Wells Fargo Taking Calls On Reimbursement Eligibility

-Connecticut Attorney General William Tong published Wells Fargo “redress” plan to reimburse customers who have yet to receive money after a multistate investigation into employees opening bogus accounts to increase their commissions and other infractions.

Connecticut received $5.2 million as its share of a $575 million national settlement, with those funds having been deposited in the state’s General Fund.

In addition to the unauthorized accounts, Wells Fargo was investigated for improperly referring customers for enrollment in life insurance policies; charging auto loan borrowers for unnecessary collateral protection insurance; failing to ensure that customers received refunds of unearned premiums on optional auto finance “guaranteed asset/auto protection” products, and incorrectly charging customers for mortgage rate lock extension fees.

Wells Fargo is maintaining a website with information on eligibility for reimbursement and hotlines for customers with additional questions.

Alex.Soule@scni.com; 203-842-2545; @casoulman

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