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Wells Fargo Agrees to Nationwide Settlement

December 28, 2018 - 2:42 pm
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Hartford, Conn. (WTIC) - Wells Fargo Bank will pay $575 million to resolve claims that the bank violated state consumer protection laws.  

The settlement outlines the violations in that Wells Fargo opened millions of unauthorized accounts and enrolled customers into online banking services without their knowledge or consent, improperly referred customers for enrollment in third-party renters/life insurance policies, improperly charged auto loan customers for force-placed and unnecessary collateral protection insurance, failed to ensure customers received refunds of unearned premiums on certain optional auto finance products and incorrectly charged customers for mortgage rate lock extension fees.

The settlement includes all 50 states and the District of Columbia.  It also represents the most significant engagement to date by State Attorneys General involving a national bank without a federal law enforcement partner.

Wells Fargo will create a consumer redress review program through which consumers who haven't been made whole through other remediation programs already in place can seek to have their inquiry or complaint reviewed for possible relief.