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Wells Fargo references finger at ‘third party’ for car loans shame

By Ethan Baron / August 9, 2017 at 8:28 PMB eleaguered Wells Fargo, under investigation for making hundreds of thousands of customers pay for car insurance they didn’t need, has apologized — and blamed a contractor.
“Wells Fargo acknowledged late last month … that more than 500,000 borrowers were either forced to pay for these policies despite having their own coverage or were not properly notified about the policies,” the newspaper reported.
For Wells Fargo, which has paid millions in fines for creating millions of credit card and bank accounts customers never asked for, has additional insurance-related problems.

Car-Insurance Customers

The Federal Reserve Bank of San Francisco is investigating Wells Fargo for allegedly failing to refund specialized auto insurance money to people who paid off vehicle loans early, according to the New York Times.
Photo: Wells Fargo in San Francisco  auto loans, bank, investigation, loans, Wells Fargo

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Car Insurance Customers to Be Refunded Millions as Wells Fargo Wades through Scandals

The report reviewed policies sold to Wells Fargo customers from January 2012 through July 2016.
Wells Fargo said it refunded the premium and interest for the duplicate coverage when customers flagged the bank on it.
For affected borrowers in those states, Wells Fargo will pay about $39 million to refund premiums, fees, and interest.
One of the lawsuits, filed in San Francisco, accuses Wells Fargo and National General of racketeering.
A Wells Fargo spokeswoman declined to comment on the lawsuits, and a spokeswoman for National General did not return calls seeking comment.
Car-Insurance Customers

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collected by :Olivia Mathio
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