Team repeatedly misapplied loan money, wrongfully foreclosed with the property and you can illegally repossessed auto, incorrectly reviewed charge and you will interest, charged surprise overdraft charge, together with other unlawful interest impacting more sixteen mil individual accounts
Washington, D.C. – An individual Monetary Coverage Agency (CFPB) are purchasing Wells Fargo Lender to blow more than $2 billion during the redress so you’re able to people and you can a $step one.eight million municipal punishment to have courtroom violations round the a few of the prominent products. New bank’s illegal carry out led to billions of dollars for the economic damage to the people and you may, to have thousands of users, losing their car and belongings. Consumers was illegally assessed fees and you will attention charges towards the auto and you can mortgage loans, got its autos wrongly repossessed, along with payments so you’re able to car and you may mortgages misapplied by the financial. Wells Fargo together with recharged people unlawful surprise overdraft charges and you can applied almost every other incorrect charges to checking and you may deals membership.