More than 16 million people are owed cash from Wells Fargo. If you happened to be a customer of the banking institution during the period from 2011 to 2022, this could apply to you, according to CNBC.
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The Consumer Financial Protection Bureau filed proceedings against the financial giant for “violating federal consumer protection laws that apply to financial products,” and the bank has now finalized a settlement to the tune of $3.7 billion. In addition to the $1.7 billion that will go to a relief fund for victims, according to the CFPB, that leaves $2 billion owed in direct payments to bank customers who may have been subject to erroneous overdraft checking account charges, misapplied payments and foreclosures when it comes to mortgages and auto loans.
According to the CFPB, one in three American households were Wells Fargo customers during this period and the organization has provided more information on who may be affected and how to recover financial restitution.
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Wells Fargo checking account customers
Any customer who was charged incorrect fees may be eligible for damages. This includes anyone who has had a “surprise” overdraft fee for debit card purchases, checks or ATM withdrawals when their account had sufficient funds to cover the transaction. It also includes anyone who had a monthly fee that should not have been applied. Bank customers can receive up to $100 in damages.
Wells Fargo auto loan holders
This provision applies to those with auto loans where payments “were not applied correctly” and could have resulted in higher interest or late fees, as well as “improper recaptures.” It also applies to those who paid GAP coverage (which covers the entire loan after accidents or theft) when Wells Fargo failed to pay them back in some cases, such as when the loan was paid off early. Car loan holders are owed “at least” $4,000 as part of the settlement.
Wells Fargo Mortgage Customers
The CFPB has also prosecuted the financial institution for illegal practices with mortgages. That includes customers who were charged fees when they shouldn’t have been or loan holders who were “unfairly turned down when they requested modifications to their loan to avoid foreclosure.”
Those with mismanaged mortgages are owed more than $24,000.
As part of the agreement, Wells Fargo must notify customers and move quickly to make payments. “You don’t need to take any action to receive your payment. Some clients have already received their payments”, says the CFPB. If you believe you are owed and have not yet received the notice, the group encourages customers to call Wells Fargo at 844-484-5089, Monday through Friday, 9:00 am to 6:00 pm. .gov.
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This article originally appeared on GOBankingRates.com: Have you been a Wells Fargo customer over the past decade? You could be entitled to thousands in damages