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When it rains, it pours: Wells Fargo loses Better Business Bureau accreditation

More bad news for megabank

Well, it’s a day that ends in “y,” and right now that means that there’s more trouble for Wells Fargo.

In the last few weeks, the megabank lost its CEO, and lost business from the state of Ohio, the city of Chicago, the state of California, the state of Oregon and maybe the city of San Francisco too – all as fallout from the bank’s fake account scandal.

And there’s something else that Wells Fargo apparently lost recently, its accreditation from the Better Business Bureau.

According to a report from Deon Roberts of the Charlotte Observer, the Better Business Bureau moved its rating of Wells Fargo below the “B” rating required to be maintain accreditation in the wake of the $185 million fine levied against Wells Fargo for more than 5,000 of the bank’s former employees opening more than 2 million fake accounts in order to get sales bonuses.

From Roberts’ report:

Tom Bartholomy, president of the Better Business Bureau of the Southern Piedmont, called the loss of Wells Fargo’s accreditation “quite remarkable.” Wells is the biggest company Bartholomy said he’s seen receive a revocation during his 34 years with the BBB.

Bartholomy said the BBB’s CEO for the San Francisco area, Lori Wilson, notified him early last month that she had suspended Wells Fargo’s accreditation following the accounts scandal. He said Wilson shared the information with him because of Wells Fargo’s large presence in Charlotte – its biggest employment hub, with about 23,000 workers.

As Roberts’ notes, Wells Fargo currently has a "C-" rating from the Better Business Bureau, on a scale from A+ to F.

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