Wells Fargo to Refund $80 Million to Auto-Loan Customers for Improper Insurance Practices

Over half a million customers may have been affected from policies placed between 2012 and 2017

A Wells Fargo Bank branch office in San Francisco. Photo: Justin Sullivan/Getty Images

By Emily Glazer
Updated July 28, 2017

Wells Fargo WFC -2.58% & Co. said it plans to make refunds to certain auto-loan customers who may have been improperly charged for some auto insurance.

The bank late Thursday said it found 570,000 customers who may have been affected from policies placed between 2012 and 2017, and that they will get refunds or account adjustments totaling around $80 million.

Franklin Codel, head of Wells Fargo consumer lending, said the bank takes responsibility for its failure to manage the insurance program and apologized to customers. “Upon our discovery, we acted swiftly to discontinue the program and immediately develop a plan to make impacted customers whole,” he said.

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