You have reached your limit of free articles this month.

Enjoy unlimited access to myDaytonDailyNews.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 myDaytonDailyNews.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 myDaytonDailyNews.com.

breaking news

Tornado watches issued for several counties

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

Trump's infrastructure plan is caught in White House turf war

When Donald Trump and Mike Pence met this month to discuss a promised $1 trillion infrastructure plan, the Cabinet Room was filled with half a dozen billionaire executives, from Tesla's Elon Musk to Steve Roth, a New York developer and longtime friend to the president. One person who wasn't there? The man who worked for months to line up priority infrastructure...
Trump's past at odds with efforts to recognize women
Trump's past at odds with efforts to recognize women

As Women's History Month draws to an end, first lady Melania Trump proclaimed at a Wednesday award ceremony that "wherever women are diminished, the entire world is diminished with them." Soon after, White House press secretary Sean Spicer said at a briefing that the "president made women's empowerment a priority throughout the campaign...
Historic SpaceX rocket launch could transform spaceflight 
Historic SpaceX rocket launch could transform spaceflight 

For the first time in history, billionaire entrepreneur Elon Musk’s SpaceX is poised to launch a recycled rocket back into Earth’s orbit — a milestone that could drastically cut the cost of traveling into space and pave the way for a new era in space travel. Musk’s private space company is scheduled to relaunch a Falcon 9 rocket...
4-year-old has ‘date’ with police officer
4-year-old has ‘date’ with police officer

A Massachusetts police officer had what the police department is calling “the best dinner date ever.” >> Read more trending news  Sgt. Steven Dearth was grabbing a bite during his dinner break at a Panera Bread a few weeks ago when Lilly, 4, walked in with her parents and brother, ABC News reported.  She went up...
Young man loses bet, gets taped to traffic sign
Young man loses bet, gets taped to traffic sign

Drivers traveling in Houston on Wednesday called authorities after spotting a young man that was taped to a yield sign with his feet dangling more than a foot from the ground. The young man was identified by KHOU as Miguel Chavez. The news station reported Chavez lost a bet made on Tuesday’s basketball game between the Houston Rockets and the...
More Stories