Wells Fargo & CO. is trying to bide their time. The company that wrongly charged over 600,000 people for car insurance is elongating the timespan to repay their debts. Wells Fargo claims that it will not be possible to repay their victims until at least 2020.
This information was revealed via a letter sent to lawmakers, in response to the one-billion-dollar penalty after their April sentencing. When the penalty was given, lawmakers were under the impression that the remunerations would be settled within months. Now, not only has the settlements continued past six months, the bank is trying to give itself years. This was not a courtesy they gave to their victims when they forced them into the car insurance. Therefore, the obnoxious attempt to make demands comes across as another egregious stay of disrespect.
This comes after a repayment plan was rejected over the summer. The rejection was due to the bank’s willingness to do enough to find those affected by their wrongdoing.
Additionally, Wells Fargo is working hard to get the cap that the Federal Reserve placed on their growth lifted. This was another consequence of their actions. Yet, the bank is acting as though they are the authority. Instead of showing remorse, they are more worried about stating their expectation of the cap being lifted by 2019.
The bank’s actions, throughout this process, are appalling and insulting to the customers that they hurt. It is obnoxious of Wells Fargo to believe they are in any position to be making demands. Yet, instead of trying to put the issue behind them, the bank insists on elongating the procession.
The most obvious example is Wells Fargo insisting that before payment is reimbursed, victims must submit evidence of wrongdoing. This evidence is to be judged by the perpetrators and applies to all states, except for Arkansas, Michigan, Mississippi, Tennessee, and Washington.
The major problem is that customers were forced into insurance that they did not need. Due to the high premiums and factors associated with the insurance, many late fees, financial burdens, and vehicle repossessions occurred.