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Wells Fargo Tanks as Car-Loan Problems Sully an Already Tarnished Brand

Wells Fargo & Co. (WFC) , working to repair its brand after a fake accounts scandal, is returning $80 million to about half a million car-loan customers who were charged for vehicle insurance they didn't need.

A review prepared for CEO Tim Sloan's management team showed some 490,000 customers were charged for insurance to safeguard the San Francisco-based lender from damage to the vehicle used as loan collateral -- even though the borrowers already had the coverage the bank required, according to a statement on Thursday, July 27. The insurance issues, first reported by the New York Times, occurred from 2012 through 2017.

An additional 60,000 customers in states with specific disclosure requirements may not have been informed about the insurance by the third-party vendor that...