The Wells Fargo Bank Class Action Lawsuit has decided to provide the customers with a settlement amount of $3.7 billion. The bank made this settlement to cover the charge of a fake account scandal and other misconduct. Customers also need to meet the eligibility criteria to receive the amount.
Wells Fargo Bank Class Action 2024
Wells Fargo Bank has allegations of fraud and unauthorized practices, which result in customers’ financial loss. Customers with bank accounts in this bank faced a massive loss of their funds in 2024. This Wells Fargo Bank Class Action Law 2024 has researched the previous history of the bank related to similar issues like misconduct and fake accounts. Due to this, the bank has made a settlement to resolve the dispute and allegations about security and fraud.
Wells Fargo Bank Class Action Lawsuit 2024 Overview
| Organization | Wells Fargo Bank |
| Country | USA |
| Year | 2024 |
| Settlement Amount | $3.7 billion |
| Amount for Customers | $2 billion |
| Category | Government Aid |
| Official Website | https://www.wellsfargo.com/ |
Wells Fargo Bank Class Action Lawsuit 2024 Payment Amount
The department has decided to distribute the payment among the eligible customers. As I told you earlier, they had given a settlement amount of $3.7 billion, from which $2 billion is for the customers.
Distribution of payment depends on specific effects of the customers:
- Customers who have suffered from auto loan repossession will receive $4,000 in their bank accounts.
- 3,200 customers will receive $77.2 million if they face mortgage issues.
- They also provide payment to the citizens for unauthorized fees, which depend upon the circumstances of the citizens.
Amount of Compensation
Wells Fargo Bank has given the total settlement amount of $ 3.7 billion to the authorities for resolving the issues. This amount is completely subdivided into two parts:
- One part is $1.7 billion, which is provided for penalties of the civil departments of the bank.
- The other part is $2 billion, given to the customers who are successfully eligible for compensation.
The exact distribution amount for the customer will depend upon the factors like damage caused, fees, and misconduct they face.
Eligibility for Wells Fargo Bank Class Action Lawsuit
American residents who are customers of Wells Fargo Bank must meet the eligibility criteria to receive the settlement amount. This criterion will ensure that such customers are genuinely affected by the bank’s fake accounts scandal.
- Customers need to be the account holders between 2011 to 2022.
- Customers who have faced misconduct and unusual activities with their accounts are eligible for payment.
- Customers who are current or former account holders are eligible to receive this amount.
- Customers affected by auto and mortgage loans are also eligible for these benefits.
How to Apply for Wells Fargo Bank Class Action Lawsuit
To apply for these Wells Fargo Bank Class Action Lawsuit 2024, customers need to follow the steps which are as follows:
- Read the instructions and make sure you are eligible to receive this settlement amount.
- You must file a claim for the amount using an online application or contact the department’s office.
- Provide all necessary documents to the authorities for verification.
- Once your claim is accepted, the department will notify you about the amount.
- You can receive payment distributed on 15th December 2024 in your desired form as direct deposits or checks.
Beneficiaries of Wells Fargo Bank Class Action Settlement
This settlement of Wells Fargo Bank will benefit all the customers who have faced different unfavourable outcomes because of the bank. Some of the main types of benefits of the settlement are as follows:
- The settlement benefited Customers who had borrowed auto loans from the authorities.
- Homeowners who have wrongly faced modification charges will also receive these benefits.
- Customers who have current or former bank accounts in Wells Fargo Bank will receive these benefits.