Wells Fargo has admitted to racketeering violations by charging several hundred thousand borrowers from 2012-2017 for auto insurance they didn’t ask for or want. As it turns out, the third-largest U.S. Bank issued fraudulent auto insurance premiums through their Collateral Protection Insurance Program that has impacted at least 570,000 customers. Besides being charged inflated premiums that weren’t justified, it has been alleged that customers were also illegally charged for delinquency charges and late fees, in addition to having some vehicles actually repossessed.
Auto Insurance Scandal
This auto insurance scandal admission made by Wells Fargo is serious. Shouldn’t we expect more from our financial institutions who have asked for our trust?
KS&G consumer advocate attorneys believe Wells Fargo should be held accountable. The bank’s response to the overcharging is not enough. Let us join together and hold Wells Fargo accountable for their wrongdoings.
If you or someone you know have been impacted by this Wells Fargo auto insurance scandal, please come forward. All initial consultations are free.