Wells Fargo Guilty Again, Ordered to Pay 3.7 Billion Fine

I am not a big fan of Wells Fargo. It seems that every time I try to give Wells Fargo another chance, some issue always comes up. Given Wells Fargo has been around since 1852, you would think they would know they would get caught, but yet they keep doing illegal things. I closed both my Wells Fargo accounts this year, I found it not worth it given the latest issues they faced.

From Consumer Financial Protection Bureau (CFPB) :

Company repeatedly misapplied loan payments, wrongfully foreclosed on homes and illegally repossessed vehicles, incorrectly assessed fees and interest, charged surprise overdraft fees, along with other illegal activity affecting over 16 million consumer accounts

The Consumer Financial Protection Bureau (CFPB) has ordered Wells Fargo to pay $3.7 billion for widespread mismanagement of auto loans, mortgages and deposit accounts. $1.7 billion will be paid as a fine to CFPB’s Civil Penalty Fund and an additional $2 billion will be paid to 16 million affected consumer accounts.

CFPB found that Wells Fargo repeatedly misapplied loan payments, wrongfully foreclosed on homes, illegally repossessed vehicles, incorrectly assessed fees and interest, charged surprise overdraft fees. The $2 billion paid to affected customers is broken down as follows:

• $1.3+ billion  for affected auto lending accounts.
• $500+ million  for affected deposit accounts, including $205 million for illegal surprise overdraft fees.
• Almost $200 million  for affected mortgage servicing accounts.

Visit Consumer Financial Protection Bureau (CFPB) for more information, you may be getting a settlement payment if you used Wells Fargo financial products.