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13th January 2012

US banks overcharging on home insurance

An investigation into whether certain US banks steered customers into overpriced home insurance as a condition of amending their mortgage contracts. The investigation by the New York State Department of Financial Services is said to include the examination of the top four US retail banks - Bank of America, Citigroup, JPMorgan Chase and Wells Fargo.


It is claimed that in some cases the policies cost 10 times more than the householder's existing policy and that in some cases the insurer they were steered to was a bank subsidiary.