You have reached your limit of free articles this month.

Enjoy unlimited access to myStatesman.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 myStatesman.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 myStatesman.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

Rising tide of white nationalism evident in Georgia
Rising tide of white nationalism evident in Georgia

One example of a rising tide of white nationalism shambled into a federal district courtroom in Gainesville Wednesday. William Christopher Gibbs wore shackles, orange Crocs and a dirty, mustard-yellow jumpsuit with the word “INMATE” stenciled on back. He had an unruly shock of curly blond hair and an unshaven look that gave cover to an...
Cincinnati nightclub shooting: What we know now
Cincinnati nightclub shooting: What we know now

At least one person was killed and multiple people were hurt early Sunday when gunshots rang out at Cameo Night Club in Cincinnati, Ohio.
Baby born with 'parasitic twin' undergoes risky surgery, makes remarkable recovery
Baby born with 'parasitic twin' undergoes risky surgery, makes remarkable recovery

A baby girl is beginning her new life after a successful but risky surgery to remove extra body parts from what doctors call a “parasitic conjoined twin.” Baby Dominique was born in the Ivory Coast in Africa with four legs and two spines. According to Advocate Health Care, the extra body parts were from an undeveloped parasitic...
Miffed neighbors say Ivanka Trump, Jared Kushner have 'ruined the neighborhood'
Miffed neighbors say Ivanka Trump, Jared Kushner have 'ruined the neighborhood'

Neighbors of first daughter Ivanka Trump and her husband, Jared Kushner, held a meeting last week to complain that the new arrivals in D.C. weren’t doing their part to make things livable for others in the neighborhood. Even though former President Barack Obama and first lady Michelle Obama live a short distance away, and Secretary...
Boy, 9, raises nearly $30K at lemonade stand for grandfather with cancer
Boy, 9, raises nearly $30K at lemonade stand for grandfather with cancer

When Angel Sanchez’ grandfather was diagnosed with stage three colon cancer in December, the boy decided he would try to raise $100 to help.  With help from his mother, Sanchez, 9, built a yellow lemonade stand.  Through support from the community, he has been able to raise $6,700 through a GoFundMe and another $21,766 while the...
More Stories