Wells Fargo loses Better Business Bureau accreditation


Wells Fargo has lost accreditation by the Better Business Bureau.

>> Read more trending stories  

The company admitted last month that employees opened unauthorized accounts in customers' names to meet sales goals. The federal government fined the bank $185 million.

The BBB cited the government action against the business as the reason for dropping the bank's rating to a C-minus, which falls below the standards for accreditation.

The BBB also said it's up to customers to decide whether they want to stay with the company.

"We're not telling customers, 'Don't do business with them.' We're not telling you, 'Do business with them.' We're just laying out the facts," said Tom Bartholomy, president and CEO of the Better Business Bureau of Southern Piedmont, which serves 20 counties in North Carolina and South Carolina. "Here's a company now that's a C-minus rating, they have six government actions against them, and what's your comfort level?"

The BBB said just about every major bank has had government actions taken against them, but none like this.

Wells Fargo can attempt to regain accreditation in three years.

Wells Fargo released the following statement:

"We will continue to work hard to restore our customers' trust and are focused on providing the best service to our customers. Our No. 1 priority is making things right with our customers and restoring public trust, and we are dedicated to ensuring that all aspects of the company's business are conducted with integrity, transparency and oversight.

"We have already taken important steps, and will continue to do so, to ensure that the sales culture in our retail banking business is 100 percent aligned with our customers' interests, including ending product sales goals for everyone in the retail banking business to make certain nothing gets in the way of doing what’s right for customers."


Reader Comments ...


Next Up in Nation & World

Linkin Park to live stream sold out Chester Bennington tribute on YouTube
Linkin Park to live stream sold out Chester Bennington tribute on YouTube

Linkin Park’s show on Friday in honor of its late frontman, Chester Bennington, is sold out, but fans can still be part of the concert. Rolling Stone reported that the band announced Oct. 21 that the show would be livestreamed on its YouTube page. The event, called Linkin Park and Friends Celebrate Life in Honor of Chester Bennington, is...
Video captured by mom shows lightning bolt that nearly killed her son
Video captured by mom shows lightning bolt that nearly killed her son

Video captured by Argentinian mother Carolina Kotur shows the moment her son was nearly struck by lightning as he played in their yard during a recent storm. Even with other tall objects apparently around him, the electricity seemed to aim right at him. The unnamed 12-year-old boy survived the near-strike, reports the Daily Mail. In the moments...
Former President George W. Bush cracks joke, Obama gets the giggles during speech
Former President George W. Bush cracks joke, Obama gets the giggles during speech

Five former presidents joined forces to raise money at a hurricane relief benefit on Saturday, but it was George W. Bush’s whispered joke to Barack Obama that had the internet talking. Bush and Obama joined Bill Clinton, George H.W. Bush and Jimmy Carter for the “Deep From the Heart: The One America Appeal” at Texas A&M University...
Kelly Clarkson says she was unhappy when she was ‘really skinny’
Kelly Clarkson says she was unhappy when she was ‘really skinny’

Despite nearly incessant reports about her figure, Kelly Clarkson is just fine with her curves. In a revealing interview with Attitude magazine, the singer and mother of two revealed that soon after her career reached new heights after the release of her sophomore album, she faced increased pressure from executives to be thin. “When I was really...
Taco Bell is testing Kit Kat quesadillas at some locations
Taco Bell is testing Kit Kat quesadillas at some locations

Taco Bell is no stranger to unique food mashups, and the latest menu item the fast-food restaurant is testing is no different. According to Mashable, the chain is testing the Kit Kat Chocoladilla. As its name may imply, the product is a flour tortilla with broken bits of melted Kit Kats inside. Brand Eating was among the first to report the...
More Stories