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.
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