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Hood announces relief program in Wells Fargo Settlement

Attorney General Jim Hood. Photo courtesy of Telesouth Communications.

Mississippians who have not yet been made whole through existing remediation programs from the December 2018 Wells Fargo settlement can now seek to have their inquiry or complaint reviewed by a Wells Fargo escalation team for possible relief.

Attorney General Jim Hood announced that Wells Fargo has begun a consumer redress review program, which was a key component of the settlement 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.

“When we announced this $2.5 million settlement for Mississippi, we said that we would follow up with this information so consumers are able to make sure they receive any relief they are entitled to under this settlement,” General Hood said. “Our office is following through on its promise to protect Mississippians’ rights to financial well-being over corporate interests.”

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.

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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