Wells Fargo really stepped in it recently—or rather, over the last few years. It has been confirmed that it fraudulently opened two million fake accounts that were all tied in with real, established accounts, all without the knowledge of the real account holders. In congressional testimony and leaks to the media by former employees, it was discovered that the sales climate was “toxic,” with management threatening people’s jobs if they did not meet impossible sales goals.
As a result of Wells Fargo running credit reports on two million people—a necessary step to open a credit card or line of credit—millions of people saw their credit score take a hit because of the increased inquiries.
This disregard for clients could never happen at Judith Heft & Associates, and here’s why:
- Unlike Wells Fargo, we are true to our fiduciary responsibilities.
- We are a small company with only two employees who are accountable to our auditors and the IRS.
- We do not sell any financial products and have no sales goals.
Though it would have not made a bit of difference for the victims of Wells Fargo’s massive fraud, there are a few steps you can take to make it much harder for someone to open accounts in your name. The security questions many banks ask are often easily found out by anyone with an internet connection, such as:
- your mother’s maiden name;
- what streets you’ve lived on;
- what towns you’ve lived in; or
- the name of your school(s).
My advice is to lie until your pants catch fire! Of course the problem with that is that you’ll need to be able to remember the answers you give. So write them down, and put them somewhere secure.
If you are a reeling from the Wells Fargo betrayal, there will be many steps to take when enrolling in a new bank. If you need help rerouting all of your wires, bill payments, and other scheduled deductions, contact us to see how we can help.