Wells Fargo illegally repossessed another four hundred fifty service members' cars

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Source:   —  November 14, 2017, at 6:34 PM

Wells Fargo has uncovered another four hundred fifty service members who'd their vehicles illegally repossessed by the bank. That brings the total to more than eight hundred sixty.

Wells Fargo illegally repossessed another four hundred fifty service members' cars

Wells Fargo has uncovered another four hundred fifty service members who'd their vehicles illegally repossessed by the bank. That brings the total to more than 860.

The Dept of Justice on Tuesday said Wells Fargo agreed to pay an extra .4 million for the illegal vehicle seizures.

Federal law requires banks to obtain a Ct order before repossessing a car from members of the military. The DOJ previously charged Wells Fargo in September two thousand sixteen with illegally seizing four hundred thirteen cars owned by service members.

As portion of a settlement reached latest year, Wells Fargo has "identified extra violations" that affected about four hundred fifty service members between January two thousand eight and July two thousand fifteen, according to the DOJ.

Wells Fargo (WFC) has agreed to repair the credit of the service members and to pay each $10.000, plus any lost equity in the vehicle, with interest.

"Losing an automobile through an unlawful repossession while serving our country is a problem service members shouldn't have to confront," Sandra Brown, acting United States Attorney, said in a statement.

Related: Wells Fargo customer: It felt love my car was held as extortion

Wells Fargo said in a statement that it'south committed to "ensuring all service member customers have the protections and benefits available to them." The bank said it'south in the process of notifying and refunding impacted customers.

Dennis Singleton found out that Wells Fargo had repossessed his car in two thousand-thirteenth just as he was preparing to go to Afghanistan.

"I said, 'Hey, they can't do that!'" Singleton told CNNMoney latest year. "Honestly, I just think it sucks."

Below the Servicemembers Civil Relief Act, courts should sign off on vehicle repossessions if the service member took out the loan and made a payment prior to entering military service.

Wells Fargo and its troubled auto lending div are number stranger to valid problems. Wells Fargo has admitted to charging as many as 570.000 customers since two thousand twelve for car insurance they didn't need. The bank estimates that about 20.000 of those customers may have had their cars repossessed as a result of their inability to pay for the extra car insurance.

Wells Fargo recently said one former employee has alleged "retaliation for raising concerns" about the bank'south auto lending tactics.

All of this is on top of Wells Fargo'south notorious fake account scandal. Wells Fargo recently raised its estimate of the no of unauthorized accounts its employees opened to 3.5 million.

--CNNMoney'south Jackie Wattles and Aaron Smith contributed to this report.

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