Wells Fargo is under fire again for yet another set of shady practices. Recently, they made headlines after getting caught creating millions of accounts for people without their consent. Now they’re in trouble because they signed up nearly half a million people for car insurance they didn’t even need. NPR reports:
Wells Fargo is back in the spotlight for another scandal. This time, for signing up 490,000 auto-loan customers for insurance they didn't need.
Thanks to this company’s incompetence, many Americans suffered from repercussions that can follow them for many years. The consequences of not paying a bill—especially an unexpected one—can be serious and impact someone for many years to come.
Customers who already had car insurance say they had no idea they were being charged for this insurance from Wells Fargo. And the bank acknowledges that tens of thousands of people wound up in default, which affected people's credit scores, and thousands had their cars repossessed.