Wells Fargo is accused of opening over two million fraudulent bank accounts under existing customers’ names causing those customers to be charged with fines. Senator Elizabeth Warren, among other members of the senate, are pushing for CEO John Stumpf’s resignation.

Among the list of accusations against Wells Fargo are fraudulent transfer of fees, unwarranted fines, and the unauthorized production of credit card accounts.

Company employees submitted around 560,000 credit card applications with roughly 14,000 of those accounts bringing in over $400,000, which included annual fees, interest charges, and overdraft-protection fees from their unaware customers.

Due to a mandatory arbitration clause that appears in account-opening agreements, Wells Fargo customers cannot join in a class-act lawsuit or take any real legal action against the bank. Instead, customers have to meet with an arbitrator.  

Wells Fargo has refunded an estimated $2.6 million to their customers and has also taken the necessary steps to lay off roughly 5,300 employees who helped secretly create the millions of unauthorized bank and credit card accounts nationwide, starting all the way back in 2011.

These unlawful accounts earned the bank an exorbitant amount of revenue in fees while allowing Wells Fargo employees to boost their sales and ultimately gain money for themselves and the bank.

Richard Cordray, director of the Consumer Financial Protection Bureau said in a statement that, “Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses.”  

Stumpf issued an apology during a hearing of the U.S. Senate Committee for Banking, Housing, & Urban Affairs Sept. 20, stating that he was “deeply sorry that we failed to fulfill our responsibility to our customers, to our team members, and to the American public,” but he insisted “there was no orchestrated effort, or scheme as some have called it, by the company.”

The Consumer Financial Protection Bureau has ordered Wells Fargo to return any money they wrongfully charged their customers.