August 4, 2017 / 6:37 PM / 7 months ago

Wells Fargo reviews more products for financial harm to customers -filing

NEW YORK, Aug 4 (Reuters) - Wells Fargo & Co is examining whether it caused unnecessary financial harm to customers through residential mortgage fees, frozen deposit accounts or “add-on” products like identity theft protection, the bank said in a regulatory filing on Friday.

Wells said it had hired a third-party consultant to determine the “root causes” of problematic sales practices that took place for years, and expects the unnamed firm to complete its review in the third quarter.

The disclosures come a week after the bank said it charged 570,000 customers for auto insurance they did not want, months after it reached a settlement with regulators over creating as many as 2.1 million accounts in customers’ names without their permission. (Reporting by Lauren Tara LaCapra; Editing by Bernadette Baum)

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