Report of Wells Fargo Charging 800,000 Customers for Unneeded Car Insurance

If you are a Wells Fargo Bank customer, I have one question for you: WHY?  Why are you still a customer of this bank which has gotten in trouble for cheating it's customers repeatedly.

In September 2016, Wells Fargo was fined $185 million for opening millions of accounts without customers' knowledge or permisssion.  (This incident was imortalized in a Saturday Night Live skit below - until the link breaks.)


In June 2017, Wells Fargo was accused of making improper changes to customer Mortgage accounts in bankruptcy.

In 2016, Wells Fargo was included in a group of 14 banks implicated in a scheme to rig the LIBOR interest rate benchmark to which some of its variable rate loans were tied.

These are just scandals over the last two years involving conduct that Wells intentionally engaged in to line its pockets to the harm of its customers.

There's a new one though.  I want to put it in perspective.  In a month the Big 10 football season will start. This year there eleven home games in the opening week in the conference, with a total attendance of around 800,000 spectators. Now, imagine those 11 filled football stadiums. THAT'S HOW MANY CUSTOMERS WELLS FARGO CHARGED UNNECESSARY FORCED PLACED AUTO INSURANCE ACCORDING TO RECENT ALLEGATIONS.  Wells has announced a plan to repay $80,000 to 570 million customers.  Repaying the insurance after getting caught isn't the big problem. The biggest problem is perhaps 25,000 customers had their vehicles repossesed where the repossession was traced to delinquencies caused by the improper lender placed insurance.  To be fair, Wells Fargo places the repossession count caused by the problem at 20,000.  Now to put that in perspective, 20,000 people would almost fill up Madison Square Garden.  25,000 is Madison Square Garden's seats filled plus 4,000 crowded onto the basketball court.  Each of these people lost their transportation and maybe their jobs in some cases because of Wells Fargo's contempt for its customers.

My office has opened one case involving a repossession of a Wells Fargo loan where the borrower was charged for lender-placed insurance.  If you are an Indiana resident, we would be happy to evaluate your case please contact my office at 317-662-4529.  If you live outside of Indiana, I suggest you find an attorney through the National Association of Consumer Advocates "Find an Attorney" webpage, linked here.