Wells Fargo Forced Unwanted Auto Insurance on Borrowers<br />Asked about the bank’s insurance practices, Bryan Hubbard, a spokesman for the Office of the Comptroller of the Currency, Wells Fargo’s regulator,<br />said, “I cannot comment on specific ongoing supervisory matters or potential pending actions pertaining to a particular bank.”<br />Wells Fargo borrowers sustained financial damages beyond the costs of the insurance, the report said.<br />Asked about the findings on auto insurance, Wells Fargo officials confirmed<br />that the improper insurance practices took place and said the bank was determined to make customers whole.<br />When customers who checked their bills saw the charges and notified Wells Fargo<br />that they already had car insurance, the bank was supposed to cancel the insurance and credit the borrower with the amount that had been charged<br />In one example, an unidentified Wells Fargo customer reported providing proof to the bank on three occasions<br />that the car was already insured and the new insurance was unnecessary, only to continue receiving calls from bank employees demanding payment of insurance charges.<br />Wells Fargo, one of the largest banks in the United States, is struggling to repair its image after a scandal in which its employees created millions of credit card<br />and bank accounts that customers had never requested.<br />The bank also stands accused of having made improper adjustments to the terms of<br />the home loans of customers who were in bankruptcy, which Wells Fargo denies.
