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SAN FRANCISCO - JANUARY 20: An 'Occupy Wall Street West' protestor from San Francisco, California. stands near an ATM machine at a Wells Fargo bank in the financial district as part of a day of action January 20, 2012 in San Francisco, California. Occupy Wall Street West protestors blockaded all the entrances to the bank as part of a day of action.
The bank had identified 565,000 possible fraudulent credit card accounts and 1.5 million possible fraudulent checking accounts opened between 2011 and 2015 with the help of auditor Price Waterhouse Coopers (PwC).
Since then, the bank said it has called 564,000 of the credit card account holders. It said 330,000 of the cards had been closed and 234,000 accounts were still open. 192,000 of these cards were still open but never active while 42,000 were opened and activated. It was unclear whether employees or the customers activated those accounts.
The bank also said in the presentation it was investigating the impact on consumer's FICO credit scores. In turn, Wells said that it will determine if the opening of an unwanted credit card made it more expensive for the customer to receive another financial product because of a lower credit score.
The opening and closing of credit cards without a consumers knowledge worried lawmakers during former CEO John Stumpf's testimonies to Congress due to the impact it may have had on customers' credit scores.
The company beat earnings projections for both revenue and earnings per share for the third quarter.
Here's the slide from the presentation detailing the findings:
Wells Fargo