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Wells Fargo may have forced 570,000 customers into unneeded auto insurance

By CNN News Wire

Wells Fargo is trying to fix its battered reputation. The latest scandal won’t help.

The bank said late Thursday it is “extremely sorry” for charging as many as 570,000 customers for car insurance they didn’t need.

An internal review by Wells Fargo found that about 20,000 of those customers may have defaulted on their car loans and had their vehicles repossessed in part because of these unnecessary insurance costs.

It’s the latest black eye for Wells Fargo, which is still trying to recover from the scandal that launched the bank into turmoil nearly a year ago — the creation of as many as 2 million unauthorized checking and credit card accounts.

The customers who were charged for car insurance had auto loans with Wells Fargo between 2012 and this year.


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