Kentuckians can access Wells Fargo Settlement Payment Program

FRANKFORT, Ky. (WTVQ) – Attorney General Andy Beshear says Kentuckians who have not been made whole through previous Wells Fargo settlement remediation programs can now register a complaint with Wells Fargo for possible relief.

Wells Fargo’s redress review program is part of a $575 million December 2018 settlement with attorneys general of all 50 states and the District of Columbia to resolve consumer protection law violation claims.

Kentucky received a $2.8 million portion for the state’s General Fund.

Now Kentuckians involved in the bank’s retail sales practices, renters or simplified term life insurance referrals, collateral protection insurance, Guaranteed Asset/Auto Protection and mortgage interest rate lock programs can visit Wells Fargo’s website to determine refund or compensation eligibility.

The site describes the issues covered by the settlement agreement and provides escalation team contact information.

The settlement resolves claims that Wells Fargo violated Kentucky consumer protection laws by imposing aggressive and unrealistic sales goals on bank employees, and implementing an incentive compensation program where employees could qualify for credit by selling certain products to customers.

It’s alleged that the bank:

  • Opened millions of unauthorized accounts and enrolled customers into online banking services without their knowledge or consent
  • Improperly referred customers for enrollment in third-party renters and life insurance policies
  • Improperly charged auto loan customers for force-placed and unnecessary collateral protection insurance
  • Failed to ensure that customers received refunds of unearned premiums on certain optional auto finance products
  • Incorrectly charged customers for mortgage rate lock extension fees.

 

Categories: State News

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