Wells Fargo says U.S. consumer watchdog has opened new probe on mishandling of accounts

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Source: Reuters

Wells Fargo and Co. is facing a new probe from the U.S. consumer watchdog over how it disclosed and assessed monthly fees on certain consumer bank accounts in 2016, the bank disclosed in a regulatory filing on Thursday.

The Consumer Financial Protection Bureau (CFPB) is “investigating certain of the Company’s past disclosures to customers regarding the minimum qualifying debit card usage required for customers to receive a waiver of monthly service fees on certain consumer deposit accounts,” the bank said.

The probe is the latest regulatory hurdle for the San Francisco-based lender, which has been mired in scandal related to unauthorized product sales since it revealed here in 2016 that it had opened potentially millions of depository and credit card accounts without clients' permission.

In its latest filing, Wells Fargo reported that losses from all potential pending litigation related to its sales scandals as of March 31 could be as high as $2.6 billion, up from $2.4 billion at the end of last year.

Read more: https://www.reuters.com/article/wells-fargo-cfpb/wells-fargo-says-u-s-consumer-watchdog-has-opened-new-probe-on-mishandling-of-accounts-idUSL1N2MT2XU

[Enter stage left]

1. Uhhhh...what is it the repuq assholes say?

Tots & pears!

[Ponietz]

2. Amazes me there are, still, people too stupid to not bank there

[cinematicdiversions]

3. Thank You

Both this and Bank of America... I just don't get it.

It's like having your wedding reception at Arby's.

[Ford_Prefect]

4. This still pocket money to them. At most it is the earnings for 1/4 of one year and comes nowhere in

comparison to their net worth of $365 billion. At worst it will be written off as a cost of doing business.

[oldsoftie]

5. I actually have a GOOD WF story;

They held a rather large check for over a week even though i provided proof from the bank the check was written from that funds had been transferred.

About 3 weeks later i got a letter from Wells apologizing for the "error" and a check for $150 that I happily cashed

[The Jungle 1]

6. Wells fartgo is a filthy corrupt operation.

Boycott them