More than 16 million people owe some serious cash from Wells Fargo. If you have been there a customer of the banking institution in the period from 2011 to 2022, it can apply to you, according to CNBC.
See: Can I write General Security on 62 and work Full Time?
Find out: How to Stay Safe When Using Mobile Banking Apps
Learn: The Housing Crisis in 2023 could be the largest since World War II
The Consumer Financial Protection Bureau filed proceedings against the big money company for “violation of federal consumer protection laws related to financial products,” and the bank has now been fined $3.7 billion. In addition to the $1.7 billion that will go to victims, according to the CFPB, $2 billion is owed in direct payments to bank customers who may have been liable. on wrong payment of checking accounts, wrong payment and lock-in. apply to mortgages and auto loans.
According to the CFPB, one in three American families were purchased by Wells Fargo during this period and the organization has provided more information on who may be affected and how to return the money.
Take our poll: How Much of a Sign Up Bonus Do You Need to Switch Banks?
Wells Fargo Checking Account Customers
Any wrongly supplied customer may be entitled to damages. This includes anyone who has had a “surprise” overage charge for buying a debit card, check or ATM withdrawal if they have enough cash to cover the transaction. transaction. This also includes anyone who has a monthly fee that should not be used. Investors receive up to $100 in damages.
Wells Fargo Car Ownership
This provision applies to those who have car loans when “not used correctly” payments and may result in high interest rates or late payments, as well as “wrong recovery.” It also applies to those who have paid the GAP principal (including the full loan after accidents or theft) if it has not been returned by Wells Fargo money in some cases, such as when the loan is first paid. The owners of the vehicles are owed “at least” $4,000 as part of the settlement.
Wells Fargo mortgage brokers
The CFPB has also gone after the financial institution for mortgage fraud. This includes consumers who have paid fees that should not have been or who have loans that were “unreasonably denied when they requested modifications to their loans to avoid foreclosure.”
Those with poor mortgage management owe more than $24,000.
As part of the settlement, Wells Fargo is required to notify customers and act promptly on issuing payments. “You don’t have to do anything to get paid. Some consumers have already received their payments,” the CFPB said. If you think you owe money and haven’t received a statement, the consumer group recommends calling Wells Fargo at 844-484-5089, Monday through Friday, from 9:00 a.m. to by 6:00 p.m. ET, or file a complaint with consumerfinance. .gov.
Best From GOBankingRates
This article originally appeared on GOBankingRates.com: Have you been a Wells Fargo customer in the past decade? You can deserve thousands of bad things