Trust issues can ruin any relationship, including the one you have with your bank. And when a financial institution makes too many mistakes, you may be left to clean up the mess.
Wells Fargo faces numerous accusations its employees have engaged in misconduct against customers. The long list includes: opening bogus bank and credit card accounts, charging borrowers for unnecessary auto insurance and modifying mortgages without approval.
Now, two federal regulators and the San Francisco Federal Reserve are reportedly looking at the bank’s guaranteed auto protection insurance program. Thousands of consumers who paid off loans in advance may not have received refunds they were owed.
Wells Fargo victims should do what they can to get financial relief. Account holders should check bank statements for unauthorized charges. Borrowers — particularly those with auto loans — should look closely at bills and any messages they’ve received from their lender.
Here are five things you can do now if you were caught up in the account scandals.
Keep your eyes open
Continue Reading Below
A $142 million settlement could be finalized in early 2018. The fund would compensate those who had checking or savings accounts, credit cards or lines of credit opened in their names (or applied for) without consent beginning in May 2002.
The number of potential victims is staggering.
In August, Wells Fargo said its third-party review of accounts opened between January 2009 and September 2016 identified as many as 3.5 million unauthorized accounts, or 66 percent more than it had initially estimated.
The review also found that 190,000 fake accounts incurred fees and charges, up from the 130,000 previously identified. Wells Fargo says it will issue $2.8 million in refunds to those…