MI AG Dana Nessel Announces Start of Wells Fargo Consumer Compensation Review Program
Michigan Attorney General Dana Nessel recently announced that Wells Fargo has begun a consumer compensation review program so consumers who have not been made whole through other remediation programs already in place may seek to have an additional review by a Wells Fargo team for possible relief. The consumer compensation review program was a key component of the $575 million settlement attorneys general from all 50 states and the District of Columbia entered into to resolve claims that the bank violated state consumer protection laws. Michigan’s share was over $5,235,000. The company was alleged to have:
Opened millions of unauthorized accounts and enrolled customers into online banking services without their knowledge or consent;
Improperly referred customers for enrollment in third-party renters’ and life insurance policies;
Improperly charged auto loan customers for unnecessary collateral protection insurance;
Failed to ensure that customers received refunds of unearned premiums on certain optional auto finance guaranteed asset/auto protection (GAP) products; and
Incorrectly charged customers for mortgage rate lock extension fees.
As part of the review program, Wells Fargo will maintain a website that contains information regarding consumers’ eligibility for compensation. Wells Fargo’s website describes the issues covered by the settlement agreement and provides phone numbers consumers may use to request review. In addition, Wells Fargo will provide periodic reports to the states about ongoing remediation efforts.
Consumers with questions or concerns may call the following Wells Fargo phone numbers:
Unauthorized Accounts/Improper Retail Sales Practices: 1-844-931-2273
Improper Renters and Life Insurance Referrals: 1-855-853-9638
Force-Placed Collateral Protection Auto Insurance (CPI): 1-888-228-9735
Guaranteed Asset/Auto Protection (GAP) Refunds: 1-844-860-6962
Mortgage Interest Rate Lock Extension Fees: 1-866-385-5008
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