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Attorney General Frey Announces Start of Wells Fargo Consumer Redress Review Program
March 11, 2019
FOR IMMEDIATE RELEASE
March 8, 2019
Contact: Marc Malon, (207) 626-8887
Program allows consumers, who have not been made whole through other remediation programs, to have inquiry reviewed by escalation team
AUGUSTA - Attorney General Aaron Frey today announced that Wells Fargo has begun a consumer redress review program through which consumers who have not yet been made whole through other remediation programs already in place can seek to have their inquiry or complaint reviewed by a Wells Fargo escalation team for possible relief.
"This is an important step forward and will allow Maine consumers who have been harmed by Wells Fargo's practices seek redress," said Frey. "I hope that the national settlement and this program for consumer redress send a message to all institutions that taking advantage of consumers will not be tolerated."
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 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 that contains information regarding consumers' eligibility for redress. 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.
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
Please click here to view the states' agreement with Wells Fargo. https://portal.ct.gov/-/media/AG/PressReleases/2018/20181228WellsFargo_MultistateSettlement.pdf?la=en