Wells Fargo won’t repay all insurance customers until 2020
Wells Fargo | October 30, 2018
Wells Fargo won’t finish paying back money it owes to more than half a million customers until at least 2020. The bank owes money to an estimated 600,000 customers it wrongly charged for auto insurance they didn’t need. In April, the bank received a $1 billion penalty from US regulators when it admitted to wrongly charging the customers. The agreement between Wells Fargo and regulators envisioned that the customer payouts would be completed in a matter of months, according to Reuters.