Fake accounts were setup by 5,300 Wells Fargo employees, and the bank was fined $185 million by the Consumer Financial Protection Bureau.
The fake accounts led to customers paying fees, and the company said on September 8 that the employees were fired.
But how do you know if Wells Fargo owes you money?
NOTIFICATIONS HAVE BEEN SENT:
Customers affected should have received notifications about any refunds. However, customers are saying they’re skeptical.
HOW TO CALL CUSTOMER SERVICE:
For general banking, call 1-800-869-3557. For online and mobile banking call 1-888-956-4442. Also use this link for online Wells Fargo inquires. Phone numbers are said to be staffed around the clock, but service on the numbers was slow the morning of September 10, ringing for minutes before going dead.
WHAT WELLS FARGO MUST DO:
Wells Fargo must refund all affected consumers the sum of all monthly maintenance fees, nonsufficient fund fees, overdraft charges, and other fees they paid because of the creation of the unauthorized accounts. These refunds are expected to total at least $2.5 million. Consumers are not required to take any action to get refunds to which they are entitled.
MORE REFUNDS MAY COME:
Wells Fargo said $2.6 million in refunds has been issued to customers for fees that were tied to unauthorized accounts. The average was about $25 for each account. About 100,000 customers have received refunds.
“If we learn of any additional customers who require refunds, we will make those refunds promptly,” the company said in an email to employees on Sept. 8. $5 million has been set aside for customer refunds.
GET A CONFIRMATION E-MAIL FOR ACCOUNTS:
Any accounts opened with Wells Fargo should be confirmed by a welcome email sent to the account opener soon after the personal checking or savings account is created. The email, according to Wells Fargo, will have details of the choices made by the account holder and how to get in touch with the bank.