Wells Fargo Reportedly Investigating Fees Charged To Closed Accounts

The transcript discusses Wells Fargo's practice of charging overdraft fees on accounts customers believed were closed. Senator Elizabeth Warren questioned the bank's interim CEO, Alan Parker, about this issue, highlighting concerns over the bank's practices. Parker responded, indicating ongoing discussions with regulators. The transcript also touches on Wells Fargo's efforts to improve its image following past scandals, including the creation of fake accounts to meet sales targets.

What issue did Wells Fargo face regarding overdraft fees?

• Charging fees on new accounts

• Charging fees on accounts with high balance

• Charging fees on accounts with zero balance

• Charging fees on accounts believed to be closed

Who raised concerns about Wells Fargo's overdraft fee practices?

• Senator Bernie Sanders

• Senator Elizabeth Warren

• Senator Kamala Harris

• Senator Ted Cruz

What did Wells Fargo's interim CEO, Alan Parker, mention in his response to Senator Warren?

• The bank will ignore the concerns

• The bank is working with regulators

• The bank will increase fees

• The bank will close more accounts

What was one of the past scandals that affected Wells Fargo's reputation?

• Failing to pay taxes

• Opening fake accounts to boost sales

• Misleading investors about profits

• Discriminating against employees

What action did Wells Fargo take in response to the 2016 scandal?

• Increased employee bonuses

• Paid fines and fired employees

• Expanded their services

• Merged with another bank