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Wells Fargo admits it ripped off its customers, creates low-response-rate opt-in system for its victims to get paid back
boingboing.net
Wells Fargo has admitted wrongdoing in defrauding 110,000 mortgage borrowers, and to make good on it, they're sending out letters that look like junk-mail, containing a form that customers have to fill in to confirm that they want their stolen money back; if Wells doesn't get a reply, it will assume that those customers are donating their settlements back to the bank's shareholders.
Wells Fargo made its fraudulent deductions directly from its depositors' accounts, but the refunds will come by check, and only to the estimated 50% of customers who open bulk mailouts from their banks.
Wells Fargo also admits defrauding 800,000 car-loan borrowers and those suckers are also getting checks -- but only if they're owed less than $100. The people who were ripped off for more than a c-note will have to wait for the 'first phase" of payments to be processed to the small-dollar victims.
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