Wells Fargo To Pay Out Millions For Scamming Consumers On Car Loans

One of the steps that big banks took in order
to, I guess, protect themselves after the big market crash of ’07 and ’08 was to make
people start paying for insurance on loans. Now, some of these were not optional. For example, if you were putting down a down
payment on a home that was less than 25% of the value, you’re probably going to have to
take out mortgage insurance. Others were optional. For example, if you wanted insurance on your
car loan. But, as we’re starting to find out, and according
to a new settlement, some banks were charging you these insurance fees without you knowing
about it. Without getting your approval, without you
signing up, basically just taking extra money from you every single month in your auto loan
payment just because they could. Well, I’ve got Scott Hardy from Top Class
Actions with me right now to talk about this. And Scott, they did it because they could
and of course that’s how corporations operate. They do it while they can, until suddenly
they can’t. And oops, now you got Wells Fargo, that after
paying $1 billion to the CFPB has to now pay out a few hundred million dollars more to
consumers. Tell us what’s happened in this case. Right. This is a, a great response by the CFPB. If you had a Wells Fargo auto loan and you
were charged insurance, they would have forced you to sign up with National General to actually
add this extra insurance onto your loan. And as you said, you might have not even known
you had it. You might’ve noticed it on your, on your loan
statement, eventually. Call them and question or you might just said,
heck with it. I’ll just pay it. I’m not going to worry about it. But obviously this added up to a huge amount
of money since they already paid out $1 billion and now they’re gonna pay out another almost
$400 million. If you were a Wells Fargo customer and had
their own auto loan, check your statements. Call, see if you might qualify for this. We’ll put out more details once we have it,
but this is huge because of this so-called forced placed insurance. That’s as forced place insurance is stuff
like this where they force you to have it. It’s stuff like you said, where you’ve got
the insurance on your home mortgage. Forced place insurance is really an underhanded
tactic by the insurance industry. Working hand in hand with everybody from,
from banks to insurance companies to mortgage companies to force you to pay extra money
that you may not have to, but they make you think you do and therefore you pay it every
single month. And you know what’s really interesting to
me too, and this may be a little of an aside here, is just the fact that this, you know,
any kind of loan insurance, it’s only to protect the bank. You know, that big faceless behemoth that
has billions upon billions upon billions of dollars. Technically right now actually for banks,
more profitable than ever in this country. Higher profits than they’ve ever had and yet
they’re still trying to stick it to consumers at every possible turn. You know, we have credit for a reason. We have credit checks. Sometimes even people with the credit to get
these loans are unable to pay and yeah, the bank may lose a little money. That’s not necessarily a super common thing. What happens is that you get banks lending
money to people who otherwise would not have qualified for a particular loan, and so they
say, you know what, this seems like a person who’s going to default, so let’s charge them
extra. Let’s work it out with the insurance company. So in fact, when they default on this loan,
not only do we have all their money already in our pocket, we then get to repossess the
car. We repossess the home, we foreclose it, whatever. Then we sell it at a higher profit. They make money off of this. Consumers get screwed off of this. That’s how it typically works, especially
with the big banks. Wells Fargo has been in the news a lot recently
for all kinds of shady practices. So I, I feel no remorse and no sympathy that
they’ve been hit for almost $1.4 billion in total, both in the fines to the CFPB and this
almost $400 million settlement that was announced. Exactly. You know, you, you had Wells Fargo going out
there and, and working hard to try to make sure that people actually couldn’t get this
money back. And thankfully the CFPB came out there and
said, no, no, no, you’re going to pay a big penalty because of this practice. And so we should see some more money back
in the pockets of consumers and ideally Wells Fargo changed their practices so it doesn’t
happen again. We’ll see. Absolutely. So, right now still taking information, right? So if anybody thinks they may have a claim,
do they, they can go to Top Class Actions or, or where should they go here? Exactly. They can go to Top Class Actions. They can go ahead and submit their information. They can sign up for our free newsletter and
as soon as we get more details about this, we will update our viewers. And if you create a login on Top Class Actions,
you can follow this article specifically or any article. And then once we have an update, we post an
update to that article and you’ll get notified via email letting you know that this change
has happened so you can submit your claim and participate. Right, and this is going to effect people
who took out auto loans with Wells Fargo anytime between the years 2005 and 2016 you may be
eligible for this. So please take the minute, minute and a half,
whatever it is, to follow the link in the description of this video and sign up at topclassactions.com. Once this is all finalized, this is likely,
depending on how much loan insurance they were charging you, hundreds of dollars could
be coming back to each individual consumer based on the amount of this settlement. So Scott Hardy with Top Class Actions, always
a pleasure talking to you and thank you very much for everything that you and your organization
do for American consumers. You’re welcome. Thanks for your time Farron. Appreciate it.

