As part of a multistate agreement with Florida, Wells Fargo this week initiated a consumer redress review program for customers harmed by the banks’ alleged violations of consumer protection laws. Wells Fargo customers that did not receive full restitution for the violations can now seek account reviews by a Wells Fargo escalation team for possible relief.
Attorney General Ashley Moody said, “Customers of Wells Fargo were perplexed and outraged after the bank improperly enrolled them into programs and policies they did not want. With this redress program now in place as part of our multistate action, customers will be able to contact Wells Fargo directly and get a quicker response to questions about their eligibility for relief.”
The program is a key component of the December 2018 settlement with the attorneys general of all 50 states and the District of Columbia to resolve claims that the bank violated state consumer protection laws. According to the settlement, Wells Fargo allegedly opened millions of unauthorized accounts, enrolling customers into online banking services without knowledge or consent. The bank also improperly referred customers for enrollment in third-party renters and life insurance policies and improperly charged auto loan customers for force-placed and unnecessary collateral protection insurance. In addition, Wells Fargo failed to ensure that customers received refunds of unearned premiums on certain optional auto finance guaranteed asset/auto protection products, and incorrectly charged customers for mortgage rate lock extension fees.
As part of the program, Wells Fargo will maintain a website containing information regarding consumers’ eligibility for redress. Wells Fargo’s website describes the issues covered by the settlement agreement and provides escalation phone numbers consumers may use to request review. In addition, Wells Fargo will provide periodic reports to the states about ongoing remediation efforts.
Wells Fargo’s consumer redress review website may be accessed here.
Consumers with questions or concerns may call the following Wells Fargo escalation phone numbers:
• Unauthorized Accounts / Improper Retail Sales Practices: 1(844) 931-2273;
• Improper Renters and Life Insurance Referrals: 1(855) 853-9638;
• Force-Placed Collateral Protection Auto Insurance: 1(888) 228-9735;
• Guaranteed Asset/Auto Protection Refunds: 1(844) 860-6962; and
• Mortgage Interest Rate Lock Extension Fees: 1(866) 385-5008.
Click here to view the states’ agreement with Wells Fargo.