Wells Fargo refunds $80 million to auto loan customers charged insurance without their knowledge
More than 570,000 customers will receive refunds.
Wells Fargo has announced they will refund roughly $80 million to more than 570,000 auto loan customers who were charged car insurance without their knowledge.
One of America’s largest banks revealed that it will start sending letters of notification and refund checks to customers in August.
The bank will refund $80 million in total. Roughly $64 million in cash and $16 million in account adjustments will be returned to customers, according to USA Today.
Reports suggest that customers were sold auto loan packages without understanding they also included insurance policies. Many customers already held separate policies of their own.
In September 2016, the bank was fined $185 million by the Consumer Financial Protection Bureau and the Los Angeles City Attorney’s office for opening over 2 million credit card and deposit accounts without customers’ permission. The bank reached a $145 million settlement with customers in this case.
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