You have reached your limit of free articles this month.

Enjoy unlimited access to myAJC.com

Starting at just 99¢ for 8 weeks.

GREAT REASONS TO SUBSCRIBE TODAY!

  • IN-DEPTH REPORTING
  • INTERACTIVE STORYTELLING
  • NEW TOPICS & COVERAGE
  • ePAPER
X

You have read of premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and bonus content- exclusively for subscribers. Starting at just 99¢ for 8 weeks

X

Welcome to myAJC.com

This subscriber-only site gives you exclusive access to breaking news, in-depth coverage, exclusive interactives and bonus content.

You can read free articles of your choice a month that are only available on myAJC.com.

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

Florida woman arrested after giving birth to 11-year-old’s child
Florida woman arrested after giving birth to 11-year-old’s child

A 25-year-old woman in the Tampa, Florida, area faces sexual battery charges after she became pregnant by an 11-year-old boy, police said.  >> Read more trending news Marissa Mowry and the boy allegedly had sex in January 2014, which resulted in her pregnancy, the Hillsborough County Sheriff’s Office told WFTS.  Mowry was 22 at...
Florida mother ignored 4-year-old’s gunshot wound for weeks, police say
Florida mother ignored 4-year-old’s gunshot wound for weeks, police say

A Florida mother is accused of not taking her 4-year-old daughter to the hospital until weeks after the child accidentally shot herself, authorities said.  >> Read more trending news Shanquisha Lashay Upshaw, 23, of Lehigh Acres, and her daughter were staying at a friend’s house when police said the child shot herself in the leg, according...
Hugh Jackman hits big top with ‘The Greatest Showman’
Hugh Jackman hits big top with ‘The Greatest Showman’

Hugh Jackman has retired the claws of Wolverine and is returning to the stage, partially. Jackman is staring as P.T. Barnum in a new movie musical and biopic, “The Greatest Showman.” >> Read more trending news The first trailer dropped Wednesday. The movie is scheduled to hit theaters on Christmas Day. Along with Jackman, it stars...
Wrestling villain 'Progressive Liberal' wears Hillary on his shirt, irks conservative crowds
Wrestling villain 'Progressive Liberal' wears Hillary on his shirt, irks conservative crowds

A wrestler on the Kentucky’s Appalachian Mountain Wrestling circuit is drawing attention and, in some places, scorn for his own brand of political speech. Daniel Harnsberger, who wrestles under the name of the “Progressive Liberal” Daniel Richards, regularly irks crowds through Appalachia with taunts about country living and conservative...
Border wall faces contracting delays, limited budget and a September deadline
Border wall faces contracting delays, limited budget and a September deadline

U.S. Customs and Border Protection plans to select four to eight firms in the coming weeks to build the prototypes for President Donald Trump's much-touted border wall, Ronald Vitiello, the agency's acting deputy commissioner, said Tuesday.  The administration's update on its plans for the wall comes amid delays in the bidding process and a seeming...
More Stories