Wells Fargo & Co. is refunding hundreds of thousands of customers tens of millions of dollars for account add-on products such as legal services or insurance, Dow Jones reported, citing people familiar with the matter.
Wells Fargo shares were lower by 0.3 percent in early trading Thursday.
The Consumer Financial Protection Bureau is looking into the matter, the report said.
Wells first disclosed issues with add-on products in its second-quarter regulatory filing last year. In its most recent filing in May it said practices related to consumer add-on products like identity theft and debt protection were the subject of a June 2015 consent order with the Office of the Comptroller of the Currency, the regulator for national banks. Wells said it was reviewing the products and has begun remediation efforts.