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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.
To find out more, go to www.WFSettlement.com or call
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.
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
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.
Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.