Millions of Wells Fargo customers who held bank accounts, or car loans or mortgage loans with the bank from 2011-2022 may be eligible for a portion of the $3.7 billion farms after the Consumer Financial Protection Bureau found the bank had provided information on “criminal practices” in the form of fraudulent use of payday loans auto, wrong operation, payment defaults and more.
According to on Jan. 17, 2023 blog post from the police station, reached a settlement with Wells Fargo after the agency found more than $16 million in consumer damage. The total penalty, the post says, is $3.7 billion — including $1.7 billion in fines related to a financial aid for victims.
One in three American households is a Wells Fargo customer and is affected by its business practices and “special culture,” the CFPB said. This is a breakdown of the official information that affected the accounts, how many customers can see from the settlement and other things.
Affected Consumers and Data Types
According to the CFPB, consumers who held one of these accounts between 2011 and 2022 were affected. Here’s a breakdown of what agency information affected each story, and how.
Wells Fargo Auto Loan Customers
- Incorrect application of loan repayments to balances in some accounts, resulting in late fees, delinquencies and mismanagement and high interest rates.
- Wells Fargo did not properly refund money when a loan was terminated early from borrowers who had pre-paid the GAP.
Wells Fargo Mortgage Loans
- Some borrowers are unfairly denied when they request loan modifications with the intention of avoiding foreclosure.
- Some borrowers were paying the wrong fees or other fees
- Wells Fargo misreported some customers as dead, brought “thousands of false foreclosure actions,” large attorneys’ fees resulting from inaccurate claims.
Wells Fargo Bank Account Holders
- Consumers in some cases were charged with surprise fees for shopping and ATM withdrawals, even if they had enough money in the bank. their account at that time.
- Some customers were paying monthly bills incorrectly
- Some customers’ funds were improperly “frozen” for weeks if Wells Fargo suspected a fraudulent deposit.
How Do I Know If I Owe?
The CFPB states that Wells Fargo is required to notify those eligible to receive funds, and that consumers are not required to take action in order to receive payment. The official also said that the bank’s refunds to customers will be “supervised”.
If you believe you are eligible for a payment and have not received it, you should first contact Wells Fargo at 844-484-5089, Monday through Friday from 9:00 a.m. to 6:00 p.m. evening ET,” the post said.
If a call to Wells Fargo does not resolve the issue, customers may contact the office through submit a complaint online.
How much can I get?
According to the CFPB, “payments vary.” In addition, the settlement states that the bank is required to “have a plan for each violation of the order.”
Those who found a car could be reimbursed about $4,000, the official said. Wells Fargo also says it needs to pay $77.2 million to about 3,200 troubled customers who are working with the company to modify their loans to avoid foreclosure.
According to a report from CNBCDamages for customers at Wells Fargo banks are about $100 per claim, and mortgage holders who were unable to modify their mortgages to avoid foreclosure are pending. about $24,215 in claims.
When are payments distributed?
Some consumers have already received their payments, the CFPB said.
“We have been in contact with many customers who may have been affected by the issues included in the settlement, and those efforts are ongoing,” a Wells Fargo spokesperson said. told CNBC Make It.