Wells Fargo will pay $3.7 billion to settle claims it harmed consumers by charging illegal fees and interest.
The claims included -applying illegal fees and interest on auto loans and mortgages and incorrect application of overdraft fees against savings and checking accounts.
The settlement, which allocated $2B for wronged costumers, is the largest fine against the bank which has spent years trying to rehab its image following past scandals.
Mina Taurus, CEO of Tadrus Capital, tells KNX In-Depth he believes that while the issues are not isolated to Wells Fargo, they seem to have a pervasive case that starts at the top.
His solution? Pursue criminal charges.
Taurus says for some banks, If the penalties are low and the rewards are high, it's worth taking the risk.
And when it comes to keeping your money safe, Mina suggests maybe going with one of the many other banking options out there - one with better reviews. He also agrees with diversifying where you keep your money, including cash on hand.
Listen to the whole conversation above
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