Does Wells Fargo Owe You A Piece of a $142 million Settlement?

Wells Fargo has been sued, and you might be part of the lawsuit filed against the major lender. If you opened a credit card, a savings account, a checking account, or a line of credit between May 1, 2002, and April 20, 2017, you are involved in this lawsuit whether you like it or not. The lawsuit against the company was ongoing, but it’s been settled for an astounding $142 million. Anyone who had an unauthorized account during this time and paid fees for the account is due reimbursement from Wells Fargo.

Here’s what you need to know about your role in the Wells Fargo lawsuit settlement.

Fee Reimbursement

There are two levels of the reimbursement settlement. If an unauthorized account was in your name between May 1, 2002, and the last day of December 2008, you’re entitled a flat fee reimbursement from Wells Fargo. If your account was opened from January 1, 2009, through April 20, 2017, you are entitled to a full fee reimbursement from the bank.

Additional compensation might be available for certain people following this lawsuit if they meet certain criteria. There is not much more information regarding this at the moment. It all depends on whether there is additional money left over after attorney fees and court costs are paid, and it all depends on how many affected people take time to seek reimbursement for the money they lost.

Credit Damage Fees

If the unauthorized account opened in your name through Wells Fargo negatively impacted your credit score during the time the account was opened, you likely paid higher credit card fees and even higher interest rates on a home purchase or car purchase. If you were one of the many people impacted in this manner, you might be entitled to even more money from Wells Fargo.

When Is My Money Coming

If you are part of this lawsuit and want to find out if there is any compensation owed to you, you’ll have a bit more time. Final approval of the lawsuit is scheduled for sometime in January 2018, which means it will then be officially closed. Once this occurs, a payment date is set and refunds and reimbursements to people affected by this problem begin. You must first find out if you are someone who is owed money.

Sign Up for Reimbursement

You should have received a letter in the mail beginning in September 2017. The settlement administrator began notifying affected Wells Fargo customers of their role in this lawsuit with letters at this time, and all affected people should have received one in the mail. If you did not receive a letter, do not panic. You might still be part of this settlement.

WFsettlement.com is the website you must visit. There is a claim form on the site you can fill out. The information on the form is relatively simple if you are someone who has a Wells Fargo account. Wells Fargo CEO Tim Sloan is happy about this settlement with customers because he feels it makes the situation right away. He took over when the former CEO of Wells Fargo stepped down at the end of 2016 due to the scandal caused by this.

It was Wells Fargo executives who first noticed there were unauthorized accounts opened in the names of millions of customers, and they were quick to bring attention to the problem and work to reach a settlement amount that would please customers potentially affected by this problem. If you believe you are part of this lawsuit settlement, visit the above-mentioned website to find out.

You could be due money and a refund for fees and other monetary problems caused by this problem. Even if you are not sure if you are part of the lawsuit, fill out the form to see if you qualify. You never know if all you had was a small account or even a line of credit for a short time during any of these dates. Fill out the form, find out if you are owed a settlement, and do it now. Once the final payment date is set in January, you won’t be able to fill out this paperwork anymore.






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