Wells Fargo Unit Regrets Overcharges
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Wells Fargo & Co.’s consumer finance division apologized for repeatedly overcharging about 15,000 Californians on “instant loan checks,” blaming the trouble on a computer processing error.
As reported Friday in The Times, California regulators are seeking to void the loans and fine Wells Fargo Financial $38.8 million. They said Wells had assured them the problem was fixed, but the overcharges continued.
“We regret the unfortunate situation caused by a processing error,” Wells spokeswoman Judy Corcoran said.
She said the customers had been refunded, but Wells probably would fight the lawsuit by the California Department of Corporations.
Shares of Wells fell 23 cents to $48.07 on the New York Stock Exchange.
-- E. Scott Reckard
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