Wells Fargo Settles $142 Million Class Action Lawsuit – Are You Owed Money???

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Wells Fargo's $142 Million Settlement

Wells Fargo’s $142 Million Settlement

Wells Fargo has been sending out emails to their customers alerting them to the settlement they made.  This class action lawsuit was in response to Wells Fargo fraudulently opening accounts in their customer’s names, without their knowledge, to pad their new account stats.  I think this story was buried a little bit over the weekend because of the shocking Equifax news.

Who Is Eligible

If you believe Wells Fargo opened a checking, savings, credit card, or line of credit account for you without your permission, or if you purchased identity theft protection from them, you may be entitled to compensation from this fund.

Contact Information

To find out more, go to www.WFSettlement.com or call
1-866-431-8549.

Payment Information

Wells Fargo will be compensating affected customers on the following basis:

  • For fees that customers may have paid in connection with unauthorized accounts.
  • Cash to compensate for damages caused by harm to customer’s credit.
  • Any money remaining in the fund, after paying the benefits above and all costs and expenses, will be paid out as additional compensation on a per-account basis.

With as many as 2 million affected customers (how many fraudulent accounts were opened) I don’t believe there will be much, if any, money left in the fund after paying out the first two bullet points and attorney fees.

Important Dates

These are the dates of importance listed on the settlement website:

  • July 8th – Preliminary Approval Order Granted
  • Early October – Mailed Notice to Class Members & Online Claims Begin
  • December 5th – Deadline to Object or Ask to be Excluded from the Settlement
  • January 4, 2018 – Final Fairness Hearing
  • February 3, 2018 – Deadline to File Claim
Wells Fargo's $142 Million Settlement
Body of the email Wells Fargo is sending out.

Conclusion

I don’t know if the amount of this settlement matches up with the crime committed.   While something is better then nothing, once lawyer fees are paid I doubt people truly affected by this will receive an amount in line with how much this cost them.  Especially those that had their credit harmed, which can be an expensive and stressful process to get corrected.

I think the customers Wells Fargo has lost since this news came out, and the overall loss of trust from the public, has/will cost them a lot more in the long run than this settlement did.

Were you or anyone you know affected by this?  Let us know what actions you/they plan to take in the comments.


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4 COMMENTS

  1. I’m a long-time WF customer, but have no particular fondness for any bank. Despite this news, I am not stupid enough to think WF is any worse than any other major bank. The only difference is WF was caught and has to pay a slap-on-the-wrist fine. I have/hd multiple accounts at approximately a dozen banks (mainly MS purposes). I stay with WF simply because I’ve consistently been given the best service. Chase, Citi, BoA, US Bank offer terrible customer service by comparison. It’s not even close in my experience.

    • It is all about finding who is a good fit for you. I do think they have lost a lot of customers over this. I don’t doubt other banks do similar things (I had a 5/3 banker add a savings account to my account when signing up for a checking account bonus before – without asking me or me requesting it) but I am not sure if it is quite on this scale…at least I hope not. I personally try to do most of my banking with smaller local banks or credit unions.

    • No one can blame you for that. I find their cards difficult to get anyways so I don’t see them as much of a loss.

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