Banking giant Wells Fargo agreed to pay $575 million to settle state-level claims for deceiving consumers. The third largest bank admitted that it systematically scammed its customers for 15 years, from 2002 to 2017.
Source: www.rttnews.com
Wells Fargo has agreed to pay $575 million in fines to customers affected by its improper sales practices. The Bank admitted to allegations that it scammed its customers for 15 years form 2002 – 2017. Improper practices affected retail sales, auto collateral protection insurance (CPI), Guaranteed Asset/Auto Protection (GAP) and mortgage interest-rate lock matters. Wells Fargo opened more than 3.5 million unauthorized deposits, credit card, and other accounts and conducted transfers of funds without customer authorization. The settlement will be distributed with all 50 U.S. states and the District of Columbia. Additionally, Wells Fargo will open a consumer restitution review program.
