Tag: Wells Fargo

Wells Fargo insurance scheme brings lawsuit from customers

Logan B.
lawsuit Usher’s insurance broker company

Borrowers forcibly made to purchase auto coverage they didn’t need are suing the bank for scamming them. Wells Fargo & Co has been accused of running an insurance scheme, as was reported yesterday by Live Insurance News, and now affected customers are filing a lawsuit against the bank. Customers allege the bank forced them to pay for auto insurance they didn’t need and that caused financial hardship. In yesterday’s article, it was pointed out that the insurance scheme caused many customers to face expenses they couldn’t afford. This led several…

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Wells Fargo auto insurance forced on borrowers who didn’t need it

H. Cutner
Wells Fargo insurance scandal

The bank charged customers for unnecessary coverage, leading to 25,000 wrongful vehicle repossessions. A new report determined Wells Fargo auto insurance was forcibly sold to customers who did not require this coverage. As a result of the bank’s activity, there were approximately 25,000 wrongful vehicle repossessions. Over 800,000 people who took out Wells Fargo car loans were charged for unnecessary insurance. The added expense of the unnecessary Wells Fargo auto insurance was too much for some borrowers, whose vehicles were wrongfully repossessed. The report showed that among 800,000 of the…

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Prudential insurance policy sales to cease through Wells Fargo

Nordstrom
Wells Fargo insurance scandal

Following the recent account sales scandal at the latter firm a few months ago, product sales are being suspended. Prudential Financial announced this week that the Prudential insurance policy sales by Wells Fargo & Co are suspended. This insurance news follows closely on the heels of the San Francisco bank’s sales practices scandal this fall. Wells Fargo is continuing its management of the fraud scandal backlash from a few months ago. The Los Angeles City Attorney’s office worked with federal regulators in announcing that Wells Fargo was caught using fraudulent…

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Insurance industry in the US continues drawing attention to cyber insurance

Nordstrom
Cyber Insurance industry popularity

Insurance industry well attuned to digital risks The Internet has become an all-encompassing resource for information and community for most of the world. Today, the Internet supports a multitude of businesses, many of which rely on the digital world to reach out to consumers and sell products around the world. While the Internet is often considered one of the greatest accomplishments in human history to date, it is not a utopia. Within the Internet are many threats that businesses, consumers, and governments have yet to become acclimated to. The cyber…

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Investigation over home insurance includes Bank of America and Citigroup, among others

Julie Campbell

The state financial regulator in New York is currently conducting an inquiry regarding the possible overcharging of customers for force-place insurance, into large organizations such as Citigroup Inc. and Bank of America Corp. The focus of the probe is the service known as force-place insurance, which requires the a loan provider to purchase an insurance policy in the circumstance that a homeowner is unable to maintain insurance premiums on the property. According to industry experts, this practice is becoming increasingly common. The probe is being conducted by the office of…

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