Eric Schiffer discusses the Wells Fargo banking scandal

Do you or someone you know have a Wells Fargo bank account? You better check those statements carefully because you may have been ripped off.

In a shocking breach of consumer trust, millions of fake accounts were opened without customer knowledge.

The Justice Department is investigating Wells Fargo bank for fraudulent sales practices. Last week, the bank was fined $185-million dollars.

But is the fine enough?

5,300 workers were fired as a result of the scandal. But, do senior executives need to be fired too?

We had Eric Schiffer, CEO of Patriarch Equity here on Good Day LA with us. Schiffer spoke to Steve Edwards and Araksya Karapetyan about the issue and most importantly…how do you know if Wells Fargo owes you money?

Wells Fargo has worked out a deal with the L.A. City Attorney. The bank will send out notices next month, so here are some tips:

  • Call the bank or visit a local Wells Fargo Bank
  • Go over all of your accounts
  • Consumer financial protection hotline: (213) 978-3393

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