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In 1954, Wells Fargo & Union Trust shortened its name to Wells Fargo Bank. Four years later, it merged with American Trust Company to form the Wells Fargo Bank American Trust Company. It changed its name back to Wells Fargo Bank in 1962. In 1968, Wells Fargo was converted to a federal banking charter and became Wells Fargo Bank, N.A.
Nevertheless, Wells Fargo is insured by the Federal Deposit Insurance Corp. (FDIC), protecting deposits of up to $250,000 in case of a bank failure. All rates and fees below are current as of ...
On October 28, 2008, Wells Fargo was the recipient of $25B of the Emergency Economic Stabilization Act Federal bail-out in the form of a preferred stock purchase. [17] [18] Tests by the Federal government revealed that Wells Fargo needed an additional $13.7 billion in order to remain well-capitalized if the economy were to deteriorate further ...
The Wells Fargo cross-selling scandal was caused by creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent or knowledge due to aggressive internal sales goals at Wells Fargo. News of the fraud became widely known in late 2016 after various regulatory bodies, including the Consumer ...
The Federal Reserve said it will temporarily ease its regulatory pressure on Wells Fargo to allow the massive lender to underwrite emergency small business loans under the Paycheck Protection Program.
Those are some of the infractions allegedly committed by Wells Fargo that has led the bank to agree to a $3.7 billion settlement with the Consumer Financial Protection Bureau. The settlement ...
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- Best Checking Accounts
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- Apply Online
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temu.com has been visited by 1M+ users in the past month