Here is what customers need to know:
Refunds have been issued and there may be more to come
Wells Fargo said $2.6 million in refunds has been issued to customers for fees that were tied to unauthorized accounts. The average was about $25 for each account. About 100,000 customers have received refunds.
"If we learn of any additional customers who require refunds, we will make those refunds promptly," the company said in an email to employees Thursday. $5 million has been set aside for customer refunds.
If you open an account, you should get a confirmation email
Any accounts opened with Wells Fargo should be confirmed by a welcome email sent to the account opener soon after the personal checking or savings account is created. The email, according to Wells Fargo, will have details of the choices made by the account holder and how to get in touch with the bank.
Most of the $185 million fine will be paid to the Consumer Financial Protection Bureau
Wells Fargo will have to pay $100 million to the federal agency and $35 million to another federal regulator -- Office of the Comptroller of the Currency. NPR reported that another $50 million will be paid to Los Angeles County and the City of Los Angeles.
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