CD Deals Summary
Fed Holds Rates Steady But Signals One More Rate Hike - Strategies for Savers
Fed Meeting Preview and Deposit Rate Forecast - Sep 13, 2023
There Are 6,458 (or 7.9%) Fewer US Bank Branches Now Than in 2020 — Here Are the States, Metros That Lost the MostAre You Eligible for $142 Million Wells Fargo Settlement?
In July 2017, Wells Fargo agreed to pay $142 million to its customers in a settlement over the 3.5 million potentially fake accounts the bank admitted to opening without their permission.
The agreement means a payout for any account holders affected by the scandal, all of whom were given about nine months to file for reimbursement.
The deadline to file a claim was July 7, 2018. That date has passed, but it’s worth knowing whether you’re eligible for the Wells Fargo settlement, how much money you could receive and when you should expect payment. Here’s everything you need to know about the Wells Fargo settlement.
The $142 million Wells Fargo settlement
The Wells Fargo settlement stems from a series of revelations about the bank’s retail sales practices, which found that for years, Wells Fargo employees had created accounts in their customers’ names without their consent.
These accounts included credit cards, lines of credit, checking accounts and savings accounts, with the wrongdoing spanning a 15-year period between 2002 and 2017. There are three reasons a person may be included in the Wells Fargo settlement:
- You had one or more unauthorized Wells Fargo accounts opened in your name between May 1, 2002, and April 20, 2017.
- You had one or more unauthorized Wells Fargo accounts applied for in your name between May 1, 2002, and April 20, 2017, regardless of whether that account was opened.
- You obtained identity theft protection services from Wells Fargo between May 1, 2002, and April 20, 2017.
The original deadline to file a claim was Feb. 3, 2018. But, in March 2018, a California court ruled to extend that date to July 7, 2018, so those affected could have more time to apply.
When will payments be made?
It’s too early to know when payments will be issued, as the Wells Fargo settlement is wrapped up in an appeal that has stalled reimbursement. The appeal, which, among other issues, claimed the court awarded excessive legal fees to certain lawyers involved in the case, must be resolved before payments can begin.
Once that happens, Wells Fargo still has to calculate the total cost of damages for each claimant. The bank will then distribute checks to each person at the same time.
You can check www.wfsettlement.com to track the progress of payments.
How do I know if I’m included?
The Wells Fargo settlement includes anyone who had fake accounts applied for or opened in their name, as well as anyone who obtained fraud protection services during the 15-year time frame.
Exceptions to this include Wells Fargo employees, court officers who have worked with or are related to the case, and anyone who opted to be excluded.
Those who qualified for reimbursement would have been mailed a notice in November 2017. Customers can check their status by calling 866-431-8549 or visiting www.wfsettlement.com.
How much will I be paid if I’m receiving a settlement?
While reimbursements will differ from claimant to claimant, Wells Fargo has announced what each settlement will cover. There are three types of payments a customer may receive from the bank, depending on the extent of the damages:
- Fee reimbursement: Anyone who was charged fees for an unauthorized account will be repaid for those charges. For fees charged between Jan. 1, 2009, and April 20, 2017, that money will be paid back. Those who had fees charged between May 1, 2002, and Dec. 31, 2008, will receive a flat-rate reimbursement since the bank said it is unable to calculate the exact cost of those fees.
- Credit impact damages: Customers who paid higher interest rates because their credit score was harmed by a fake account will also receive reimbursements. These payments will vary based on how badly a person’s finances were affected by a reduced credit score.
- Additional compensation: After the other payments have been calculated, Wells Fargo will divide the remaining settlement money among all the claimants. The amount each customer receives will vary, depending on how many fake accounts were tied to their name and whether they had enrolled in fraud protection services.
Wells Fargo in the news
The $142 million Wells Fargo settlement hasn’t been the only thing keeping the bank in the news lately.
In late December, the bank agreed to a $575 million settlement with the attorneys general of all 50 states and Washington, D.C. That payment is also tied to the fake account scandal, as well as other issues relating to auto loans and mortgages.
Not every state will get an equal share of the settlement, though. California, for example, is set to receive $148.7 million — about $100 million more than the next highest payout. Washington, D.C., will receive the least money, getting $1,112,853.
The fake accounts scandal also spawned a securities fraud suit, which was settled last March. That agreement, filed by Wells Fargo shareholders who said the bank misstated and omitted information related to the scandal, resulted in a $480 million payout.
https://topclassactions.com/category/lawsuit-settlements/open-lawsuit-settlements/
WF made a fake mortgage acct on me too and fraudulently/inaccurately reported 2 paid off loans.
Killed my credit rating.
I am suing.
###
You can actually sue under identify theft and win.
April 13, 2019
Thank you.
i almost lost my wig , they said there were similarities with the person using the card on 2 different wells.fargo atm location.. first off how the hell they know how I look like and why they checking wells fargo atm only when my card was used various times are different locations and they are checking dates that I already confirm that I used it on.. after losing some money then telling me that they going to deduct the amount they credited to temporarily, he have the nerves to tell me that just be sure to have the money in my account by the time they take it or it will be overdraft .. despite having all these protection plan charging me every month and all these unknown fees for years they would have the audacity to treat me like this ..
