In September 2016, Wells Fargo entered into agreements with the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the Office of the Los Angeles City Attorney to address allegations that some of our retail customers received products or services they did not request. Customers that may have had an account or service opened without their consent or without being fully informed of the details of the account or service may be eligible for remediation. Additional details regarding the remediation that Wells Fargo has provided are outlined below.
Third Party Account Analysis
In August 2017, Wells Fargo completed an expanded third-party review of retail banking accounts to identify potentially unauthorized accounts and fees and charges paid by customers related to those accounts. The accounts and services included in the review were Wells Fargo consumer or small business checking or savings accounts, credit cards, unsecured lines of credit, and online bill pay services.
Specifically, Wells Fargo conducted a review of data associated with these accounts and services opened from January 2009 to the end of September 2016. Wells Fargo has provided refunds and credits to customers for potentially unauthorized accounts and online bill pay enrollments identified during this review for which customers paid fees and charges.
Customer Complaints and Mediation Claims
In addition, Wells Fargo has provided refunds and credits to customers of fees and charges associated with potentially unauthorized accounts and online bill pay services that were identified in response to customer complaints and mediation claims.
Class-action Settlement – Jabbari v. Wells Fargo
Customers have also received compensation under the $142 million class-action settlement for accounts dating back to 2002 if the customer submitted a claim form before the July 7, 2018 deadline or if they complained to Wells Fargo in the past about an unauthorized account. Customers who complained to Wells Fargo about an unauthorized account during the January 1, 2011 to March 23, 2017 time period were automatically enrolled as participants in the class-action settlement. Please consult WFSettlement.com for additional information on the settlement's status.
After plaintiffs’ attorneys’ fees and costs of administration, the class-action provided reimbursem*nt of fees not already refunded and compensation for increased borrowing costs due to credit-score impact associated with a potentially unauthorized account. Remaining funds were distributed to the participants in the class on a per account basis.
The class-action settlement agreement covered all persons who claimed that Wells Fargo opened an unauthorized consumer or small business checking or savings account or an unsecured credit card or line of credit between May 1, 2002 and April 20, 2017. The settlement also covered customers who enrolled in certain identity theft protection services during that period (details are available online at WFSettlement.com).
Continuing Efforts
Wells Fargo continues to work with any customers who contact us with any sales practices concerns, including customers who did not participate in the remediation described above. Customers who may have had an account or service opened without their consent or without being fully informed of the details of the account or service may be eligible for compensation, correction of credit bureau information caused by the unauthorized account, and, among other things, an opportunity for no-cost mediation if the company is unable to resolve an issue related to an unauthorized account directly with the customer.
At this time, all Jabbari class-action settlement payments have been issued, the deadline to cash them has passed, and the distribution phase is complete. However, if you are an eligible settlement class member with an uncashed payment, you may still claim your payment. To do so, you must send a written request, either via email to info@wfsettlement.com, or via U.S. Mail to: Wells Fargo Unauthorized Accounts Settlement, P.O. Box 2594, Faribault, MN 55021-9594.
If you have additional questions about the Jabbari class-action settlement, please consult WFSettlement.com. The settlement administrator also provides some recorded information concerning the settlement at 1-866-431-8549. If you have questions about other potentially unauthorized accounts or services not already addressed in your Jabbari settlement claim, we encourage you to contact our Customer Care Team at 1-844-931-2273.
FAQs
Customers that may have had an account or service opened without their consent or without being fully informed of the details of the account or service may be eligible for remediation. Additional details regarding the remediation that Wells Fargo has provided are outlined below.
How much will I get from Wells Fargo remediation? ›
For automobile repossessions, compensation is “at least,” but is not limited to, $4,000. For mortgage holders that were unable to modify their mortgages to avoid foreclosure, damages average $24,125 per claimant. For deposit accounts, customers average $100 in damages.
