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Wells Fargo loses Better Business Bureau accreditation

Wells Fargo loses Better Business Bureau accreditation
Posted at 11:20 AM, Oct 22, 2016
and last updated 2016-10-22 11:20:33-04

The Better Business Bureau - arguably one of the most trusted consumer watchdog and industry regulating organizations in the country - has dropped Wells Fargo's accreditation.

The private sector regulator has dropped the bank and mortgage company's rating to a C- following the account creation scandal. Investigators have accused Wells Fargo of creating extra accounts without customer permission to meet sales and growth quotas. Now prosecutors are working to determine whether these actions could be considered criminal impersonation or identity theft.

According to the BBB, Wells Fargo has a handful of other unrelated pending government complaints, including allegations of predatory lending practices and referral schemes.

Wells Fargo is possibly the largest business ever to lose its BBB accreditation.