The Settlement has been appealed. Which means NO PAYMENTS HAVE BEEN ISSUED AND WILL NOT BE ISSUED UNTIL ALL APPEALS HAVE BEEN RULED UPON.
I don't know where these checks any of you guys are getting are coming from, but be careful.
[email protected]
(818)839-2333
That was caused by the 1st of 5 accounts WF gifted me.
They opened a new checking acct w/o my knowledge and my money was being moved into my newly created checking account. So for three months in a row my rent check bounced, then my card declined the next month the 3rd time I had to pay with a Certified Check.
Not even a week later an electrical fire started in my 1911 rehabed hotel apartment. Everything I owned was burnt, melted or charred beyond recognition, the floor-to-ceiling windows blew out and because it was so old there was lead paint underneath that burned so hot the entire apartment and everything in it was solid black...DESTROYED.
The entire building was a month-to-month leases so because my rent was late 3x in a row including that months rent, the new owner wouldn't lease me another apartment...I was instantly HOMELESS.
I ended up living and sleeping in my car with my dog for 3 months because I couldn't find a place to live. Why? Poor credit AND poor rental history at my last residence! BAD.CREDIT??I'm LIVING in my $40,000 brand new car that I just financed 4 months ago!!? #tf
Not one bit of that chapter in my life was my doing - it was Wells Fargo's crime.
They opened 3 more accounts including a money market account that sat there for 4 yrs with ZERO.DOLLARS in it before I found it. #myWFstory
From the last update at the settlement website (linked in the article above) dated 02/03/2020 states:
"The Court's approval of the Class Action Settlement has been appealed....settlement eligibility and payment amounts will be determined after all appeals have been resolved. This process can take time"
The last update at the settlement website (linked in the article above) dated 02/03/2020 states:
"The Court's approval of the Class Action Settlement has been appealed....settlement eligibility and payment amounts will be determined after all appeals have been resolved. This process can take time"
But as always Fargo was a step a head of me. The results in which I have documents of all relotts and account , well some partial account activity shows that nit only was thus dkne by an employee but my sisters well . And as well as that in the year starting in 2013 up until 2019 the ssa diaabilty has sent ne statementa if over payments resulting in over 185,000 dollars in which that has been taken from my monthly check and been played back. As if this year I have recieved statements that I owe still another 92,000 dollars. Sad it is. I have never seen this in an account and as I said the. Reports I have actually showota if direct deposits from ssa and they where deposited in a way to save I had opened in 2010 and the account qas hidden from me. And the years involved show thus aa a direct and not only unauthorized actions but by an employee and excutive staff and other employees was kept from .e and purposely shows intent to embezzled. And the documents show ebeidence beyond doubt of this . Now I haven't even seen this money, not got mine back. Not has anyone been charged in the employment of wells fargo not civilian. And. The last remediation said representive lied and denied any of this and had the same documents as I did. And you say that the remainder if the 142,000,000 dollars was to be devided ? And just like always another bait and switch , I am still being bashed.
Two months ago I paid for a relative (yes... he had no idea it was a scam and asked me to pay for him because he had no access to his funds or the complete information at that moment) to a scammer who said it was Con Edison $3,500 with Zelle. I thought Zelle is a bank app that works the same way my other accounts do - responsibly, and protecting my money from thieves.
I went to the bank within 10 minutes when I suspected that it was a scam while having the conversation with the scammer, and have asked Wells Fargo to stop the payment. I was told there's nothing they can do. I called Wells Fargo fraud division immediately, within a few minutes, they said nothing can be done. Went to the police, filed a report, nothing on their end either.
Asked Wells Fargo, several times, to provide me with the bank account where the money went, so that I can take the person to court, also a Wells Fargo costumer, and they won't.
Instead, Wells Fargo sent me useless information couple of times, and a few letters, informing me that they closed the investigation.
I see that Wells Fargo is robbing me, and helps others to rob me. And they say it is all legal.
I can't believe this happens in America, as if it is a lawless country.
Are really banks above the law? Is there really nothing I can do? Do banks have a legal obligation to protect criminals? Is there really nothing Wells Fargo can do, or they just won't. They need the money to flow, no mater from where to whom.
Wells Fargo owns Zelle. That there's nothing they can do cannot be true.
That they set up this kind of a system where there's nothing they can do should not absolve them of responsibility. They set up this kind of irresponsible system.
They should either change the way Zelle works, or give it up altogether, instead of teaming up with thieves and steal money from their own costumers.
If there's a lawyer out there willing to take on my case, please let me know.
"Two months ago I paid for a relative (yes... he had no idea it was a scam and asked me to pay for him because he had no access to his funds or the complete information at that moment) to a scammer who said it was Con Edison $3,500 with Zelle. I thought Zelle is a bank app that works the same way my other accounts do - responsibly, and protecting my money from thieves."
Is your name Edison? :)
Think you need to have a face to face w/relative Again