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Some customers’ money was unfairly “frozen” for weeks if Wells Fargo suspected a single deposit was fraudulent.Wells Fargo advertised no fees if a customer made “10 or more debit card purchases and/or payments” in a month, but the bank limited the types of eligible payments and didn’t count debit transactions that posted days later. Some customers were charged monthly fees when they shouldn’t have been.
Some customers were unfairly charged surprise overdraft fees on debit purchases and ATM withdrawals, even if they had enough money in their account at the time of the transaction. Wells Fargo wrongly reported some customers as deceased, overstated attorney fees that meant applications were denied instead of approved, and brought thousands of wrongful foreclosure actions. They also may have been charged incorrect fees and other costs. Some mortgage loan borrowers were unfairly turned down when they requested modifications to their loan to avoid foreclosure. Some auto repossessions were also mismanaged, including how the vehicles were sold after repossession. Some customers’ auto loan payments were not applied correctly to their balances, leading to higher interest charges, late fees, and wrongful repossessions. Wells Fargo acted unfairly by not refunding money when the loan terminated early-for example, if it was paid off ahead of schedule. Some auto loan borrowers prepaid for GAP coverage, which insures the amount owed on a car loan if you have an accident or your car is stolen. More than 16 million accounts at Wells Fargo were subject to their illegal practices, including misapplied payments, wrongful foreclosures, and incorrect fees and interest charges. Customers with three types of accounts were harmed If you have a Wells Fargo account, here’s information to help you understand whether you may have been harmed, how payments are being distributed, and what else to watch for. One in three American households is a Wells Fargo customer and affected by its corporate culture and business practices. #Wells fargo amortization calculator plus
Wells Fargo is required to pay more than $2 billion to customers who were harmed, plus a $1.7 billion fine that goes to the victims’ relief fund. Recently, the CFPB took action against Wells Fargo Bank for breaking federal consumer protection laws that apply to financial products, including auto loans, mortgages, and bank accounts.
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