Advertisement
savings

Wells Fargo Tries to Make Amends

If you were a victim of its fraudulent activities, take the initiative to claim your money.

Once again, Wells Fargo is opening its checkbook to compensate consumers, this time for charging customers excessive mortgage fees or for car insurance they didn't need. But if you think you're eligible for restitution, prepare to be persistent.

Under a settlement reached in April, the bank is paying $1 billion in fines to the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau. Half of that money goes to a CFPB fund earmarked for compensating consumers. But regulators left it to Wells Fargo to develop a plan for how—and how much—to repay customers.

Advertisement - Article continues below

More than 500,000 customers who had a Wells Fargo auto loan and had car insurance through a different company between October 2005 and September 2016 were charged insurance premiums by Wells Fargo. And from September 2013 to February 2017, more than 100,000 mortgage holders were hit with a fee (often topping $1,000) to lock in an interest rate when the bank delayed their loan.

Refunds are in the mail for some auto-loan borrowers and mortgage holders who complained, but details about the repayment process are still emerging. If you think you were fleeced, check your account statements for unexpected charges and fees and submit copies of the documents to Wells Fargo, says Karl Frisch, executive director of Allied Progress, a consumer advocacy group. Follow up with the bank if you don't get a response.

Advertisement
Advertisement

Most Popular

Medicare Basics: 11 Things You Need to Know
Medicare

Medicare Basics: 11 Things You Need to Know

There's Medicare Part A, Part B, Part D, medigap plans, Medicare Advantage plans and so on. We sort out the confusion about signing up for Medicare --…
September 16, 2020
5 Unfortunate Estate Planning Myths You Probably Believe
estate planning

5 Unfortunate Estate Planning Myths You Probably Believe

These all-too-common misconceptions can steer your estate plans in the wrong direction right from the start. Here’s how to overcome them and tips to b…
September 17, 2020
Election 2020: Joe Biden's Tax Plans
taxes

Election 2020: Joe Biden's Tax Plans

With the economy in trouble, tax policy takes on added importance in the 2020 presidential election. So, let's take a look at what Joe Biden has said …
September 18, 2020

Recommended

Snag a New Account Bonus
Basics

Snag a New Account Bonus

But choose an account that makes sense for the long run.
August 19, 2020
Check Under the Couch Cushions to Help With U.S. Coin Shortage
Coronavirus and Your Money

Check Under the Couch Cushions to Help With U.S. Coin Shortage

An increase in online shopping and e-payments has led to a coin crunch.
August 18, 2020
How to Navigate Emergency Funds in Urgent Times
savings

How to Navigate Emergency Funds in Urgent Times

COVID-19 has revealed cracks in many people’s financial plans, and emergency funds have never been more important.
July 12, 2020
If You're Using Cash Less Often, You're Part of a Trend
Technology

If You're Using Cash Less Often, You're Part of a Trend

The pandemic is speeding up the use of digital payments.
July 2, 2020