The bank stopped selling add-on products in the middle of last year and is phasing out of existing consumer add-on products.
In a statement emailed to CNBC, Wells Fargo spokeswoman Catherine Pulley said: “We are reviewing add-on products sold to consumers by the Bank or its service providers and if issues are found during this review, we will make things right with customers in the form of refunds or remediation. We are working with our regulators on the ongoing review.”
Regulators are looking at whether customers were deceived, Dow Jones reported, and at their awareness of the products and ability to cancel them.
Wells Fargo has spent nearly two years trying to clean up from a scandal that first erupted in 2016 over fake accounts opened in customers’ names by employees trying to meet aggressive sales targets. Soon, sales practices in other areas of the bank fell under scrutiny, including in mortgages and auto lending.
In April, the bank struck a $1 billion settlement with the CFPB and the OCC over its risk management failings.