Maginnis Howard is investigating Wells Fargo for potential violations of federal and state consumer protection laws. Starting in late 2023, the company began sending letters to current and former customers informing them that they were mistakenly enrolled in financial products and services they never requested. If you received a letter from Wells Fargo about your enrollment in a financial product or service you did not authorize or request, contact us to discuss your options.
Wells Fargo Notifies Customers by Letter
Beginning in late 2023, alarmed consumers flocked to Reddit to discuss these mysterious letters. Naturally, many people wondered if the letter requiring consumers to call a number to dispute the company’s claim was a scam. The company has confirmed the validity of these letters. But what does that mean for consumers?
The brief letters, consisting of three short paragraphs, state that “a recent review” has revealed that the customer was enrolled in a specific service. The letters also provide information on the dates when enrollment began and ended. Customers can contact Wells Fargo if they believe their enrollment in the product was not authorized or desired. However, some consumers say that the offer they get by calling the company does not amount to their full losses. An experienced consumer protection attorney on your side can help you get everything you deserve from Wells Fargo.
Unauthorized Products and Services
A recent lawsuit asserts that, since 2008, Wells Fargo has enrolled its customers in various financial and insurance services without their knowledge. In some cases, current and former customers of the bank had been paying for these unauthorized services for years.
Some examples of the products and services mentioned in the letters include:
- Identity Theft Protection
- Accidental death and Dismemberment (AD&D)
- Disaster Mortgage
- Credit Defense
- Sign/Drive Bonus
- Unemployment
The letters did not provide details about the services except the subscription start and end dates. Should the customer fail to recognize the service, they could call Wells Fargo within 60 days so the bank could “care for any impact this enrollment may have caused.”
This practice undermines consumer trust and violates key consumer protection laws designed to safeguard individuals from deceptive and unfair business practices.
Wells Fargo: A Repeat Offender
Wells Fargo is no stranger to consumer complaints and class action lawsuits. A 2016 lawsuit cost Wells Fargo $185 million in fines for what some call the “fake accounts scandal.” The Consumer Financial Protection Bureau (CFPB) alleged the company’s aggressive sales targets ultimately led employees to create fake savings and checking accounts to conflate their results.
In December 2022, the Consumer Financial Protection Bureau (CFPB) ordered Wells Fargo to pay $3.7 billion due to significant mismanagement of auto loans, mortgages, and deposit accounts. This amount included $2 billion designated for consumer redress and $1.7 billion in penalties. The bank’s actions impacted over 16 million accounts, resulting in wrongful foreclosures, vehicle repossessions, and unexpected overdraft fees.
Your Consumer Rights
However, Wells Fargo may have violated the Fair Credit Reporting Act beyond being refunded the amount the company unlawfully took. The company reviews a consumer’s credit report by adding services like insurance. The consumer did not request the service or authorize Wells Fargo to pull their information.
Consumer Attorneys
Consumers have the right to be informed and give explicit consent before enrolling in any financial product or service. Unauthorized enrollments violate these rights and can lead to economic harm, such as unexpected fees or negative impacts on credit scores. Legal frameworks like the Fair Credit Reporting Act and state-level consumer protection laws exist to address such violations and provide remedies for affected individuals.
Contact Us
If you received a letter from Wells Fargo stating they enrolled you in programs without your permission, contact us today. You are entitled to full damages under the law—not just what the company initials offer. Our consumer protection attorneys have decades of experience fighting big banks that continually break the law without compunction. Maginnis Howard takes consumer cases on a contingency basis. That means, you don’t pay unless we recover compensation on your behalf. Our firm serves the Carolinas from our Raleigh, Charlotte, and Fayetteville offices.
If you received a letter from Wells Fargo that states you were enrolled in a service or product you don’t recognize, contact our attorneys immediately. We help consumers get the most they can for violations.
