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Wells Fargo to refund $80 million to customers hit by car loan insurance

Posted by: Admin | Posted on: July 28th, 2017 | 0 Comments

(Reuters) – Wells Fargo and Co said it would reimburse about 570,000 customers who may have been charged wrongly due to issues related to auto collateral protection insurance policies.

The total compensation of about $80 million will be refunded to customers in the coming months – $64 million in cash and $16 million of account adjustments, the bank said late Thursday.

New York Times reported earlier that more than 800,000 people who took car loans from Wells Fargo were charged for auto insurance they did not need, and some of the customers were still paying for it.

Reporting by Mekhla Raina; Editing by Gopakumar Warrier

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