Wells Fargo Sends 38,000 Apology Letters In Error
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Title : Wells Fargo Sends 38,000 Apology Letters In Error
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Title : Wells Fargo Sends 38,000 Apology Letters In Error
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news-today.world | Wells Fargo accidentally sent apology letters to 38,000 people in error after the bank was caught foisting auto insurance on more than 800,000 customers who only wanted to take out auto loans.
Tacking insurance onto the loans were part of the bank's "cross-selling" practice of offering products across different segments - which also included opening millions of credit card and bank accounts for people who never asked for them.
Tacking insurance onto the loans were part of the bank's "cross-selling" practice of offering products across different segments - which also included opening millions of credit card and bank accounts for people who never asked for them.
It gets better: the expense of the unneeded auto insurance (which covered collision damage) pushed some 274,000 Wells Fargo customers into delinquency and resulted in almost 25,000 wrongful vehicle repossessions. And the cherry on top: "among the Wells Fargo customers hurt by the practice were military service members on active duty."
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