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100 thoughts on “Wells Fargo To Pay Out Millions For Scamming Consumers On Car Loans

  1. What?? Where is my check??
    That should go for all the banks.. Especially when the people bail them out every year..
    No justice for the people..

  2. Why isn't Frank Dodd act being involved with this. Oh wait, Donald Trump killed the act. #makingamericabrokeagain.

  3. Greedy bastards getting all of your money then repossessing your house and car anyway. Another example of giving to the rich and robbing the poor.

  4. Why do individuals who commit fraud go to jail but corporations just get told they’ve been naughty and to please stop? That’s what happens when you allow these corps to become so embedded in our economy that they’re “too big to fail”. Shouldn’t the “libertarians” be all over this- these corporations have de facto made themselves a part of the government.

  5. Why don't they go to jail like everyone else. They break the law and pay their way out. They needs to pay them people back and go to prison. If they was going to prison they would think about it before they did it. Thats why I say fuck the white man laws. They don't believe in locking rich white people up in America.

  6. They pAid billion dollars to whome?
    They are going to pay $315 million to whome ?
    Who is the beneficiary?
    Ahh, DOJ

  7. Laissez fare capitalism and massive deregulation, DOES encourage greed. The super wealthy, of course, have no problem with this.

  8. They steal one billion and get penalized 400 million, still they make a profit of 600 million, that is the reason they do it…Wow!! Where is justice

  9. Wells Fargo tried to scam me when they created all those fraudulent accounts. Someone should put on a green tunic and feathered hat and rob them with a bow and arrow. Bonus points if the robber wears a fox costume under the tunic. Lol

  10. Sad thing is, They will do it again when they think no one is looking because in the banking world, crime does pay.

  11. This is a by-product of what “too big to fail” got us. Obama was an extension and furtherance of corporate interests stranglehold on the American people due to greed. Profits over people. .

    The rationale was that the banks failing would bankrupt THE economy. We, the American people never stopped to ask who’s economy?
    Walmart moves into a small town and drives all of the other mom and pop retailers out of business. Who’s economy?
    Monsanto operates massive farms in rural America and local farmers can’t compete. Again who’s economy?

    The “economy” for the American people has been “bankrupt” for a long time. Trump is not the root of the problem; he is a symptom of the problem. The greed of corporations and Wall Street is so insatiable that it nearly bankrupted the entire country and its only a matter of time before it happens again. That’s why they are working so hard to deregulate everything. When this economy “tanks” again there will be no accountability or oversight which is why 45 is allowed to run roughshod over legislative norms. Trumps payoff for being scapegoat while championing corporate interests is that he is above reproach while in office.

    Regardless of party we the American people have been numb to the fact that we have always been at war. Obama lulled us to sleep after GW Jr. I doubt Trump wins in 2020 but the next POTUS won’t be any better.

  12. This is the second time Wells Fargo has been caught scamming consumers. They should be forced to shut down.

  13. Wait hold on I have an auto loan through Wells Fargo my original monthly payment was $183. After I got insurance and all of a sudden Wells Fargo tells me my monthly payment will be almost $200 I've been paying this for almost 4 years. Who do I call to see if I'm eligible for a return on my money????

  14. I banked with Bank of America and had to drop them because they sucked. I banked with Well-Fargo and had to drop them because they sucked. I sure know how to pick'em.

  15. Wells Fargo,
    Seems to be doing all the shitty stuff,
    to their customers,
    more often than anyone else!
    They're one of the worst,
    Banks, to get on bed with!
    Total BULLSHIT!
    Why are they allowed to be a bank, still?
    It should be Billions!
    Since that's how much they've made from their customers!
    Sounds like another NAZI JEW, BANK!

  16. Wells Fargo has always been evil and corrupt. And the corporate officers are NEVER held personally held responsible. In Iceland and Germany they would be in jail.

  17. Scam millions out of moey on several occasions; oopsie poopsie, try not to do that again. Pay some money and we'll forget it ever happened.

    Get busted with a little cocaine for personal consumption; get on the ground dirt bag. Your gonna spend time in jail and have hefty fines along with that. Plus a nice criminal record to go with that.

    Man, you gotta love how if your rich in this country, you have a totally sperate court systems built for you.
    Uh oh, I just criticized the US. I must hate America!

