DETROIT – The Miller Law Firm is currently investigating Wells Fargo for improperly charging customers for auto insurance.
Between 2012 and 2017 Wells Fargo charged more than 800,000 customers for auto insurance they did not want or need. The New York Times reported that the “insurance, which the bank required, was more expensive than car insurance that customers often already obtained on their own.” The bank also confirmed to the New York Times that it engaged in improper insurance practices.
According to a report, by the Oliver Wyman consulting firm, the expenses incurred by Wells Fargo customers to pay for the unnecessary insurance resulted in wrongful repossessions, added costs for late fees, and insufficient funds and harmed consumer credit scores.
The bank also violated disclosure requirements in Arkansas, Michigan Mississippi, Tennessee and Washington, which required the bank to notify customers before the insurance was imposed.
***UPDATE***
August 3, 2017 – A class action lawsuit has been filed against Wells Fargo in the United States District Court for the Central District of California. A copy of the Complaint and Notice can be found using the links below.
2017-08-02-Certificate and Notice of Interested Parties
If you or someone you know obtained a car loan from Wells Fargo and were charged for unnecessary or unwanted insurance as a result, you may be entitled to compensation. Please contact the Miller Law Firm at 248-841-2200 or contact us for more information.