Wells Fargo pays fine, drops insurance license in California

[TexasTowelie]

SACRAMENTO, Calif. -- Wells Fargo has agreed to pay California $5 million to settle allegations that it opened insurance policies for its customers and charged them without their consent.

The San Francisco-based company agreed to give up its insurance licenses for two years and to pay another $5 million if it ever wants to sell insurance in California again.

Insurance Commissioner Dave Jones accepted the settlement on Wednesday. He says company representatives issued about 1,500 insurance policies without the consent of customers. The settlement is part of a massive fake-accounts scandal that has tarnished the reputation of one of the nation’s largest banks.

Wells Fargo spokeswoman Catherine Pulley says the company has worked to make things right for customers and earn back their trust. It previously stopped issuing new insurance policies.

Read more here: https://www.sacbee.com/news/business/article223833745.html

[Sherman A1]

1. I would believe

surrounding their corporate charter would be a better step.

[akraven]

2. They did this to us. We had a house; hubby wanted to pay off his dad's outstanding debts.

After Dale (father-in-love) died (at home in his own bed). He'd lived with us for over 10 years, progressive degenerative disease. House was paid for. Not fancy or anything, but had a nice big fenced yard and a greenhouse.

Against my wishes, spouse took out the loan. All was fine for a year. Then we got a notice that they were adding insurance - we already had homeowners, creditors insurance, no car loans, none other than Wells Fargo. We also had a policy covering the fucking BANK!

Our payments jumped from $550/month to $1750, and we had to bankrupt.

I hate everything and anyone associated with Wells Fargo, down to the lowliest teller.

[rickyhall]

3. $5 million isn't

Corporations that commit crimes should get what people get for committing crimes.