The consumer financial watchdog says customers of the top three banks lost more than $870 million over seven years due to a lack of safeguards against fraud on the Zelle network.

Many big banks offer shockingly low interest rates on savings accounts. Moving your money to a smaller institution could bring better returns.

The prestigious investment bank is undertaking one of its biggest rounds of layoffs since the Global Financial Crisis.

The case marks the largest penalty ever imposed by the federal watchdog agency the Consumer Financial Protection Bureau. Customers who were harmed will receive $2 billion in restitution.

The employees' alleged actions were outside of their work responsibilities and do not involve Wells Fargo's customers, the company said. The bank says it's cooperating with law enforcement.

The dramatic collapse of the U.S. economy is pummeling America's largest banks. Wells Fargo has posted its first quarterly loss since 2008 and JPMorgan Chase has set aside billions to cover bad loans.