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February 27, 2019

Wells Fargo launches review system for consumers as part of nationwide settlement

Program allows consumers who have not been made whole to have inquiry reviewed

DES MOINES -- Attorney General Tom Miller announced that Wells Fargo has begun a consumer redress review program as part of its settlement with Iowa and the rest of the country.

The review program is intended for consumers who have not yet been made whole through other remediation programs already in place. Consumers can have their inquiry or complaint reviewed by a Wells Fargo escalation team for possible relief by going to a website that launched Wednesday.

The consumer redress review program was a key component of the December 2018 settlement with the attorneys general of all 50 states and the District of Columbia. Wells Fargo Bank agreed to pay $575 million to resolve claims that the bank violated state consumer protection laws over several sales practices, including creating unauthorized accounts, and other actions that affected millions of customers.

Iowa joined Arizona, Connecticut and Pennsylvania in leading the investigation into Wells Fargo’s practices.

The settlement resolved 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.

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.

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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