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.
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 .
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,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 fees, 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.The total amount of damages owed to each affected customer will vary, according to numbers provided by the CFPB.For mortgage holders that were unable to modify their mortgages to avoid foreclosure, damages average $24,125 per claimant.
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