Wells Fargo has agreed to pay the state of California $8.5 million to settle a probe into its failure to tell consumers it was recording their calls.
The San Francisco company did not inform consumers in a timely manner about its automated recording of conversations, the California attorney general said in a news release Monday.
Most of the fine will be applied to civil penalties, and about $500,000 will be given to organizations that advocate for consumer privacy. Wells Fargo also agreed to improve its procedures for notifying customers about recordings.
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Wells Fargo cooperated with investigators, the California attorney general said. The investigation was conducted in cooperation with the Los Angeles County district attorney and with other local prosecutors.
