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Auto loans are the latest headache for embattled Wells Fargo

Joe Mont | July 31, 2017

Still reeling from the discovery that employees were opening unauthorized accounts and credit cards, Wells Fargo has announced plans to resolve issues with its auto loan customers

On July 27, the bank revealed 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 policies.”

Wells Fargo reviewed policies placed between 2012 and 2017 and identified approximately 570,000 customers who may have been affected and will receive refunds and other payments as compensation.

In total, approximately $64 million of cash remediation will be sent to customers in the coming months, along with $16 million of account adjustments, for a total of approximately $80 million in remediation.

Starting in August 2017, Wells Fargo... To get the full story, subscribe now.