Major Bank Forced To PAY UP For Defrauding Customers
Here are the details…
Banking Giant Wells Fargo is back in the news again after they were caught defrauding 771 businesses by overcharging them on foreign-exchange transactions for over nearly a decade.
According to CNBC, Well Fargo has settled to pay $37 million after they overcharged 771 businesses on foreign-exchange transactions between 2010 and 2017 which has caused the bank’s shared to fall 1.4%.
Earlier this year, Well Fargo was just hit with a a $250 million fine after they failed to properly execute a mortgage loss mitigation program.
CNBC further noted, Wells Fargo told the commercial customers that they were being charged certain fixed rates, but then incentivized salespeople to “overcharge FX customers,” according to the suit.
The bank then tried to pull a fast one and hid the overcharges from their own customers and raked in “millions of dollars in FX revenue to which the bank was not entitled,” the lawsuit explained.
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