Wells Fargo is paying $80 million to customers who were signed up and charged for auto insurance they didn’t want or need.
The bank says roughly 570,000 customers were affected and will be getting refunds.
Like most auto loan companies, Wells Fargo required borrowers to have comprehensive and collision insurance.
If they didn’t have comprehensive coverage, Wells would purchase it for customers and charge them for it.
Wells Fargo admits its systems signed up customers who already had insurance and that some premiums “may have contributed to a default that led to their vehicle’s repossession.”