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Number of new accounts at Wells Fargo cut in half

Wells Fargo
Banking   Applications for credit cards plunged 55 percent

Wells Fargo suffered a nose-dive in openings of new checking accounts during February, an indication that a scandal over bogus accounts lingers over the company.


However, customer loyalty scores improved for the fourth consecutive month during February, although compared to the same month in 2016, the loyalty ratings were weaker, the bank said.

“We’re pleased that our customer experience survey scores increased for the fourth consecutive month,” said Tim Sloan, Wells Fargo’s chief executive officer.

During February, compared to the same month in 2016, the number of new checking accounts that were opened at the bank plummeted 43 percent.

Applications for credit cards plunged 55 percent in February compared to the similar period in 2016.

Total customer interactions with the bank fell 11 percent in February compared to same month the year before, the bank reported.


 

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