4 ms·
I agree that there is a lot more harm caused than the sheer monetary side of it. Don't do business with Wells Fargo if you can avoid it. But as far as the scale
by nequo 4y ago
I agree that there is a lot more harm caused than the sheer monetary side of it. Don't do business with Wells Fargo if you can avoid it. But as far as the scale of the redress goes, the CFPB announcement[1] has an assessment of the total harm caused:
Wells Fargo had systematic failures in its servicing of automobile loans that resulted in $1.3 billion in harm across more than 11 million accounts.
Also a detailed list of how much Wells Fargo is to pay for which group of harmed consumers:
Specifically, Wells Fargo will have to pay:
More than $1.3 billion in consumer redress for affected auto lending accounts.
More than $500 million in consumer redress for affected deposit accounts, including $205 million for illegal surprise overdraft fees.
Nearly $200 million in consumer redress for affected mortgage servicing accounts.
[1] https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-wells-fargo-to-pay-37-billion-for-widespread-mismanagement-of-auto-loans-mortgages-and-deposit-accounts/ https://www.consumerfinance.gov/about-us/newsroom/cfpb-order...