If you held a Wells Fargo account between 2011 and 2022, you might be among the 16 million customers eligible for compensation, as stated by the Consumer Financial Protection Bureau (CFPB).
Wells Fargo has agreed to a $3.7 billion settlement, including over $2 billion to be paid directly to customers affected by “illegal activity,” which ranges from incorrect overdraft fees to wrongful foreclosures.
Affected customers include those with car loans, mortgages, or bank accounts. Specific issues identified by the CFPB include:
Auto Loan Customers: Instances of prepaid gap coverage not refunded upon early loan payoff, misapplied payments resulting in higher interest and fees, and unwarranted auto repossessions.
Mortgage Loan Borrowers: Cases of wrongful foreclosures, incorrect fees, and improper loan modifications that could have prevented foreclosure.
Bank Account Holders: Incorrect overdraft fees on debit and ATM withdrawals and unjust “freezing” of funds due to suspected fraudulent deposits.
The compensation amount varies:
- Automobile repossession claims start at $4,000.
- Mortgage modification issues average $24,125 per claimant.
- Deposit account issues average $100 in damages.
How ProTech Life Can Help You Claim Damages
If you’re eligible for compensation, Wells Fargo is required to notify you. Many customers have already received their payments via check or account credit. However, if you haven’t received your payment yet, ProTech Life is here to help. Here’s what you can do:
Contact Wells Fargo: Reach out to a Wells Fargo customer representative to inquire about your eligibility and the status of your payment.
Submit a Complaint to the CFPB: If contacting Wells Fargo does not resolve the issue, you can file a complaint directly with the CFPB online. The CFPB will follow up with Wells Fargo on your behalf.
ProTech Life provides support and guidance throughout this process, ensuring you receive the compensation you deserve. Don’t miss out on the money owed to you—let ProTech Life help you navigate the claims process smoothly.
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