Wells Fargo Owes $80M To Customers Overcharged For Auto Insurance

 Monday, July 31, 2017

 Insurance Business

Wells Fargo and Co has announced that it will refund approximately $80 million to 570,000 customers who may have been erroneously billed thanks to issues with the bank’s auto collateral protection insurance (CPI) policies. The company said that it would begin repaying the customers it had wrongly charged in the months to come. The recompense in total consists of $64 million in cash and $16 million of account adjustments. “We take full responsibility for our failure to appropriately manage the CPI program and are extremely sorry for any harm this caused our customers,” Wells Fargo Consumer Lending head Franklin Codel said.
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