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Wells Fargo Admits Charging 800,000 People for Car Insurance They did not necessity

Among the Wells Fargo customers hurt by the practice were military service members on active duty.
The report tried to determine how many Wells Fargo customers were hurt and how much they should be compensated.
By noon, when Amazon stock topped $1,082 per share, Bezos’s wealth soared past $92 billion, putting him past Bill Gates.
The insurance, which the bank required, was more expensive than auto insurance that customers often already had obtained on their own.
Wells Fargo took issue with some of the figures in its own report.

Oops: Wells Fargo Admits Charging 800,000 People for Car Insurance They Didn’t Need

as mentioned in National General Insurance underwrote the policies for Wells Fargo, which began to require the insurance on auto loans as early as 2006.
State insurance regulations required Wells Fargo to notify customers of the insurance before it was imposed.
The report tried to determine how many Wells Fargo customers were hurt and how much they should be compensated.
In the Wells Fargo arrangement, National General receives all of the commissions on the insurance it sold to the bank’s borrowers.
The insurance, which the bank required, was more expensive than auto insurance that customers often already had obtained on their own.
Wells Fargo Forced Unwanted Auto Insurance on Borrowers

as mentioned in

News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

SAN FRANCISCO–(BUSINESS WIRE)–Wells Fargo & Company (NYSE: WFC) today announced a plan to remediate auto loan customers of Wells Fargo Dealers Services who may have been financially harmed due to issues related to auto Collateral Protection Insurance (CPI) policies.
Starting in August 2017, Wells Fargo will proactively reach out to impacted customers with letters and refund checks.
Wells Fargo & Company was ranked No.
About Wells FargoWells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets.

collected by :Olivia Mathio
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