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Wells Fargo Compensates Customers Of Up To $24,125 Each For Settlement Over Illegal Activities

Wells Fargo Financial Services
Wells Fargo Financial Services

Wells Fargo is compensating its customers of up to $24,125 each for settlement over illegal activities. These illegal activities include erroneous fees and unauthorized closures and vehicle repossessions.

Wells Fargo Ex-CEO John Stumpf

Wells Fargo Ex-CEO John Stumpf

Wells Fargo, a financial services company, has decided to settle the lawsuit filed by the Consumer Financial Protection Bureau (CFPB) against them. The lawsuit was filed for the illegal activities allegedly done by Wells Fargo. These illegal activities include erroneous fees, interest rates for unauthorized closures, and unauthorized vehicle repossessions. The CFPB has come across the violations made by Wells Fargo in their regular bank accounts and auto and mortgage loans.

According to Gore, Wells Fargo has agreed to pay more than $2 billion to more than 16 million customers who were affected between 2021 and 2022. The affected customers will also have a relief fund where the remaining money will be directed. These payments are part of the $3.7 billion settlement. Wells Fargo has already notified its customers who are eligible to receive the payments from the settlement.

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Who is eligible for these payments?

According to Heilman, the amount of payments depend on how a customer was affected by the illegal activities. Bank account holders erroneously charged with fees could receive an average of $100. Those who experienced unauthorized vehicle repossessions could receive at least $4,000 or higher. Lastly, around 3,200 customers who were unable to adjust their mortgage payments to avoid foreclosure could receive an average of $24,125 each.

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