Wells Fargo agrees to pay $575m to settle customer fraud case

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Wells Fargo has agreed to pay $575 million to settle civil charges in all 50 states for creating fake accounts and charging customers for services that they didn’t sign up for.

As a part of the settlement deal, the bank has also agreed in the creation of a team to review and respond to customer inquiries about its banking and sales practices.

It was two years ago that the bank admitted that its employees opened about 2 million unauthorized checking and credit card accounts to meet sales goals. It was also accused that the bank also sold auto insurance and other financial products to customers who didn’t need them.

The scandal has left the company to pay millions of dollars as settlement money and also led to the firing of many employees.

 

 

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