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Scandal-Plagued Bank To Refund Some Fees

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MIAMI (CBSMiami/AP) — Wells Fargo plans to refund as many as 110-thousand customers who paid mortgage rate lock extension fees.

The repayment dates back to requests from September 16 through February 18th of this year from customers who don’t think they should have paid the fees.

The company said that approximately $98 million in rate lock extension fees were accessed during that period, but it believes a substantial number of the fees were appropriately charged under its policy.

The bank said that the amount to be refunded likely will be lower, as not all of the fees assessed were actually paid and some fees already have been refunded.

The refunds will start to go out during the last quarter of the year.

Wells Fargo claims the refunds are a good will gesture to win back customer’s trust following the fake accounts scandal.

(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)

 

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