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Wells Fargo hoping to ‘make things right’

In a new ad slated to be printed in major newspapers across the country, Wells Fargo is telling customers that it is fixing the sales practices that led to millions of unauthorized accounts.

“We are deeply committed to serving you and your financial needs. We know we did not live up to that commitment,” the ad says.

It goes on to list ways the bank has changed its practices including eliminating sales goals for its retail team, sending a confirmation when a customer opens a new account so the customer can verify he or she was given the correct product and customers can also go online and see their eligible accounts. The bank was required to reimburse clients by the Consumer Financial Protection Bureau for any fees incurred by unauthorized accounts. In the ad, the bank says it has already refunded customers it identified as having accounts they did not want and is broadening its scope.

More than 15,000 accounts in Maryland were flagged as potentially unauthorized of which 524 incurred fees such as overdraft charges.

Full text from the ad is available here.