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    Home»Politics»Wells Fargo bank fined $3.7 billion for customer fund violations
    Politics

    Wells Fargo bank fined $3.7 billion for customer fund violations

    AyeshaBy AyeshaDecember 21, 2022Updated:May 22, 2023No Comments2 Mins Read
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    Photo from Youtube by @CNBC Television
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    The Wells Fargo bank has been ordered to pay a $3.7 billion fine, which is the largest penalty a bank has ever gotten.

    Wells Fargo is an American multinational banking and financial advisory company. It was founded in 1929, But currently, the bank is in hot waters after it was found that it has been violating several consumer rights for many years. 

    Wells Fargo ordered to pay $3.7 billion in fines and refunds to customers over consumer loan violations, the largest fine to date against the bank. https://t.co/nIQQKw33Os

    — ABC News (@ABC) December 21, 2022

    On Tuesday, the bank was ordered by federal agencies to pay a fine of $3.7 billion. Out of this $2 billion has to be utilized in customer reimbursements, while the remaining $1.7 billion is a fine for violating customer funds and rights. 

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    As a former @WellsFargo shareholder, there is no question the bank is criminal. However everyone knows this. pic.twitter.com/AFOwoiZ94g

    — Ω Mr.McKoy The Undisputed Master Of Light (@RexParadox) December 20, 2022

    Over the years, the bank was engaged in levying high-interest rates on loans and mortgages and illegal fees. It also unlawfully confiscated many cars and homes possessed by its customers. Around 16 million customers of the bank have been affected by these illegal tactics. 

    According to the Consumer Financial Protection Bureau (CFPB) “The bank’s illegal conduct led to billions of dollars in financial harm to its customers and, for thousands of customers, the loss of their vehicles and homes.”

    I don’t know why people keep using Wells Fargo. They are notorious for defrauding their customers. They just got hit with yet another fine for $3.7 billion for illegal activity. Don’t use this bank for any reason whatsoever!

    — DelyanneTheMoneyCoach ® (@DelyanneMoney) December 20, 2022

    More about Wells Fargo 

    Something like this has not happened for the first time with the bank. The company also faced similar charges in 2016, but at that time no concrete action was taken. However, the bank did receive warnings.

    See also  Florida pastor and son involved in $8 million scandal

    Banking giant Wells Fargo has agreed to pay more than $3.5 billion to settle accusations that it charged its customers illegal fees and interest on auto loans and mortgages. The bank was also accused of incorrectly applying overdraft fees against savings and checking accounts. pic.twitter.com/R0xGVRzP27

    — CBS Evening News (@CBSEveningNews) December 20, 2022

    But these warnings were not sufficient for them to stop engaging in unlawful behavior and they continued with these practices. In 2018, the bank faced a penalty of $1 billion for mismanaging consumer funds. 

    At that time the $1 billion fine was also the highest penalty a bank had ever received. But Wells Fargo broke their record again this year by receiving a $3.7 billion penalty. 

    Wells Fargo caught defrauding its customers in illegal bank conduct, now has to pay $3.7B in settlement.

    While the whole world has been focused on the FTX fraud, let's not forget the systemic abuse and fraud coming from banks.

    — whalechart.org 🐳 (@WhaleChart) December 20, 2022

    The company’s CEO Charlie Scharf said in a statement, “We and our regulators have identified a series of unacceptable practices that we have been working systematically to change.”

    See also  Will the US real estate housing market crash this year?

    A lawsuit filed in federal court in California says the bank’s lending algorithms draw on racist history to deny refinancings at a higher rate for Black borrowers. https://t.co/xr6D7Al0VE

    — Justin Brannan (@JustinBrannan) December 20, 2022

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