Wells Fargo paying $80 million over customer car insurance

FILE - In this May 6, 2012, file photo, a Wells Fargo sign is displayed at a branch in New York. In the results of an investigation released Monday, April 10, 2017, Wells Fargo's board of directors has blamed the bank's most senior management for creating an "aggressive sales culture" at Wells that eventually led to the bank's scandal over millions of unauthorized accounts. (AP Photo/CX Matiash, File)

NEW YORK (AP) – Wells Fargo is paying $80 million to customers who the bank signed up and charged for auto insurance that they did not want or need.

The bank said Friday that roughly 570,000 customers were affected and will be getting refunds.

Like most auto loan companies, Wells Fargo required borrowers to have comprehensive and collision insurance. If they didn’t have comprehensive coverage, Wells would purchase it for the customer and charge them for it.

Wells admits its systems signed up customers who already had insurance and that some premiums “may have contributed to a default that led to their vehicle’s repossession.”

Nearly a year ago, Wells Fargo admitted its employees opened up to 2 million accounts for customers without getting their permission in order to meet sales targets.

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