Wells Fargo agreed to pay $3.7 billion to settle charges that it harmed customers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applying overdraft fees against savings and checking accounts.
Consumer banking giant
The bank’s pattern of behavior has made it necessary for regulators to take additional actions against Wells Fargo that go beyond the $3.7 billion in fines and penalties, Chopra said.New government charges reveal how bad the Wells Fargo scandal really was. Wells paid a $1 billion penalty in 2018 for widespread consumer law violations, the largest against a bank for such violations at the time.Wells Fargo had found a way to charge some of its customers $30 to transfer funds from one division of the bank to another when paying off a mortgage.
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