Report: Wells Fargo charged customers for hidden services

by Associated Press, U.S. News & World Report

Wells Fargo & Co. is in the process of refunding tens of millions of dollars to customers for products such as pet insurance, legal services and other add-on services that were added to customers’ accounts without their full understanding, a report says.

The Wall Street Journal, citing unnamed sources, reported July 19 that the bank for years charged monthly fees to hundreds of thousands of customers for dozens of products they didn’t fully understand or know how to use.

The Consumer Financial Protection Bureau is looking into the matter, the newspaper reports.

Wells Fargo said in a statement emailed to the Associated Press that it is reviewing the add-on products and is working with regulators.

(U.S. News & World Report)