Wells Fargo has agreed to pay $3 billion to settle charges that it engaged in fraudulent sales practices — collecting fees for bank accounts, debit cards and other products customers didn't request — for more than decade.
Authorities say Wells Fargo bank managers were aware of illegal conduct as early as 2002 but allowed it to continue until 2016.Christopher Dilts/Bloomberg via Getty Images
The company acknowledged collecting millions of dollars in fees for bank accounts, debit cards and other products that customers neither asked for nor needed. The illegal practices were carried out by thousands of Wells Fargo employees in order to meet unrealistic sales targets. Authorities say bank managers were aware of the illegal conduct as early as 2002 but allowed it to continue until 2016.
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