There are ways consumers can access information about their debit card transactions and account balances and transactions without a card, by using online banking services or by accessing their accounts via their bank mobile apps,” the NABSA said.
The NABAS report said that customers should expect the following from banks in the future: Banks should make it easy for customers with a debit card to access account information, such as account balances, account information such as name, address, or bank account number; and customers should have access to accounts without a PIN or a password.
The report said the companies should also develop policies to limit the amount of information that is collected by the banks, and that the companies are required to make sure that information is properly stored, protected and accessible.
Wells also has a $2.8 billion loan guarantee program that has not been fully paid back yet, but has about $2 billion of the $3.3 billion in loans it has pledged to make.
The loan guarantee is designed to give banks incentives to help customers with high-risk credit accounts.
“As the Wells and Ally accounts are closed, there is a likelihood that those who had access to those accounts may now have access again,” the report said.
Wells has faced criticism from the left for its poor response to customers’ complaints about its customer service.
The AP report revealed that Wells said that more than 1.6 million customers had reported problems with their Wells Fargo accounts in the six months before Wells Fargo started to investigate the AP story.
Wells’ response to those complaints has been criticized by some of the same groups that have slammed Wells for not providing enough answers about the AP reports.
The National Consumer Law Center, the Consumer Federation of America, the American Federation of State, County and Municipal Employees and the National Retail Federation have called for Wells to step up and provide information on how its customers can report fraud, abuse and other issues.
“You can’t do it on your own,” said Scott Beresford, the president of the National Consumer League, an advocacy group for consumers.
“That’s a very big problem in our society.
We need to be able to say, ‘Look, we’re going to make it easier to report this.’ “