Business Report: Ford recalls more than 500,000 vehicles
Two more recalls for Ford Motors, involving more than 500,000 vehicles.
Ford is recalling more than 570,000 vehicles in North America and Europe to fix a problem that can cause engine fires and another issue that can cause doors to open unexpectedly.
The automaker estimates the recalls will cut its earnings by $295 million.
A lack of coolant circulation can cause the engine to overheat, causing a crack through which oil can leak and possibly cause an engine fire.
211,000 vehicles are also being added to a recall to replace faulty door latches.
In other business news, Wells Fargo is introducing new technology that will allow customers with smartphones to withdraw money at its 13,000 ATM’s without inserting their debit card. Customers will get a one use 8 digit code from the bank’s phone app and will then use the code and the ATM pin to access ATM options. Later this year the bank also plans to introduce “tap and pay” ATM access that uses “near-field communication” technology, which allows customers to hold their phone near a terminal before inputting their ATM pin.