Today, millions of people rely on Wells Fargo for not just everyday banking, but also for investment matters.

Generally, investment advisory accounts come with services that help the accountholder ascertain the most strategic means of going about different investments. Naturally, the advice given to each accountholder will vary depending upon a number of different factors.

Though in the case of Wells Fargo, the financial services company is hot water amid stunning allegations from the Securities and Exchange Commission (SEC).

According to the SEC, Wells Fargo knowingly overcharged thousands of the aforementioned accounts to the tune of a collective $27 million.

Here are the facts

While various financial advisers with Wells Fargo had the responsibility of lowering typical advisory fees linked to various accountholders, these advisers went in a different direction. Instead, they opted against including the reduced advisory costs into Wells Fargo's billings program.

This is what adversely impacted nearly 11,000 investment advisory accountholders who maintained relationships with Wells Fargo predating 2014 though the end of last year. Following the SEC bringing this to light, Wells Fargo has since agreed to a settlement of $35 million.

In a press release put out earlier today, the SEC likewise confirmed that accountholders directly impacted have also received a collective $40 million plus interest to compensate for being previously defrauded.

Finally, the SEC revealed that Wells Fargo conceded to breaching the Investment Advisers Act of 1940's Sections 206(2) and 206(4), along with Rule 206(4)-7. The financial services company moreover submitted to censure and an order to cease-and-desist.

More problems coming down the pipeline

When people use banks, credit unions, and other financial services organizations, they routinely count on these companies to do the right thing. This means honoring formal agreements, only charging what is owed, and otherwise operating aboveboard.

Amid the latest drama with the SEC, Wells Fargo is not completely out of the woods. It's since come to light that their customers are running into issues that are blocking the use of their bank cards, along with the transfer of funds stored in their accounts.

Wells Fargo has since come out with a statement on the matter. Per a spokesperson, ongoing efforts are underway to fix "intermittent issues" emerging with customers' transactions.