Missouri News: Attorney General Eric Schmitt Announces Start of Wells Fargo Consumer Redress Review Program

Jefferson City, MO (STL.News) – Wells Fargo has launched a consumer review program for Missourians who believe they were harmed by the actions of the company, but have yet to receive compensation, according to Missouri Attorney General Eric Schmitt.

Wells Fargo’s consumer review program was a key component of the December 2018 settlement with the attorneys general of all 50 states and the District of Columbia to resolve 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.

As part of the program, Wells Fargo will maintain a website with information regarding consumers’ eligibility for compensation.  The website describes the issues covered by the settlement agreement and provides phone numbers for consumers to request reviews.  In addition, Wells Fargo will provide periodic reports to the states about ongoing remediation efforts.

“This redress review program is an important step toward ensuring that each and every Missourian who was injured by Wells Fargo’s illegal conduct gets the restitution they deserve,” AG Schmitt said.  “When we see wrongdoing, we are going to work to right the wrongs on behalf of our citizens.  I encourage anyone impacted by the Wells Fargo actions to contact them.”

Wells Fargo’s consumer redress review website may be accessed at https://www.wellsfargo.com/commitment/redress/

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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