  18. Question : WHY is Wells Fargo STILL in business , Scandal after Scandal ?? Wouldnt be the chance they sitting with BANK OF AMERICA / JP MORGAN CHASE / CITI GROUP on the same Table with the PRIVATE JEWISH FEDERAL RESERVE BANK ?? Would it ?? 😲😲😲😲

  19. When does the Muslim militia round up these motherfuckers at gunpoint? and hold them for the cops to arrest these ILLEGALs?

  20. More Wells Fargo shinanigans. Dismantle that stupid bank. They clearly are not learning their lesson. Dismantle it and ban all executives from working in a bank ever again.

  21. I deposited a large amount of money in a Wells Fargo account and started writing checks. And Wells Fargo thought they were just going to bounce my checks and hit me with fines. They kept denying I had had any money sent to my account. Until I contacted my Calif bank and they called Wells Fargo. Then Wells Fargo paid all my fines back. lol Fargo were thieves.

  22. Who pays these fines? The CEO’s, doubt it. The shareholders, doubt it. I doubt that bank keeps a slush fund for these purposes.

  23. Want to crush a country economically, put them in debt. It’s warfare by the Central Banks and Bankers, circa 1930. Gotta put a final end to this. It keeps happening after reforming.

  24. This isn’t the first time Wells Fargo has been caught doing wrong. Chase and Bank of America are also shady practices.

  25. I was a victim of their auto loan business. They subcontracted with outside company that does the cheating and taking for them- Well Fargo Auto Loan LLC

  26. Strike 25 for Wells. JPM in the cocaine transportation business. Barclays, JPM, Deutsche, all cought rigging/stealing gold. Big banks kill people and families.

  27. Pay me mf….pay me…..im an employee…. Wells fargo gotta pay all theze rich ppl only get approved for any loans.

  28. Im bout to boycott my job cause wells fargo going broke! Smh…For ten years they been scamming ppl. Smfh how Wells fargo owe 1.1billion dollars?? 🤔

  29. Never, Never, Never get a loan with Wells Fargo. They have always been crooked and always will be crooked. Cant believe Federal Govt hasn't forced them out of business

  30. Wells Fargo employs a quarter of a million citizens and all these comments are about dismantling and getting rid of the company.
    You Social Warriors claim to be for the people but never look at the real repercussions.

  31. Fucking scumbag Wells Fargo absolutely ruined people's credit with the scam they created.
    The government should have put them out of business and indicted the CEOS and sent them to prison

  32. Wells Fargo is part of the Cabal and friends of Democrats, why are you attacking your very own friend now, are you finally awakened?

  33. Wells Fargo is the absolute worst ever. The took away my account and gave absolutely no reasoning and wouldn’t answer any questions about it or what makes them do that. No integrity.

  34. Wells Fargo is well rehearsed in methods of screwing its customers. It was just a few short years ago that the scum from Wells Fargo was opening accounts in the name of others without them knowing. The scum in our government is only going to add to the troubles

  35. More examples of fraud being committed by the banks against the people. The banks and the banking families should be sent to hell

  36. The big cell phone providers are no better.US cellular tried forcing me into a new 2 year contract because they gave me a upgrade.They contacted me via phone,offered me a upgrade,which I accepted,not once did they tell me it was coming with a new 2 yrs contract.Once I found out I told them in no uncertain terms I had no new contract with them,I signed nothing nor ever agreed verbally, knowing they record calls,I told them to prove it,they couldn't. Of course I stopped doing business with them and still have the phone,its useless because its locked. I even tried to start a class action lawsuit but couldn't find any law firm willing to go to war with them.They also will add pennies to your bill,which most ppl don't even notice.If you're a customer of theirs check you billing statement, you may find a 3 cent /5 cent add on on the last page of the statement, call and ask what's it about,yeah it's only a few cents out of your pocket,no big deal right,but it's a big deal for them because it adds up to thousands for them

  37. Reverse bank robbery!
    Exactly how is this bank still in operation? So if I rob a bank I go to jail but when the bank rods us………..?

  38. That's ok I am sure they made Billions upon Billions on the scam so really no reason not to do it again and again!

  39. Saw a Wells Fargo commercial where they basically said "We've learned and, turned a new leaf"

    I knew it was a croc of shit

  40. Wells Fargo must be feeling guilty.
    I heard they tried to give our non profit charity group $2,000…..hmm.

  41. Wells Fargo is such a huge company, that if they were to shut them down it would have an effect on the United States economy.

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