![]() ![]() We have taken several steps to strengthen Wells Fargo Merchant Services to ensure our team members do what’s right for our customers, including: Our primary objective is to make things right and restore trust in Wells Fargo. We’ve reached out to Wells Fargo for further details on the "restructuring" of the merchant services division, and were provided with the following statement: In the cases described, business owners were allegedly misled about the fees they would pay or about the details of the terminal leases. ![]() The article also details cases of individual business’ experience with Wells Fargo’s pricing and leasing. Additionally, the WSJ states that there is a new head of merchant services overseeing the department. In 2017, The Wall Street Journal published an article that stated that Wells Fargo has restructured its credit card processing after an internal investigation that showed some employees were reporting false numbers related to customer sales. The WSJ states that some employees were fired and other measures like requiring management approval to refer a small business to the merchant services department are now required of retail branches. Wells Fargo fired more than 5,000 employees associated with the scandal, and was fined heavily by the CFPB. In 2016, the Consumer Financial Protection Bureau (CFPB) announced that Wells Fargo had perpetrated a major consumer account scandal, where employees opened "ghost" accounts for consumers without their knowledge in order to hit sales goals and receive bonuses. ![]() Wells Fargo offers card processing for almost all industries and business types to US-based businesses. The bank was founded in 1852 in New York City, and has since expanded to offer a wide range of financial services, including loans and credit card processing.
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