Have an Unauthorized Wells Fargo Account Opened? Get Your Share of $110M

Have an Unauthorized Wells Fargo Account Opened? Get Your Share of $110M
CX Matiash/AP Photo

Wells Fargo got in hot water last year for secretly opening millions of unauthorized bank and credit card accounts without its customers’ knowledge.

If you were one of those customers, you’re in line to get some money.

Wells Fargo has agreed to a $110 million settlement in a class-action lawsuit.

The money will reimburse customers for “out-of-pocket losses, such as fees incurred due to unauthorized account openings,” according to Wells Fargo’s news release.

In addition to the repayment of fees, the settlement will include “millions of dollars of additional monetary relief,” according to a lawyer in the case.

Who Gets Paid?

The settlement covers anyone who had a Wells Fargo account opened without their consent from Jan. 1, 2009 through whatever date the courts officially execute the settlement.

If that includes you, you don’t need to take any action yet.

A court still needs to sign off on the agreement. Once that happens, Wells Fargo says it will send affected customers notices on how to submit a claim.

This settlement comes on top of the $3.2 million Wells Fargo has already paid to customers for 130,000 unauthorized accounts. Wells Fargo told CNN that most customers who already got a remediation check are still eligible to take part in the settlement.

Wells Fargo’s Very Bad Year

The deal follows a rough 2016 for Wells Fargo.

Its CEO resigned due to the scandal. The bank got slapped with a $185 million fine for the unauthorized accounts. And by the end of the year, it acknowledged that business was suffering, with noticeably fewer new customers opening accounts.

For its part, Wells Fargo says it has changed its ways. Among other steps, it fired 5,300 employees and overhauled the employee compensation plan that fueled the opening of unauthorized accounts.

YourTurn: Are you affected by the Wells Fargo settlement?

Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. The name “Wells Fargo” always makes him think of stagecoaches.