San Francisco – Wells Fargo & Co. is in the process of refunding tens of millions of dollars to customers for products such as pet insurance, legal services and other add-on services that were added to customers’ accounts without their full understanding, a report says.
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The Wall Street Journal, citing unnamed sources, reported Thursday that the bank for years charged monthly fees to hundreds of thousands of customers for dozens of products they didn’t fully understand or know how to use.
The Consumer Financial Protection Bureau is looking into the matter, the newspaper reports.
Wells Fargo said in a statement emailed to the Associated Press that it is reviewing the add-on products and is working with regulators.
All these kind of crack downs end up hurting the responsible consumers who never sign up for this garbage . The banks need to earn money from somewhere . So now they need to charge more banking fees