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Attorney General Hunter Announces Launch of Wells Fargo Consumer Compensation Review Program

Attorney General Hunter Announces Launch of Wells Fargo Consumer Compensation Review Program

Oklahomans not yet made whole by the bank encouraged to submit claims

OKLAHOMA CITY – Attorney General Mike Hunter today announced that Wells Fargo has begun a new program aimed at assisting customers who have not been compensated through other remediation efforts after a multi-state investigation alleged the bank opened millions of unauthorized accounts, among other fraudulent business practices.

The consumer redress review program was one of the requirements announced last December as part of the $575 million settlement agreement between Wells Fargo and attorneys general from all 50 states and the District of Columbia to resolve claims that the bank violated state consumer protection laws.

Oklahomans can check their eligibility for redress through the program’s website at: https://www.wellsfargo.com/commitment/redress/. The website describes the issues covered by the settlement agreement and contains hotlines for customers with additional questions.

Attorney General Hunter said the review program was a key component of the December settlement between Wells Fargo and attorneys general.

“One of the biggest concerns after the investigation was how to ensure every affected consumer is made whole,” Attorney General Hunter said. “I strongly encourage Oklahoma victims who have not yet received restitution to participate in this program in order to be properly compensated.”

In addition to the unauthorized accounts, the states’ investigation also claimed Wells Fargo employees 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; and failed to ensure customers received refunds of unearned premiums on certain optional auto finance products; and incorrectly charged customers for mortgage rate lock extension fees.