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MI AG Dana Nessel Announces Start of Wells Fargo Consumer Compensation Review Program
March 14, 2019
PROGRAM ALLOWS MICHIGANDERS WHO HAVE NOT BEEN MADE WHOLE THROUGH OTHER REMEDIATION PROGRAMS TO HAVE ADDITIONAL REVIEW
LANSING – Michigan Attorney General Dana Nessel today 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 $5,235,476.
“It’s important any and all Michiganders impacted by Wells Fargo’s actions are made whole,” Nessel said. “Our office will continue to look out for Michigan consumers’ interests and ensure the company delivers on its promises.”
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: 844-931-2273
- Improper Renters and Life Insurance Referrals: 855-853-9638
- Force-Placed Collateral Protection Auto Insurance (CPI): 888-228-9735
- Guaranteed Asset/Auto Protection (GAP) Refunds: 844-860-6962
- Mortgage Interest Rate Lock Extension Fees: 866-385-5008
View the states' agreement with Wells Fargo here.