Wells Fargo charged 570,000 customers for auto insurance they didn’t need

[Guy]

Dear lord! https://www.bloomberg.com/news/arti...it-again-this-time-with-unwanted-car-policies

 

[SaffronBurke]

I'm not even surprised.

 

[Teagan]

I want to laugh but then I think of the people who had shit repossessed because of this. How their life may have been seriously ruined along with their credit score being ruined. I wish I could say I can't believe this stuff...but I can. I'm not shocked at all either.

 

[Lelo1]

Long as companies pay less in damages, they will not care. Soon as it costs them more money then they make, they will care.

 

[Jesse0328]

It's not uncommon for auto loans to have an insurance requirement. The policies were probably taken out because the debtor didn't supply insurance documentation. I had a credit union do that to me once on a car loan 15 years ago. I noticed the charge, gave them proof of the asset being insured, and everything was immediately reversed..

 

[Teagan]

Many loans do require you to have full coverage. You're right that if you do not provide that you have that coverage you can get charged for it. I've had it happen too. It was as easy as providing the proof and they reverse it. This however seems to be something different of a situation.

 

[SaffronBurke]

It's not uncommon for auto loans to have an insurance requirement. The policies were probably taken out because the debtor didn't supply insurance documentation. I had a credit union do that to me once on a car loan 15 years ago. I noticed the charge, gave them proof of the asset being insured, and everything was immediately reversed..

Considering that there was just a scandal earlier this year (or late last year? It was this past winter either way) about Wells opening accounts in customer's names without their knowledge, I would hesitate to assume that this was something like what you suggest. It was bad enough for the CEO to resign.