It looks like Wells Fargo continues to clean up their slate, as the bank pays customers 72 72.6 million.
According to CNBC, Wells Fargo “admitted to overcharging 11 businesses in foreign exchange transactions from 2010 to 201, according to a lawsuit filed Monday.”
According to the lawsuit, Wells Fargo Wales commercial customers believed they were charged a fixed rate. But encouraged salespeople are told to “charge FX customers extra,” CNBC reported.
Subsequently, the bank was reported to have “concealed additional charges and given ‘false explanations’ for the increased prices,” the government said.
According to CNBC, U.S. Attorney Audrey Strauss of the Southern District of New York said, “We all trust our banking institutions, treating us with honesty, fairness and transparency when we are their customers.” “For the better part of a decade, Wells Fargo Bank’s foreign exchange service users have abused this belief by fraudulently charging customers extra, using tactics, false information and other fraudulent practices,” he said.
Earlier this month, Wells Fargo received a 250 million fine “the same day it announced the resolution of a Consumer Financial Protection Bureau compliance order,” CNBC reported.
The banking institution has issued a statement calling the behavior “unacceptable”.
“We have significantly improved our business policies, procedures and supervision related to the management and pricing of FX transactions,” a spokesperson said. “We are committed to meeting the needs of our FX clients,” CNBC reported.
The whistleblower responsible for disclosing the information in 2016 will receive 1.6 million.
Rumis, what do you think about Wells Fargo paying .6 72.6 million?