The authority hasn’t settled the claim against Wells Fargo Bank Settlement as of yet. The federal government has set some restrictions on the bank after this 2016 fake accounts scandal. This misconduct has led to significant legal & monetary consequences. In this article, you will get vital info related to Wells Fargo Settlement, Class Action Lawsuit, eligibility, and more. To get more data, read the below section carefully.
Wells Fargo Settlement Amount
In 2022, the Consumer Financial Protection Bureau has an agreement of a notable $3.7 billion subject to the Wells Fargo multiple settlement. In recent years, they have faced many legal complications including Class Action Lawsuits about unproven biased interest rate practices. This Class Action Lawsuit claimed that Wells Fargo Bank charged unnecessary interest rates from customers on several loan products. Not only that it has addressed numerous practices of the related fake account scandal such as opening an illegal account to harm debtors and mischarging customers.
Wells Fargo Settlement is for those individuals who have their accounts for the duration of 2011 and 2022. The qualifying damage was settled for $3.2 billion, in which the $1.7 billion would be paid for a civil penalty and $2 billion for pretentious customers. The amount would vary for everyone depending on their qualifications and conditions.
Wells Fargo Bank Settlement- Overview
Here is the key info on Wells Fargo Bank Settlement Amount:
| Head of the Article | Wells Fargo Settlement Amount |
| Country Name | United States of America |
| Beneficiaries | Individuals who faced issues in the 2016 fake accounts scandal |
| Total Settlement Amount | $3.7 Billion |
| Wells Fargo Settlement Payment Date 2024 | Not Announced Yet |
| Official Website | wellsfargosecuritiesclassaction.com |
Eligibility of Wells Fargo Settlement Amount
Interested individuals have to meet certain eligibility criteria set by the authority in order to get the Wells Fargo Settlement Amount. Below stated is the WFSA Eligibility Criteria:
- Account recipients who were subjected to inappropriate interest charges or misapplied payments.
- Those individuals who confronted improper foreclosures or were incorrectly charged fees.
- Those beneficiaries who had accounts in Wells Fargo between 2011 and 2022 are entitled to this Wells Fargo Settlement.
- Clients who were affected by the creation of illegal accounts by the employees of Wells Fargo.
- The account types include savings, credit, checking, mortgage, or auto loan accounts.
- The eligibility also extends to those who were going through incorrect fees, unfair foreclosures, misapplied payments, illegal account openings, and erroneous interest charges at that time.
Wells Fargo Settlement Payment Amount
The Wells Fargo Bank Settlement Amount depends on the monetary troubles faced by the customers. The compensation will be given on that basis. The total settlement fund is decided at $3.7 billion. This amount was decided on the CFPB and Wells Fargo settlement. Out of this USD 3.7 billion, the USD 1.7 billion is decided as a civil penalty. This portion will be distributed by the US administration to the customers. It won’t be given directly to them. The USD 2 billion is decided to compensate the affected consumers. This amount would help customers who have faced issues like wrongful foreclosure, incorrect fees, unauthorized accounts, and other such issues.
How to Claim Wells Fargo Settlement?
Those who meet the specific eligibility requirements for Wells Fargo Settlement will get the claim amount. The notification released by the authority contains full guidelines on how to submit the claim and the necessary documents required to file the claim. If you missed it then you do not have to worry, as I have mentioned the full procedure below.
- Go to the wellsfargosecuritiesclassaction.com.
- Fill in your name, address, phone number, zip code, email address, and more.
- Now upload the documents such as correspondence with Wells Fargo, account statements, and proof of damages. It would help in verifying the claim’s legality and the financial harm level.
- Review the details and uploaded documents.
- Submit it.
After the submission, it goes through a review procedure. This procedure is done to ensure that given info related to Wells Fargo is legit and accurate. In a few cases, you would be asked to upload other documents for confirmation. If your application gets approved, you will be notified by the authority about the detailed amount of compensation that you will get. Approved claims will get the payment after the distribution of the payment. You will get the payment through cheques, direct deposits, or credits in their already existing Wells Fargo account.
Wells Fargo Settlement Amount FAQs
The Wells Fargo Settlement payment is around $3.7 billion. Out of this $1.7 billion would be owed as a civil penalty. And the other $2 billion would be designated for remaining affected consumers as compensation.
As per the latest updates, there is no approval on the Wells Fargo settlement payment dates by the authority. Once the authority discloses it, they will release the notification on their official portal.
The individuals who have accounts in the duration of 2011 and 2022, and have gone through issues like incorrect fees, interest charges, unauthorized accounts, or wrongful foreclosures are entitled to a settlement.
Interested individuals can file the claim from the wellsfargosecuritiesclassaction.com site. You can get the whole process in this post.