South Carolina will receive nearly $6.8 million as part of a nationwide settlement with Wells Fargo Banks over millions of unauthorized accounts created without customers’ knowledge.
The state’s share is part of the $575 million settlement between the California-based bank and all 50 states plus the District of Columbia.
“Hard working families who must make every dollar count can ill afford such alleged deceptive and unfair practices by their bank,” state Attorney General Alan Wilson said in a statement last week announcing the settlement.
The agreement resolves claims that Wells Fargo violated state consumer protection laws by using deceptive practices to increase the number of services it provided. [Read more…]