If you opened an account at Wells Fargo Bank between May 1, 2002, and April 20, 2017, you are included in a lawsuit that has settled for $142 million. Within that time period, you must have or had a checking account, savings account, credit card or a line of credit that was registered in your name. You are also a part of the settlement if you had any identity protection services provided by the bank.
Reimbursement for Fees
If you had accounts opened in your name and were charged monthly or other fees for them, you may be entitled to reimbursement of those fees through the settlement. To qualify, you must have had a new account between January 1, 2009, and April 20, 2017. It should be noted that if your account was created from May 1, 2002, to December 21, 2008, you will only be able to collect a flat fee as reimbursement.
Credit History Impact
Those who qualify will be compensated if they were forced into paying a higher interest rate on loans or credit cards because of damage caused by unauthorized accounts. This applies to any line of credit issued by Wells Fargo, bank credit cards or deposit accounts for small businesses. Compensation is also available for customers whose information was used in any other unauthorized way. Legal counsel will examine individual circumstances to determine how much compensation is warranted in each case.
Other Compensation
If you are eligible, you may be entitled to further compensation after fee reimbursement and damages for credit impact have been paid. You will receive this money after legal and court costs have been cleared through the settlement. The amount you get is dependent on the number of people involved with the lawsuit. Your compensation will also be affected by your membership in bank identity theft services.
You will need a claimant number if you want to collect any compensation. This is provided in the class-action notice mailed out to you. You will also need to provide the final four digits of your social security number along with your birthdate for verification. If you do not have a claimant number, you will need to contact the settlement advisor in order to obtain one.
Payment Date
The date payouts will begin has not yet been determined by the court. The final approval of the settlement is scheduled for January 2018. It is possible that compensation will begin at that time, but it could start at a later date.
Signing Up
The administrator responsible for the settlement began sending out notification forms in the fall of 2017. Only those who had unauthorized accounts opened in their name or had filed a federal complaint with banking regulators received those notices. If you were not determined to be eligible for this settlement, you would not have received a notice by mail. An online claim form is available to all customers seeking compensation and can be found at wfsettlement.com. The form went live in September 2017 and can still be accessed for claims. By visiting the website, you can receive an update on the settlement after submitting your name. In addition, you can call a hotline at 866-431-8549 for settlement news. The recorded message will also suggest that you look at the website for further information.
About the Settlement
The current Wells Fargo CEO, Tim Sloan, said the settlement was a large step toward repairing the bank's relationship with its customers. The former CEO, John Stumpf, resigned in October 2016 due to the scandal. Originally, it was determined that two million customers had been affected by unauthorized accounts, which led to a settlement of $110 million. After Wells Fargo conducted its own investigation, it was discovered that bank executives were aware of the issue and did nothing. In the end, 3.5 million people had unauthorized accounts opened in their names. This increased the settlement to $142 million.
While the settlement in total is $142 million, the amount each eligible person can collect will vary. The settlement provides compensation for unauthorized fees that were collected and for damage to personal credit history.
Reimbursement for Fees
If you had accounts opened in your name and were charged monthly or other fees for them, you may be entitled to reimbursement of those fees through the settlement. To qualify, you must have had a new account between January 1, 2009, and April 20, 2017. It should be noted that if your account was created from May 1, 2002, to December 21, 2008, you will only be able to collect a flat fee as reimbursement.
Credit History Impact
Those who qualify will be compensated if they were forced into paying a higher interest rate on loans or credit cards because of damage caused by unauthorized accounts. This applies to any line of credit issued by Wells Fargo, bank credit cards or deposit accounts for small businesses. Compensation is also available for customers whose information was used in any other unauthorized way. Legal counsel will examine individual circumstances to determine how much compensation is warranted in each case.
Other Compensation
If you are eligible, you may be entitled to further compensation after fee reimbursement and damages for credit impact have been paid. You will receive this money after legal and court costs have been cleared through the settlement. The amount you get is dependent on the number of people involved with the lawsuit. Your compensation will also be affected by your membership in bank identity theft services.
Claimant Number
You will need a claimant number if you want to collect any compensation. This is provided in the class-action notice mailed out to you. You will also need to provide the final four digits of your social security number along with your birthdate for verification. If you do not have a claimant number, you will need to contact the settlement advisor in order to obtain one.
Payment Date
The date payouts will begin has not yet been determined by the court. The final approval of the settlement is scheduled for January 2018. It is possible that compensation will begin at that time, but it could start at a later date.
Signing Up
The administrator responsible for the settlement began sending out notification forms in the fall of 2017. Only those who had unauthorized accounts opened in their name or had filed a federal complaint with banking regulators received those notices. If you were not determined to be eligible for this settlement, you would not have received a notice by mail. An online claim form is available to all customers seeking compensation and can be found at wfsettlement.com. The form went live in September 2017 and can still be accessed for claims. By visiting the website, you can receive an update on the settlement after submitting your name. In addition, you can call a hotline at 866-431-8549 for settlement news. The recorded message will also suggest that you look at the website for further information.
About the Settlement
The current Wells Fargo CEO, Tim Sloan, said the settlement was a large step toward repairing the bank's relationship with its customers. The former CEO, John Stumpf, resigned in October 2016 due to the scandal. Originally, it was determined that two million customers had been affected by unauthorized accounts, which led to a settlement of $110 million. After Wells Fargo conducted its own investigation, it was discovered that bank executives were aware of the issue and did nothing. In the end, 3.5 million people had unauthorized accounts opened in their names. This increased the settlement to $142 million.
