Here's a breakdown of how the bureau says accounts were harmed, how much customers could see from the settlement and more. Sign up for the weekly Chicago Catch-Up newsletter here. More specifically, Wells Fargo customers who had either an auto loan, mortgage loan or bank account between 20 were affected and may be eligible for a payout.įeeling out of the loop? We'll catch you up on the Chicago news you need to know. One in three American households is a Wells Fargo customer and is affected by its business practices and "corporate culture," the CFPB says. The total settlement amount, the post states, is $3.7 billion - including a $1.7 billion fine that specifically goes into a victims' relief fund. 17, 2023 blog post from the Consumer Financial Protection Bureau, a settlement with Wells Fargo was reached after the bureau found that more than 16 million Wells Fargo accounts were subject to the bank's "illegal practices, including misapplied payments, wrongful foreclosures, and incorrect fees and interest charges." If you hold one of three types of accounts with Wells Fargo, you may be entitled to a payment as part of a $3.7 billion settlement the bank made after a consumer protection watchdog found that Wells Fargo had broken federal consumer protection laws and used "illegal" practices when managing bank accounts, home loans and more.Īccording to a Jan.
0 Comments
Leave a Reply. |