![]() ![]() Wells Fargo installed new leadership for the unit last October. The foreign-exchange business is in the process of revamping its policies, practices and procedures relating to pricing and other issues, the bank said. Wells Fargo confirmed in a statement that the employees are no longer with the bank, but declined to comment on whether they were fired. Last fall, The Wall Street Journal reported that federal prosecutors are investigating the business and the bank fired at least four foreign-exchange bankers. Wells Fargo previously disclosed that it received inquiries from government agencies in connection with its foreign-exchange business. Related: Wells Fargo's scandals are hurting its bottom line ![]() The bank said those refunds are part of its "efforts to make things right and rebuild trust." Like other investment banks, Wells Fargo handles currency exchange and hedging transactions for businesses and other clients. The remainder of the foreign-exchange rebates cover a review of the rates Wells Fargo charged to clients over a seven-year period. Sandra Jones, senior vice president of member communications at State Employees Credit Union, recommends calling your bank's customer service to see if your location has the type of currency you need to exchange.That includes $31 million in refunds for instances where customers "received pricing inconsistent" with the bank's commitments. To avoid unnecessary trips to a bank, consider taking the following steps for purchasing currency. Not all financial institutions exchange currency. Even if your bank provides this service, your nearest branch may only have certain types of currency available or limited amounts. The fee is waived if you make an order over $300. There's a $10 transaction fee for orders under $300.
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