Wells Fargo has agreed to pay $110 million to settle a class-action lawsuit over up to 2 million accounts its employees opened for customers without getting their permission, the bank announced Tuesday.
According to Puget Sound Business Journal, the U.S. Consumer Financial Protection Bureau also fined Well Fargo $185 million in September for creating unauthorized deposits and credit card accounts for unsuspected customers to collect financial bonuses.
Wells Fargo is the second-largest bank in Washington ranked by deposits, so the company could not ignore that 30,501 Washington-based unauthorized accounts were open, PSBJ reports.
Wells Fargo said out of 30,501 created unauthorized accounts in Washington, fees were charged to 2,708 unauthorized customer accounts. The bank has issued refunds averaging to $19.88 per account, according to PSBJ.
Read entire article at Puget Sound Business Journal.