Wells Fargo comes under the reputed banks in the United States. Wells Fargo has been running since 1852, the bank has a long journey and is a reputable one. Recently, there has been a class action against Wells Fargo Bank. This class action lawsuit harmed the reputation of Wells Fargo Bank. Customers are also unhappy with the class action lawsuit as they trusted the bank.
The class action lawsuit against Wells Fargo bank claims that the bank has committed several activities with the accounts in the bank that come in the category of fraud. A few examples are discriminatory lending, enhanced fees, and bad employee treatment.
In 2016, Wells Fargo Bank made headlines that the bank had opened millions of unauthorized bank accounts just to show the sales target. People or the customers of Wells Fargo Bank are disappointed with this action of Wells Fargo bank. Then, the Wells Fargo bank came across a settlement worth $3 billion in 2020. The settlement is done as many customers file the class action suit against Wells Fargo Bank. The customer claims that the credit score of the customers was damaged due to the actions of Wells Fargo Bank. The Wells Fargo bank has charged high fees and caused harm to customers.
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Wells Fargo Bank Settlement 2024
There is another allegation that turns into a class action on Wells Fargo Bank claiming that the bank has done many auto loan practices and illegal mortgages. In the class action, the customer said that Wells Fargo Bank has charged more fees from them in the name of unnecessary loan insurance. This action of Wells Fargo Bank leads to the customer default.
In 2018, there was a software error in the Wells Fargo Bank which led to the closure of 400 homes. After many people lost their homes due to the fault of the Wells Fargo Bank, many class actions are faced by the Wells Fargo Bank.
Other class actions against Wells Fargo Bank claim that the bank has discriminatory lending and suspicious fee policies. People also claim that the Wells Fargo Bank has racism inside the bank. The bank has high-interest loans for people who are black. In some cases, the Wells Fargo Bank deni to provide the loan to the black people.
In the suit, the customer claims that Wells Fargo Bank has charged unnecessary fees by showing the manipulated transactions to them. The employees of the Wells Fargo Bank are also unhappy, they claim that the bank has never paid them for the extra work and there are hour violations many times. The class actions highlight the culture problem in the Wells Fargo Bank.
Wells Fargo Settlement Class Action Lawsuit 2024: Overview
| Department Name | CFPB (Consumer Financial Protection Bureau) |
| Bank Name | Wells Fargo Bank |
| Country Name | USA |
| Settlement Amount | $1 billion |
| Expected Payment | December 2024 |
| Beneficiaries | Wells Fargo customers from 2002-2017 |
| Topic of Discussion | Wells Fargo Bank Settlement 2024 |
| Official Website Link | https://www.wellsfargosettlement.com/ |
Wells Fargo Bank Settlement Payment Amount 2024
The details of the Wells Fargo Bank payment disbursement are given below.
- Auto Loan Repossession: Wells Fargo Bank will pay $4000 to the customers who face wrongful repossessions by the bank.
- Bank Account Issues: The court has directed Wells Fargo Bank bank to pay compensation to the customers for unauthorized fees and frozen accounts. The compensation amount will vary from customer to customer.
- Mortgage Issues: The customers who face the issues of wrongful foreclosures will be paid the amount of $77.2 million by Wells Fargo Bank and the list of those customers is big, ending at 3200 customers.
How to Apply for Wells Fargo Bank Class Action Lawsuit 2024
Here is the main point to talk about what is the process to apply for the claim if you are an affected customer.
- Check Eligibility: The customer of the bank must check whether he is eligible for the Wells Fargo Bank claim or not. He can check from the fact that whether the person is misled by the bank by charging the extra fee or others.
- Gather Evidence: Wells Fargo Bank will provide the money back to the person who shows the documents that the bank has cheated on them. So collect such documents as bank account statements.
- Visit the Class Action Website: Wells Fargo Bank has made another website specially for class action. Visit the website of Wells Fargo Bank.
- Complete Claim Form: Now, you will see the link to fill out the claim form for Wells Fargo Bank. Fill out the details in the Wells Fargo Bank Claim form.
- Submit Your Claim: The last step is to submit the Wells Fargo Bank Claim form, before the submission of the Wells Fargo Bank form kindly recheck the details.
Note: The Wells Fargo Bank is suited by the customers because of these activities.
- Auto loan repossessions
- Wrongful foreclosures
- Unauthorized fees
- Other financial harms