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City Controller Scott Stringer wants to drive out the leadership of Wells Fargo after the banking giant admitted last week that 570,000 customers were overcharged on car loan insurance. In a scathing.
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(Reuters) Wells Fargo and Co said it would reimburse about $80 million to 570,000 customers who may have been charged wrongly due to issues related to auto collateral protection insurance (CPI) polici.
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Wells Fargo said on Thursday that it would compensate around 570,000 customers with car loans who were harmed by being forced to buy auto insurance. The bank estimated the total cost at around $80 mil.
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Here’s more from the Times on why this ended up an issue for Wells: GAP insurance, also known as guaranteed asset protection, makes up that difference for a lender if, for instance, a car is stolen be.
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According to an internal report obtained by The Times, Wells Fargo required its customers to whom it issued auto loans to buy National General Insurance policies. But that insurance was often more exp.
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Already, he added, Grab has a loan book in excess of $700 million thanks to campaigns to provide car financing, insurance and more. Grab serves eight countries in Southeast Asia but its financial serv.
Wells Fargo & Co. said late Thursday it plans to refund certain auto-loan customers who may have been improperly charged for some auto insurance. The bank said it found 570,000 customers who may have.
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