The city of San Francisco recently removed Wells Fargo from the city’s Bank On program, which helps low-income residents or those with credit problems open bank accounts. Wells Fargo was removed from San Francisco’s Bank On program because Wells Fargo admitted opening almost two million accounts for customers without their knowledge in order to meet the bank’s sales goals. The state of Illinois has also suspended $30 billion in investment activity with Wells Fargo due to these allegations.
The Consumer Financial Protection Bureau (CFPB) has ordered Wells Fargo to issue refunds to customers who were charged fees for the unauthorized accounts. The CFPB is a federal government agency that makes sure banks, lenders, and other financial companies treat consumers fairly. The City of St. Louis Treasurer’s Office applauds the CFPB for looking out for consumers.
We would also like to remind St. Louis area residents to be vigilant about checking their credit reports for unauthorized accounts. The City of St. Louis Treasurer’s Office of Financial Empowerment (OFE) provides free credit counseling. For more information, please visit www.stlofe.org or call 314-622-4700.