If you are a current Wells Fargo customer, or a former customer Wells Fargo may owe you a refund. To determine if you qualify, If you had a Wells Fargo account between 2011 and 2022, you might be one of the 16 million customers who qualify for damages, says the Consumer Financial Protection Bureau (CFPB).
As part of a $3.7 billion settlement, Wells Fargo has agreed to pay more than $2 billion directly to customers harmed by "illegal activity," ranging from incorrect overdraft fees to wrongful foreclosures, according to the CFPB.
In case you miss my recent article about this case, allow me to give you a brief overview. Wells Fargo customers who might be affected include those with car loans, mortgages, or bank accounts.
- For auto loan customers, illegal practices include prepaid gap coverage that wasn't refunded when loans were paid off early, incorrectly applied payments that led to higher interest charges, and unwarranted auto repossessions.
- For mortgage loan borrowers, damages might be owed for wrongful foreclosures, incorrectly charged fees, and wrongful loan modifications that would have otherwise prevented foreclosure.
- For bank account holders, some were incorrectly charged overdraft fees on debit and ATM withdrawals, as well as having money unfairly "frozen" if Wells Fargo suspected a single deposit was fraudulent.
How to Submit a Claim:
If you're eligible to receive money, Wells Fargo is required to notify you. Some customers have already received their payments, either as a check or credit to their existing accounts. Per a Wells, Fargo spokesperson said, “We have already proactively communicated with most of the customers who may have been impacted by the matters covered in the settlement, and those efforts are ongoing.”
If you have not received your settlement check, you will need to first contact a Wells Fargo Bank Representative.
If you still have not received anything from Wells Fargo, you can submit a complaint directly to the CFPB online. The CFPB will then follow up with Wells Fargo directly if it's required.
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