On Friday, AC CAN attended a press conference hosted by San Francisco Treasurer José Cisneros. The Treasurer was joined by three AC CAN member organizations, California Reinvestment Coalition, EARN, and BALANCE, as he responded to recent news that Wells Fargo used personal information about their clients to open accounts without consent, and in some cases transferred funds into those accounts.
The Treasurer announced that Wells Fargo is suspended from Bank On San Francisco, and that the Treasurer’s Office is partnering with BALANCE to provide concerned San Franciscans immediate help to check their credit history and understand the implications of this action.
Some customers who have been affected by this action may not even realize that unauthorized accounts have been opened in their names. Other customers may have experienced extra costs due to their credit being harmed. If you or someone you know has been a customer of Wells Fargo, you can call BALANCE at 1-800-706-6006 and speak to a Certified Credit Counselor to learn how to access your free credit report and resolve any negative impacts Wells Fargo’s actions may have on your finances
Andrea Luquetta-Kern of California Reinvestment Coalition comments on Wells Fargo’s actions and their impacts on low-income Californians, including causing unbanked communities to be more wary of opening bank accounts in the future. She urges financial institutions to do more to create confidence in their products in the future.