WI Wells Fargo Form POA 2010-2024 free printable template

Video instructions and help with filling out and completing wells fargo power of attorney

Instructions and Help about wells fargo power of attorney for bank account form

[Narrator]: We know that money doesn't grow on trees, but Wells Fargo's customers have found the bank accounts do appear out of nowhere. [Senator Elizabeth Warren]: It's a bank, right? They're supposed to keep track of people's money, safety, security. [Narrator]: Welcome to Watchdog News, the weekly series where we break down news stories that might be on your radar. In this installment, we're counting down 5 crucial facts you should know about the Wells Fargo account scandal. [Sen. Warren]: If they really didn't know, then that tells me this is a bank that is simply too big to manage. [Narrator]: Wells Fargo is considered one of the Big Four Banks in the United States, along with JPMorgan Chase, Bank of America and Citigroup. According to Rel Banks, Well's Fargo was the largest bank in the world in 2015 in terms of market cap, operating in 35 countries and serving over 70 million customers worldwide. In fact, Wells Fargo was ranked as the 7th largest public company on the planet by Forbes in 2016. The bank, which today is headquartered in San Francisco, has its origins in the mid-nineteenth-century Gold Rush. It was founded by Henry Wells and William Fargo, who were also part founders of American Express, in 1852. In its early years, Wells Fargo was one of the few banks to survive the Panic of 1857, which saw a collapse in the banking system. In recent years, a series of controversies has dogged the brand, including fines for overdraft issues administered in 2010, allegations of racial discrimination in 2011, inadequate risk disclosures in 2012 and violations of New York credit card rules in 2015, as well as high-profile revelations in 2014 surrounding the earnings of executive figures. In September 2016, it was revealed that employees at Wells Fargo had been covertly creating and operating extra bank accounts without customer authorization. An investigation found that at least 1.5 million bogus accounts and over half a million credit cards had been opened since 2011, without customers' knowledge. The fraud was committed as a means of not only making more money for the bank, but more importantly to boast sales figures so that employees involved could reach quotas and qualify for incentive bonuses. It's reported that in some instances, fake pins and email addresses were used in order to sign customers up for services without their knowledge. Wells Fargo has taken responsibility for the problem, which has been blamed by some critics on the incentives given to employees and also seemingly results from inadequate monitoring, checks and control procedures. [Sen. Warren]: Either they knew, or they didn't know, in which case how can you run a giant multinational bank... ? [Narrator]: The bank has been hit with 185 million dollars in fines, 100 million dollars of which goes to the Consumer Financial Protection Bureau's civil penalty fund, and it's been ordered to pay a further 5 million dollars as compensation to the customers affected. In many cases,...