Wells Fargo Giving Out $142 Million For Unauthorized Account Use

By: Ava K., Assistancefinder
Published Jan 15, 2020 8:05:22 AM

If you opened an account with Wells Fargo between May 1, 2002 and April 20, 2017, then you may be a part of a Wells Fargo class action lawsuit. However, there are several requirements that you have to be met in order to participate in this class action lawsuit. You must have a line of credit, checking account, savings account or credit card in your name.

The total settlement is $142 million. However, the amount that each person can get will vary. People who participate in the Wells Fargo class action lawsuit will not only be able to get fees for reimbursement, but they will also be able to get compensated for credit repair damages.

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Reimbursement for Fees

If you were charged money for an account that you did not authorize, then you may be eligible for fee reimbursement. The date that you opened your account must fall between January 1, 2009 to December 31, 2007. The fees that you paid the bank will be reimbursed to you. You may still be able to get money if the date you opened your account ranged from May 1, 2002 to December 31, 2008. However, you will get flat-fee reimbursement.

Damages to Your Credit

If an unauthorized account caused you to have to pay more in interest, then you may be able to receive compensation for damages that were done to your credit. This includes a small business deposit account, credit card and line of credit. Additionally, you can get compensated if you have a line of credit and credit card that was used in a way that you did not approve.

Your class counsel will decide the compensation amount. They will look at every case in order to determine how much money each person will get.

Additional Compensation

You may be able to get more compensation in addition to the fees and credit repair damages. You will get this compensation after the fees and other court costs have been paid. The number of people who participate in the class action lawsuit will determine how much money you will get. Additionally, if you have Identity Theft Services, then this will also affect how much money you will get.

Proof of Purchase

If you want to get compensation, then you will have to provide a Claimant ID. You will find the Claimant ID on your individual case form that you will receive in the mail. You will have to give your Social Security number's last four digits and date of birth. If you cannot find your claimant ID, then you will need to call your settlement advisor.

When Will I Receive My Money?

No one has set a payment date. You may be able to get your money beginning in January 2018. No payments will be sent out until the final approval has been made. The approval date is expected to be made in January 2018.

How can I Sign Up?

The settlement administers mailed out forms in September 2017. You will only get a letter if Wells Fargo thinks that you had an unauthorized account. These are people who have already filed a complaint with the bank and federal regulators. You will not be sent anything if you are not a part of the lawsuit.

You have the option of filling out your claim form online. If you want to fill out the form online, then you will need to visit WFsettlement.com. This form first became available back in September 2017. You still have time to go to the website and submit your name. The website also has updates on the settlement.
Additionally, you may phone 866-431-8549. You will not reach a live person, but you will be directed to the website. Tim Sloan is Wells Fargo's CEO. He stated that the approval shows that Wells Fargo is committed to getting things done right and helping customers.

The settlement amount was once $110 million. However, investigators found out there were more people who had unauthorized accounts. That is why the compensation amount was increased.

This is not the first time that Wells Fargo has been involved in a scandal. John Stumpf is the former CEO. He resigned in October 2016 after a scandal.

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