|Wells Fargo complies with Section 19 of the Federal Deposit Insurance Act by screening employees using background and fingerprint checks.
If you’re like me, you’ve made the assumption that your bank is a safe place to do business and one you can trust, that they’ve done their part in security and security practices with personnel such as perform background checks and creating a secure location using ID badges and access control. In fact there is a law in place, Section 19 of the Federal Deposit Insurance Act, that binds insured banks to the standard prohibiting hiring or continued employment with an employee that they know has a criminal record involving dishonesty or breach of trust. We all want to know that our money and account, as well as our personal information and identity, are safe and secure from being tampered with or stolen.
Today Wells Fargo & Company issued a statement addressing their decision to terminate any and all employees where the background check and FBI fingerprint screening turned up a past criminal offense of dishonesty or a breach of trust in order to comply with Section 19. Wells Fargo had this to say about the matter- The decision to terminate team members over criminal matters that occurred prior to their employment with Wells Fargo may seem tough – we recognize that these situations are difficult for everyone involved – but laws and regulations related to the employment of bank employees are designed to protect the interests of all consumers who put their trust in financial service companies.
This is exactly the stance and standard that we as consumers need to know of our banking institutions, that we and our security matter more to them than just simply the almighty dollar. Wells Fargo has been running thorough background checks indiscriminately on all of its members, screening everyone regardless of when they were hired or their position. Part of the screening process is to include a fingerprint check with the Federal Bureau of Investigation. Violating Section 19A, a financial institution could be fined up to $1,000,000 per day, imprisonment for up to five years, or both.
They encourage potential job employees to be truthful and forthright when applying about past criminal convictions as the check provides a Social Security validation and trace, name and address history and will pull from the sex offender registry, national criminal database, and terrorist watch lists. Those who have a disqualifying criminal record can dispute the information found and are able to appeal their termination if they believe a mistake has been made. They can also get written permission to work at a financial institution from the FDIC even though there is a disqualifying conviction.
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