Bank transaction on hold

Officials spooked by Wells Fargo’s fake accounts

Broward County commissioners are having second thoughts about doing business with Wells Fargo because of revelations the bank created millions of fake accounts by using information without their knowledge.

The Broward Housing Finance Authority had planned to place its investment dollars into a holding account with Wells Fargo, but the bank’s recent controversies had commissioners questioning that move Thursday.

The authority was looking to deposit about $11 million into the account, proceeds from its bond transactions, said Henry Sniezek, who oversees the au- thority.

Commissioner Michael Udine said he didn’t like the idea of the bank being a “safe-keeper of our securities in light of what we’re seeing throughout the country.”

Commissioner Chip LaMarca took it a step farther, saying he wants the county to re-examine all of its financial dealings with Wells Fargo.

“I can give you 3.5 million reasons why we shouldn’t be using Wells Fargo — fake accustomer counts,” LaMarca said.

“I don’t find them to be a reputable organization. I find what they’ve done to the public is reprehensible,” LaMarca said. “People had cars repossessed because they put additional insurance on accounts that they didn’t sign up for. People had homes repossessed because they reneged on financial arrangements.”

Wells Fargo has said about 3.5