Have You Been Impacted by Wells Fargo's Past Misconduct? Here's How to Find Out If You're Part of a Settlement!
The name Wells Fargo has, unfortunately, become synonymous with various scandals over the past decade, from unauthorized accounts to mortgage forbearance issues and even illegal call recordings. If you're reading this, you might be wondering if you, or someone you know, could be eligible for compensation from one of the many settlements that have arisen from these events. It can be a confusing and overwhelming process, but don't worry – we're here to break it down for you, step by step!
Are you ready to see if you're owed money? Let's dive in!
Step 1: Understand the Types of Wells Fargo Settlements
Wells Fargo has faced multiple lawsuits and regulatory actions, leading to various settlements. It's crucial to understand that there isn't just one "Wells Fargo settlement." Instead, there have been a series of agreements addressing different wrongdoings and impacting different groups of people.
1.1 The "Fake Accounts" Scandal (Unauthorized Accounts)
This is perhaps the most widely known scandal. Wells Fargo employees, under immense sales pressure, opened millions of unauthorized customer accounts, often without the customer's knowledge or consent. This led to fees, credit score impacts, and other damages for many individuals.
1.2 Mortgage Forbearance Issues
During the COVID-19 pandemic, some Wells Fargo mortgage customers were reportedly placed into forbearance without their informed consent. This could have negatively impacted their credit scores and their ability to obtain other credit.
1.3 Illegal Call Recordings (California Residents)
More recently, Wells Fargo (or a third-party partner) faced a settlement concerning illegal recording of phone calls with California residents and businesses without their permission.
1.4 Other Securities and Investment-Related Settlements
Beyond consumer accounts, Wells Fargo has also faced lawsuits related to securities and investment practices. These settlements typically impact investors who bought Wells Fargo stock during specific periods.
It's important to identify which type of misconduct might have affected you, as the eligibility criteria and claims process will vary significantly.
Step 2: Determine Your Potential Eligibility
Once you have an idea of which settlement might apply to you, you need to check if you meet the specific eligibility criteria.
2.1 For Unauthorized Accounts
- Who was impacted? Generally, individuals who had unauthorized checking, savings, or credit card accounts opened in their name by Wells Fargo employees between 2002 and 2016.
- What was the impact? You might have incurred fees, or your credit score may have been negatively affected.
2.2 For Mortgage Forbearance Issues
- Who was impacted? Wells Fargo-serviced mortgage customers who were placed into COVID-19 mortgage forbearance without their informed consent between March 1, 2020, and December 31, 2021.
- What was the impact? You might have experienced a decrease in your credit score, denial of credit applications, or delayed refinancing due to the unauthorized forbearance.
2.3 For Illegal Call Recordings (California Specific)
- Who was impacted? If you live in California (or are a California business) and received a call from The Credit Wholesale Co. Inc. (a third-party sales partner for Wells Fargo) between October 22, 2014, and November 17, 2023, where the call was recorded without your permission.
- What you need: Your phone number or business name that received the call. You do not need to be a Wells Fargo customer to qualify for this particular settlement.
2.4 For Securities Litigation
- Who was impacted? Individuals or entities who purchased Wells Fargo common stock during specific "class periods." These dates vary depending on the specific securities lawsuit. For example, one settlement covered those who purchased stock between February 2, 2018, and March 12, 2020.
- What you need: Documentation of your stock purchases and sales during the relevant class period.
Always review the official settlement websites for the most precise eligibility requirements, as these can be quite detailed.
Step 3: Identify the Settlement Administrator and Official Resources
For most large class-action settlements, a dedicated settlement administrator is appointed to manage claims, provide information, and distribute payments. Avoid third-party sites claiming to handle your claim unless they direct you to an official settlement administrator's website.
3.1 Looking for Official Settlement Websites
The primary way to get accurate information is through official settlement websites. These sites are usually set up by the court or the claims administrator and will have URLs that clearly relate to the settlement (e.g.,
3.2 What to Look for on the Website
- "Case Documents" or "Important Documents": This section will contain the official notice of settlement, the settlement agreement, and often the claim form.
- "Frequently Asked Questions (FAQs)": This is a great place to find quick answers to common questions about eligibility, the claims process, and payment timelines.
- "File a Claim": This will lead you to the online claim submission portal or a printable claim form.
- "Contact Us": This section will provide contact information for the settlement administrator, usually a toll-free number and/or an email address.
Step 4: Gather Necessary Documentation
Once you've identified a potential settlement and found the official resources, the next crucial step is to gather any documentation that supports your claim. The more evidence you have, the smoother the process.
4.1 For Unauthorized Accounts
- Bank statements: Look for unauthorized accounts or fees.
- Credit reports: Check for negative impacts on your credit score that align with the timeline of the scandal.
- Correspondence from Wells Fargo: Any letters or emails regarding accounts you didn't open.
4.2 For Mortgage Forbearance Issues
- Mortgage statements: Evidence of your mortgage with Wells Fargo.
- Correspondence from Wells Fargo: Any notices or emails regarding forbearance.
- Credit reports: Documentation of credit score changes or denied credit applications after alleged unauthorized forbearance.
4.3 For Illegal Call Recordings (California Specific)
- Phone number(s): The number(s) that received the recorded calls.
