Wells Fargo Announced Plans to Refund Auto-Loan Customers Falsely Charged for Auto Insurance

    Author Caroline HarrisPosted on Categories Banks, FinancialTags , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
    Wells Fargo

    Late Thursday (July 27) night, Wells Fargo & Company (NYSE:$WFC) announced its plans to refund certain auto-loan customers who might have been falsely charged for some auto insurance.

    According to the bank, there were 570,000 customers who may have been hurt from policies placed between 2012 and 2017. Additionally, Wells Fargo said that they will receive refunds or account adjustments totaling nearly $80 million.

    Head of Wells Fargo consumer lending Franklin Codel said the bank takes full responsibility for its failure to manage the insurance program and apologized to its customers. “Upon our discovery, we acted swiftly to discontinue the program and immediately develop a plan to impact customers whole,” Codel said.

    Featured Image: Depositphotos/© wolterke

    Author Caroline Harris
    About the author: Caroline Harris is a third-year student at Capilano University in North Vancouver, Canada. Having already completed an Associates Degree in Psychology, Caroline is now finishing her Bachelor's degree in Communications. In preparation for working in the advertisement sector, Caroline is writing financial content and analysis. On a daily basis, Caroline works on articles regarding the following topics: finance, cryptocurrency, technology, and politics.