If you had a Wells Fargo account between 2011 and 2022, you may be one of 16 million consumers eligible 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 who have been victims of “criminal activity,” ranging from improper payment transactions to to the wrong lock, according to the CFPB.
Wells Fargo customers who may be affected include those with auto loans, mortgages or bank accounts.
- For auto loan consumers, the illegal practices include withholding non-refundable prepayments after paying off the loan early, improper use of payments that resulted in high interest and fees, and non-guaranteed vehicle recovery.
- Mortgage borrowers may be held liable for wrongful foreclosures, wrongful payments and wrongful loan modifications that would have prevented foreclosure.
- For those who hold bank accounts, some have been paying bills incorrectly with cash and ATM withdrawals, as well as having money that is not appropriate to be “frozen” if Wells Fargo suspects it. a single account is a fraud.
The amount of damages owed to each affected consumer will vary, according to numbers provided by the CFPB.
- For vehicle recovery, the award is “at least,” but not limited to, $4,000.
- For mortgage holders who were unable to modify their mortgages to avoid foreclosure, the total damages for the plaintiff were $24,125.
- For savings accounts, customers average $100 in bad items.
How to do damage
If you qualify for a loan, Wells Fargo needs to notify you. In fact, most customers have already received their payment, either as a check or a credit to their current account.
“We have been in contact with many customers who may have been affected by the issues covered in the settlement, and those efforts are ongoing,” a Wells Fargo spokesperson told CNBC Make It. , and described the “necessary action” of the settlement “absolutely.”
However, according to the CFPB’s updated guidelines, if you think you’re eligible for a payment and you haven’t received it, you should contact a Wells Fargo sales representative.
If that doesn’t work, you can file a complaint directly with the CFPB online. The CFPB and Wells Fargo will follow up directly, if necessary.
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