- Business name: If applicable.
- This settlement is generally simpler, requiring less extensive documentation.
4.4 For Securities Litigation
- Brokerage statements: Proof of purchase and sale of Wells Fargo common stock.
- Trade confirmations: Detailed records of your transactions.
Keep copies of all documents you submit for your records.
Step 5: Submit Your Claim Form
This is the most critical step. Ensure you submit your claim before the stated deadline.
5.1 Online Submission
Many settlements offer an online claim submission portal. This is often the fastest and most convenient method. Be sure to save a confirmation of your submission.
5.2 Mail Submission
If online submission isn't available or you prefer to mail your claim, carefully complete the paper form, attach all required documentation, and send it via certified mail with a return receipt requested. This provides proof of mailing and delivery.
5.3 Be Accurate and Complete
- Read instructions carefully: Each settlement has specific instructions.
- Provide all requested information: Missing information can delay or invalidate your claim.
- Be honest: Provide accurate details of your experience.
Step 6: Monitor Your Claim Status and Await Communication
After submitting your claim, the settlement administrator will process it. This can take time, sometimes several months or even longer, depending on the complexity of the settlement and the number of claims.
6.1 Checking Online
Some settlement websites offer an online portal where you can check the status of your claim using a claim number or other identifying information.
6.2 Expect Correspondence
The settlement administrator will typically communicate with you via mail or email regarding the status of your claim, any requests for additional information, and eventually, the resolution of your claim and payment details. Be sure to open all mail, even if it looks like junk mail, as checks are often sent in plain envelopes.
Step 7: Receive Your Payment (If Eligible)
If your claim is approved, you will receive a payment from the settlement fund.
7.1 Automatic Payments
In some settlements, if you were identified as a Class Member and did not opt-out, you might receive an automatic payment. This was the case for some Wells Fargo mortgage forbearance settlement members.
7.2 Claim-Based Payments
For most settlements, you will need to have submitted a valid claim to receive a payment. The amount you receive can vary widely depending on the type of settlement, the damages you incurred, and the total number of valid claims submitted.
7.3 Payment Methods
Payments are typically issued via check, but direct deposit might be an option for some settlements. Be sure to cash or deposit any checks promptly, as they often have an expiration date.
If you believe you were eligible but did not receive a payment or communication, contact the settlement administrator directly.
10 Related FAQ Questions:
How to know if I was part of the Wells Fargo unauthorized accounts settlement?
Check if you had any Wells Fargo checking, savings, or credit card accounts opened between 2002 and 2016 without your knowledge or consent. Review old bank statements for unusual fees or accounts. The official settlement website (historically WFSettlement.com) would have provided details and a claims process, though the deadline for this specific settlement has passed.
How to check the status of my Wells Fargo mortgage forbearance settlement claim?
If you filed a claim for the mortgage forbearance settlement, you would typically receive updates via mail or email from the settlement administrator. Some settlement websites offer an online portal to check your claim status using a unique identifier.
How to find the official website for a specific Wells Fargo class action settlement?
To find the official website for a specific settlement, search online for the exact name of the lawsuit or the type of misconduct (e.g., "Wells Fargo illegal call recording settlement California"). Look for websites ending in .com or .org that are clearly designated as official settlement administration sites (e.g., "claims administrator," "settlement website").
How to contact the Wells Fargo settlement administrator?
The contact information for the specific settlement administrator will be provided on the official settlement website. This usually includes a toll-free phone number and an email address. Avoid using general Wells Fargo customer service numbers for settlement inquiries, as they may not have information specific to the class action.
How to know if the Wells Fargo settlement check I received is legitimate?
Legitimate settlement checks will come from the official settlement administrator (not Wells Fargo directly) and will clearly state that they are from the settlement fund. If you are unsure, do not cash the check and contact the settlement administrator using the official contact information found on the settlement website.
How to file a claim for a Wells Fargo settlement?
The process involves identifying the relevant settlement, reviewing its eligibility criteria, gathering necessary documentation (like account statements or phone records), and submitting a claim form (either online or via mail) to the designated settlement administrator before the deadline.
How to find out about new Wells Fargo settlements?
Stay informed by regularly checking reputable class action lawsuit tracking websites (like TopClassActions.com), consumer news outlets, and official government agency websites (e.g., CFPB, DOJ) that oversee such settlements.
How to report a potential Wells Fargo misconduct if no settlement is active?
If you believe you have been a victim of Wells Fargo misconduct for which no current settlement is active, you can file a complaint directly with Wells Fargo, and/or file a complaint with the Consumer Financial Protection Bureau (CFPB) or other relevant regulatory bodies.
How to understand the "class period" in a Wells Fargo securities settlement?
The "class period" refers to the specific timeframe during which individuals must have purchased or acquired Wells Fargo securities to be eligible for that particular settlement. If your stock purchases fall outside this period, you generally won't be eligible.
How to determine the estimated payout amount from a Wells Fargo settlement?
The estimated payout per claimant is usually detailed in the official settlement notice or FAQ section of the settlement website. It can vary significantly based on the total settlement fund amount, the number of valid claims submitted, and the extent of individual damages. For instance, some settlements estimate a per-call payout, while others might offer a range based on incurred losses.
