What You Should Know If You Think Wells Fargo Mugged You
Wells Fargo intends to pay $ 185 million in fines for illegal sales. If you are a Wells Fargo customer, here’s what you should know about it.
Along with several other organizations, the Consumer Financial Protection Bureau (CFPB) fined Wells Fargo for “illegal practice of secretly opening unauthorized deposit and credit card accounts.” In fact, in order to achieve sales goals, employees opened nearly two million bank and credit card accounts on behalf of customers – without their permission or knowledge. These accounts accumulated late fees and other fees. Sometimes employees even created PINs and fake email addresses to illegally attract customers.
Now the company must pay damages to the affected customers. So how do you know that it is you? According to the Wall Street Journal, the company has been looking at accounts since 2011 to find out which ones might have been opened without the client’s consent. If this is you, you do not need to take any action – your check will arrive in the mail. In fact, some clients have already received their money back.
However, a CFPB spokesman still urged clients to check their statements:
Wells Fargo customers should carefully check their bank statements for any unauthorized transactions or withdrawals, Mr Mayorg said. He also says clients should keep track of their credit reports, which should reflect all open accounts.
If you have an account in California, you should get more information from Wells Fargo. According to the Wall Street Journal:
For California customers who have consumer or small business checking or savings accounts, credit cards, or unsecured lines of credit, Wells Fargo will notify you that they may call a bank or visit a local branch to check their accounts or discontinue service. they do not recognize and do not want to. According to Los Angeles Attorney Mike Feyer, such clients should begin receiving information in October.
For other customers, you’ll have to rely on and wait for Wells Fargo to see if you’re hurt. Again, it’s always a good idea to check your credit report , just in case. For more details, skip to the full article below.
What Wells Fargo Customers Need To Know | Wall street journal