AG TONG ANNOUNCES START OF WELLS FARGO CONSUMER REDRESS REVIEW PROGRAM

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02/26/2019

AG TONG ANNOUNCES START OF WELLS FARGO CONSUMER REDRESS REVIEW PROGRAM

Program allows consumers, who have not been made whole through other remediation programs, to have inquiry reviewed by escalation team

Attorney General William Tong today announced that Wells Fargo has begun a consumer redress review program through which consumers who have not yet been made whole through other remediation programs already in place can seek to have their inquiry or complaint reviewed by a Wells Fargo escalation team for possible relief.

In December 2018, the Office of the Attorney General announced that Wells Fargo Bank N.A. would pay $575 million to resolve claims that the bank violated state consumer protection laws.

Connecticut served on the multistate investigation's leadership and negotiating team, along with the attorneys general of Arizona, Iowa and Pennsylvania. Connecticut's share of the settlement is $5,242,279, which has been deposited into the state's General Fund.

"The consumer redress review program was a fundamental part of the December 2018 settlement created to give consumers an avenue for potential relief," said Attorney General Tong. "Connecticut consumers who have questions or concerns about the bank's ongoing remediation programs should visit Wells Fargo's website and call its escalation team."

The consumer redress review program is required by the settlement with the attorneys general of all 50 states and the District of Columbia to resolve claims that the bank violated state consumer protection laws by (1) opening millions of unauthorized accounts and enrolling customers into online banking services without their knowledge or consent, (2) improperly referring customers for enrollment in third-party renters and life insurance policies, (3) improperly charging auto loan customers for force-placed and unnecessary collateral protection insurance, (4) failing to ensure that customers received refunds of unearned premiums on certain optional auto finance guaranteed asset/auto protection ("GAP") products, and (5) incorrectly charging customers for mortgage rate lock extension fees.

As part of the program, Wells Fargo will maintain a website that contains information regarding consumers' eligibility for redress. Wells Fargo's website describes the issues covered by the settlement agreement and provides escalation phone numbers consumers may use to request review. Wells Fargo will also provide periodic reports to the states about ongoing remediation efforts.

Wells Fargo's consumer redress review website may be accessed here.

Consumers with questions or concerns may call the following Wells Fargo escalation phone numbers: