FOR IMMEDIATE RELEASE: Thursday, February 28, 2019
CONTACT: Tim Bormann (605) 773-3215
Pierre, S.D. - Attorney General Jason Ravnsborg 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.
"I am excited to see this resource put into place as part of the settlement reached last year," said Ravnsborg. "Making this resource available to South Dakotans who were affected is a key step in making sure that everyone is treated fairly in the settlement."
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