Wells Fargo continues to take hits following its fake account fiasco. Following the “retirement” of its CEO John Stumpf, news of a criminal investigation of identity theft, and numerous rounds of questioning by lawmakers, comes news that the financial institution has been stripped of its Better Business Bureau accreditation.
CNBC reports that Wells Fargo is no longer accredited by the organization — which is made up of 112 independently incorporated local organizations coordinated under the Council of Better Business Bureaus.
Each of Wells Fargo’s pages on the individual BBB websites now include the disclaimer “THIS BUSINESS IS NOT BBB ACCREDITED.”
The bank now has a rating of “C-“ on a scale of “A+” to “F.” The rating brings Wells Fargo below the BBB’s required “B” rating for which businesses can maintain accreditation.
To achieve accreditation by the BBB, which is voluntary and must be sought by a business, a company is required to maintain a “B” rating.
Thomas Bartholomew, CEO of the Better Business Bureau of Southern Peidmont in North Carolina, told WCNC that the organization can’t recall a larger company losing accreditation.
The BBB pages for Wells Fargo cite “government actions against the business” as a reason for the current rating. The BBB currently counts 4,105 total complaints against the bank in a three-year period, with 1,201 filed in just the last year.
“There’s no cure. That government action is going to be on their record for three years,” Bartholomy said, noting that the company likely won’t be eligible for accreditation until the record is removed.
Of the 107 customer reviews listed on the BBB, three are for positive experiences, one for a neutral experience, and the remaining 103 are listed as negative experiences.
CNBC points out that the rate of complaints against the bank isn’t necessarily unusual: Bank of America counts 6,315 complaints and Citigroup, which also isn’t accredited, has accumulated 4,354 complaints.
A spokesperson for Wells Fargo tells WCNC that the accompany will continue to “work hard to restore our customers’ trust and are focused on providing the best service to our customers.”
by Ashlee Kieler via Consumerist