How do I know if I qualify for the Wells Fargo settlement? ›
If Wells Fargo has a record of a complaint about Unauthorized Accounts that you made to Wells Fargo, the Office of the Comptroller of the Currency, or the Consumer Financial Protection Bureau, you may be automatically enrolled in the Class Action Settlement.
How to check Wells Fargo claim status? ›
You can view the status of your claim by signing on to Wells Fargo Online®. When we complete our research, you will receive a final resolution letter.
How do I find out if Wells Fargo owes me money in settlement? ›
If, for whatever reason, you believe you're owed money and the bank has not yet made contact, you may call Wells Fargo at 844-484-5089, Monday through Friday, from 9 a.m. to 6 p.m. Eastern time.
Does Wells Fargo investigate disputes? ›
Bank customers may then submit a claim by simply identifying the disputed transaction and following the prompts. Wells Fargo will notify the customer of their ruling once the investigation is complete. If they feel the claim is valid, the funds will be returned to the customer's account permanently.
Will I get money from Wells Fargo settlement? ›
Wells Fargo customers from 2011 to 2022 are potentially covered by the settlement. Wells Fargo is required to notify its customers if they are included but if you believe you are eligible for a payment and have not received a letter yet, you should first contact Wells Fargo at 844-484-5089.
What does remediation mean in banking? ›
Remediation is the process of identifying customers affected by systemic issues detected in the banks' systems and determining what's required to address the impact to the customers. Remediation serves an increasingly broad range of purposes, including: Remediating customers (via payments) for incorrect charges.
What are the illegal foreclosure practices of Wells Fargo? ›
The Consumer Financial Protection Bureau said Wells Fargo's “illegal activity” included repeatedly misapplying loan payments, wrongfully foreclosing on homes, illegally repossessing vehicles, incorrectly assessing fees and interest and charging surprise overdraft fees.
How far back does the Wells Fargo lawsuit go? ›
Wells Fargo's credit card customers in California who were charged a credit defense fee at any time from March 1, 2015 through December 31, 2018 will receive money from the class action settlement.
“If approved, this settlement will help compensate hundreds of thousands of investors – state employees, nurses, teachers, police, firefighters and others – whose critical retirement savings were impacted by Wells Fargo's fraudulent business practices.”
Is the Wells Fargo settlement check taxable? ›
1. You must include the lump-sum portion of the settlement and report it on your taxes. However, you may be able to exclude all or part of this settlement in in gross income, such as non-deductible expenses. Also, the FMV of the vehicle at the time of repossession is the amount of the settlement that may be excluded.
How long does it take for funds to settle Wells Fargo? ›
Wells Fargo Bank's general policy is to make deposited funds available on the first business day after the Bank receives a deposit. In some cases, however, we may place a deposit hold on these funds and delay availability for up to 7 business days.
What is a claim status check? ›
Claim Status. A health care claim status inquiry and response transaction is a communication between a provider and a payer about a health care claim. A claim status transaction is used for: • An inquiry from a provider to a health plan about the status of a health.
How to claim 200 from Wells Fargo? ›
To get the Wells Fargo $200 Cash Rewards bonus, you have to get approved for the Wells Fargo Active Cash® Card and spend $500 within the first 3 months from account opening.
What does Wells Fargo customer remediation mean? ›
Wells Fargo Deposit Accounts
Customers whose accounts were improperly closed or frozen, falsely charged overdraft fees or mistakenly billed account service fees may be eligible for refunds. More than 5 million customers were affected. They're owed more than $500 million in remediation.
What is customer remediation in banking? ›
Customer remediation is an event-driven and one-off corrective measure to - for example - address past wrongdoings. Such processes have a major impact on the customer or citizen and can often be accompanied by extensive public scrutiny.
Is the Wells Fargo letter legit? ›
Wells Fargo warns the public to beware of email, text, and letter scams. The company said scammers will use various tactics to get your attention, including telling you there is a $1,000 or more in an account with your name associated to it. The goal of a mail scam is to get you to provide your personal information.
