Help available for customers part of Wells Fargo settlement

    As part of a settlement late last year, Wells Fargo Bank has begun a new consumer compensation review program for those affected by its litany of scandals, which first emerged in 2016.

    In December, the San Francisco-based bank settled with attorneys general from all 50 states and Washington, D.C., for $575 million over allegations that it opened millions of unauthorized accounts, improperly referred customers to to a variety of third-party insurance products and other charges.

    The company is now maintaining a website to assist customers affected by the charges, Attorney General Dana Nessel’s office noted. Consumers with questions or concerns may call the following Wells Fargo 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

    Michigan’s share of the settlement amounted to just over $5.2 million.

    Since news of the scandal broke, the bank has been under the watchful eye of federal regulators. President and CEO Tim Sloan testified before the U.S. House Committee on Financial Services on Wednesday that his bank’s transformation is ongoing.

    “Above all, Wells Fargo is committed to making things right for our customers and earning back the public’s trust,” Sloan said in his testimony. “Wells Fargo is a better bank than it was three years ago, and we are working every day to become better still.”

    Nick Manes
    Nick Manes covers West Michigan, business and labor, health care and the safety net. He previously spent six years as a reporter at MiBiz covering commercial real estate, economic development and all manner of public policy at the local and state levels. His byline also has appeared in Route Fifty and The Daily Beast. When not reporting around the state or furiously tweeting, he enjoys spending time with his girlfriend, Krista, biking around his hometown of Grand Rapids and torturing himself rooting for the Detroit Lions.


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