Wells Fargo has begun its consumer redress review program for customers who were victims of the bank’s fraudulent sales practices and have not been made whole though other remediation programs.
The program was created after a $575 million settlement was reached between Wells Fargo and 50 state attorneys general plus the District of Columbia in late December to resolve claims about bank violations of state consumer protection laws.
The violations, which occurred between 2002 and 2017, included setting up unauthorized bank accounts, renters and insurance policies and auto loan collateral protection insurance policies. In addition, there were incorrect bank fees charged to lock in mortgage rates and failure to refund unearned premiums on certain auto finance guarantee asset protection products.
The amounts states and Washington, D.C., received varied based on the number of people impacted, and ranged from a low of $1.1 million for Washington, DC to $148.7 million for California.
State attorneys general have been announcing the start of the program this week, directing consumers to the Wells Fargo redress site for information about eligibility for redress and bank phone numbers to reach specific bank teams addressing different violations.
The Wells Fargo site notes that in most cases eligible customers should receive remediation without having to do anything but can contact designated teams with questions.