Wells Fargo Phantom Accounts
It should come as no surprise that Wells Fargo was just fined millions because a group of over 5,000 employees created phantom accounts to meet corporate goals.  While we need honest employees especially at a bank, it still points to a bigger problem:  No management members or executive leaders have been held accountable.

This is my Question:

Does that mean they didn’t “know”? OR
Does that mean they “looked the other way”?

There really is no other option.  How poor is the leadership and management team that they didn’t have an audit type system to verify these accounts.  Worse yet, if the knew and “looked the other way”, it makes everyone question how safe is our money in these institutions?

Either way, the solution is in stricter enforcement of the current laws to protect consumers.  But, that comes at a cost.  Consumers lose flexibility—-especially those who are self employed.  It makes qualifying for an account more difficult when consumers don’t perfectly fit the lenders expectations.  This in turn can limit growth.

We all know this truth—Our society is based on credit.  Most consumers need credit to buy a house or automobile.  Sadly, for me, the solution is as painful as the problem.  Still as consumers it is my opinion that we should check our own credit once a year.  If you spot errors or have questions, our firm has a free consultation.  So feel free to contact us at 305-860-1221 about any issues related to miami credit law.