- Credit Card
- Real Estate
(I put this question here because I’m focusing more on the financial aspect for consumers, not the political aspect for the government. Sorry if it’s not a perfect fit, but it seemed more appropriate to put it here than e.g. Politics.SE.)
My understanding of the Wells Fargo scandal that unfolded in the past year was that Wells Fargo ended up opening more bank accounts for people than they asked for.
Yeah, okay. That wasn’t nice of them. I’d have gotten very annoyed if this had happened to me.
I imagine it’s an annoyance for a customer to keep track of this and deal with the statements, sure.
And I guess customers may get hit with fees they didn’t expect, which is bad, okay.
But giving customers more paperwork than they can handle and hitting them with fees they don’t expect has been the modus operandi of all sorts of American companies (and especially banks here) for… as long as I’m aware, basically. And lawmakers don’t seem to have even batted an eye at this.
What suddenly made this event such a big deal? It’s not like they leaked your personal identity or something; everything seemed pretty contained and reversible as far as consumers were concerned.
Basically, customers ended up with 8 rows in their database instead of just 1 row. Is this that scary?
Even hacks of corporate databases containing personal customer information don’t seem to dominate press headlines as much as this one did, and those are the kinds of things that ruin people’s lives permanently. Yet you don’t see thousands of employees getting fired over that, yet somehow this resulted in the whole country freaking out. Why? What am I missing?