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It looks like Wells Fargo is continuing to clean up their slabs because Bank Payment of US$72.6 million to customers.
according to NBC Finance Channel, Wells Fargo “According to a Justice Department lawsuit filed on Monday, the bank admitted to charging 771 companies excessive fees for foreign exchange transactions between 2010 and 2017.”
According to the lawsuit, Wells Fargo Wells caused commercial customers to believe that they were charged a fixed rate. But told the incentive sales staff to “charge foreign exchange customers too high a fee,” CNBC reported.
Later, it was reported that the bank “concealed the overcharged fees and gave a’false explanation’ to the inflated prices,” the government said.
According to CNBC, US Attorney for the Southern District of New York, Audrey Strauss, stated in a press release: “When we are their customers, we all believe that our banking institutions will be honest and fair. And transparently deal with us.” “For most of the past ten years, Wells Fargo has abused this trust, used techniques, false information and other deceptive practices, and fraudulently charged customers who used the bank’s foreign exchange services. Cost,” she continued.
According to CNBC, Wells Fargo received a $250 million fine earlier this month “on the same day it announced the settlement of the Consumer Financial Protection Bureau’s consent order.”
The banking institution issued a statement calling such behavior “unacceptable.”
“We have significantly improved business policies, procedures and supervision related to foreign exchange transaction management and pricing,” a spokeswoman said. “We remain committed to meeting the needs of foreign exchange customers,” CNBC reported.
The whistleblower responsible for disclosing information in 2016 will receive US$1.6 million.
Roommates, what do you think when Wells Fargo paid $72.6 million?
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