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The Wall Street Journal: Wells Fargo sees huge drop in new accounts since scandal

Wells Fargo & Co. said Monday that its customer checking-account and credit-card openings fell drastically in February versus a year earlier, a continuing trend for the bank following last year’s sales-practices scandal.

The San Francisco-based bank said checking-account openings fell 43% year-over-year to around 300,000 while new credit-card applications fell 55% from a year-earlier to around 200,000.

But the bank did continue to make progress in average consumer and small-business deposit balances. These were up 6% year-over-year to $761.4 million along with rises in credit-card purchase volume. The bank’s customer loyalty scores rose for the fourth consecutive month, at 57.6% but is still down from 62.1% a year earlier.

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