Wells Fargo To Pay States $575 Million Over Sales Practices

[appalachiablue]

Source: Bloomberg

57 mins. ago. Wells Fargo & Co. will pay $575 million to settle state-level claims over the bank’s sales practices. The settlement with 50 states and the District of Columbia announced Friday resolves state investigations into Wells Fargo’s practices from 2002 to 2017. The practices, which have previously been disclosed, include opening bogus accounts, charging improper mortgage rate-lock extension fees and forcing insurance policies on auto-lending customers.

Wells Fargo’s expenses surged over the past two years, driven by fines and legal costs as investigations into its consumer businesses multiplied. The scandal erupted in 2016 on the revelation that bank employees opened as many as 3.5 million accounts without customer approval in order to meet sales goals.

“Wells Fargo customers entrusted their bank with their livelihood, their dreams and their savings for the future,” California Attorney General Xavier Becerra said in a statement. “Instead of safeguarding its customers, Wells Fargo exploited them, signing them up for products - from bank accounts to insurance - that they never wanted.”

The bank said in a statement that it had already set aside $400 million for the settlement and would take a $175 million provision in its fourth-quarter results. The company reached a $1 billion settlement with federal regulators earlier this year over some of the issues. This agreement underscores our serious commitment to making things right in regard to past issues as we work to build a better bank,” Chief Executive Officer Tim Sloan said in the statement. -END-

Read more: http://www.msn.com/en-us/money/companies/wells-fargo-to-pay-states-dollar575-million-over-sales-practices/ar-BBRxIbX?li=BBnbfcL&ocid=HPCOMMDHP15

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[Wellstone ruled]

1. Here is how Wells

is planning to pay this one. Just got off the phone with the Niece ,her Son is a Collections Manager for Wells,they are paid Hourly as well as a Commission on collecting over due accounts. Guess what,as of Monday this week,Collections Agents had their Commissions cut to 1% of Collectable. So,instead of what was a plum job is now a shit job with a whopping one dollar per hour raise.

Whoopie do,he ended up losing about five dollars a hour or more. And we all know how well these Blood Sucking Banks pay their regular employees.

[appalachiablue]

2. Tx for the report and hope your relatives get thru this ok.

Wells living up to its funk reputation.

[Wellstone ruled]

4. Understand he did a

interview with another Regional yesterday,better pay as well as better perks. And it was just across the street. Hope he gets it.

[appalachiablue]

5. Good deal.

[bluedigger]

3. I understand they have offered chickens and goats as barter.

Trumponomics, leading the way to to the 13th Century!

[appalachiablue]

6. The 'new, winning' economy!