TRENTON – Attorney General Gurbir S. Grewal announced in a release Feb. 27 that Wells Fargo had begun a consumer redress review program through which customers who have not already been made whole through other remediation programs can seek to have their inquiry or complaint reviewed by a Wells Fargo escalation team for possible relief.
The consumer redress review program was a key component of Wells Fargo’s overall $535 million settlement with New Jersey, 49 other states and the District of Columbia in 2018 to resolve claims that the bank violated state consumer protection laws through multiple unlawful actions.
Those actions included:
(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.
New Jersey received $17 million under the Wells Fargo settlement, which was announced by Attorney General Grewal in December 2018.
“Our investigation of Wells Fargo already produced a $17 million settlement payment to the State of New Jersey. Now, this new consumer program will allow our residents to obtain relief directly from the company,” stated Grewal.
As part of the consumer redress 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. In addition, Wells Fargo will provide periodic reports to the states about ongoing remediation efforts.
Wells Fargo’s consumer redress review website may be accessed at: https://www.wellsfargo.com/commitment/redress/
Consumers with questions or concerns may call the following Wells Fargo escalation phone numbers:
Unauthorized Accounts / Improper Retail Sales Practices: 1-844-931-2273
Improper Renters and Life Insurance Referrals: 1-855-853-9638
Force-Placed Collateral Protection Auto Insurance (“CPI”): 1-888-228-9735
Guaranteed Asset/Auto Protection (“GAP”) Refunds: 1-844-860-6962
Mortgage Interest Rate Lock Extension Fees: 1-866-385-5008
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