Attorney General Lawrence Wasden announced today that Wells Fargo Bank would pay $ 575 million to settle the charge that the company violated consumer protection laws. The agreement includes all 50 states and the District of Columbia. It solves a lot of charges, including the fact that the bank has imposed a number of its products without your knowledge and without your consent to consumers to boost sales. The regulation covers banking activities since 2002.
The Idaho part of the deal is $5.27 Million. The money will be deposited in the State Fund for Consumer Protection.
“Wells Fargo has made aggressive and unrealistic sales targets for its employees and encouraged them to spur their profits,” said Wasden. “By doing so, society will meet the essential momentum for its employees to quickly follow the rules. Your unfair behavior has caused consumer pain. These rules, as well as previous requests from federal agencies, are trying to keep the company responsible for their actions.”
United argued that Wells Fargo employees breached millions of unauthorized accounts and customers enrolled in the online bank without their consent, clients misplaced contracts with third-party tenants and uninsured life insurance policies have not ensured that customers receive premium reimbursements not secured for optional self-financing products, or incorrectly charging premium costs and extension of mortgage interest rate block.
Wells Fargo has acknowledged for more than 3.5 Million accounts accessed, funds transferred, credit card applications are submitted, and debit cards have been issued without the customer’s knowledge or consent. The bank also identified 528,000 online registrations for invoice payments that may result from improper sales practices. In addition, Wells Fargo made in error more than 6,500 renters for insurance and / or simplified life insurance and debt payments devoid of their consent and knowledge.
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