Wells Fargo Fined $185 Million For Illegal Banking Practices [VIDEO]

Wells Fargo fined $185 million for illegal banking practicesWells Fargo was fined $185 million Thursday for illegal banking practices, including issuing credit cards without customer consent and piling late fees onto accounts customers didn’t know they had. The bank, which serves approximately 40 million customers, has fired 5,300 employees for creating over 2 million fake accounts. “Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses,” said Richard Cordray, the director of the Consumer Financial Protection Bureau. The $185 million fine is the CFBP’s largest since it was founded in 2011.