Wells Fargo settlement payments: Living in California? You can score up to $5,000 from Wells Fargo, thanks to a $19.5 million payment agreement
What is Wells Fargo’s $19.5 million settlement?
The Wells Fargo settlement stems from the bank (or more specifically, a third-party sales partner called Credit Wholesale Co. Inc.) without its permission to call with California residents and businesses. This is a major violation of the California Invasion Privacy Act (CIPA).
Between October 22, 2014 and November 17, 2023, Credit Wholesale Co. acted on behalf of Wells Fargo Bank NA and Priority Technology Holdings Inc., allegedly recorded thousands of calls without notifying each other. These are usually appointment settings or sales calls regarding credit card processing services.
Under California law, all parties must be informed when recording a phone call. Therefore, the lawsuit accused them of violating the rule. Wells Fargo has not admitted any misconduct, but has agreed to settle down to avoid a prolonged legal battle. Top action.
Who is eligible for Wells Fargo cash settlement?
This is something interesting. You don’t have to be a Wells Fargo customer to qualify. If you live in California or you are a California business and you have received calls from a credit wholesale company during these nine years, you may be eligible.
Even just one phone call can qualify you for cash expenses. Here is what you need to file a claim:
- The phone number to answer the call.
- If you are a company, it is the name of the company that answers the call.
That’s it. There is no complicated documentation or lengthy application process.
How much money can you get from this settlement?
While the expenditure depends on how many valid claims are made, the estimated payment per call is about $86. If you receive multiple calls, your total compensation may increase significantly.
Some claimants may even receive up to $5,000 depending on how many times they contacted and how the final expenditure was allocated.
This means that if you only get a few calls over the years, you can still spend a few hundred dollars walking away, or more.
What is the deadline? How do you file a Wells Fargo settlement claim?
The easiest part? Make a claim online. A dedicated website has been established to conduct settlements where qualified individuals and businesses can submit their information.
You only need:
- Enter the phone number you have contacted.
- Submit business name (if applicable).
- Fill in any required fields and submit the form.
The deadline for filing a claim has not been made public, but these settlements often come with limited windows, so it is wise to take action quickly once the official website is launched.
Why does Wells Fargo agree to this settlement now?
Wells Fargo has encountered a series of legal troubles in the past, and this is just another chapter in its efforts to continue to develop regulatory issues. Although the bank denies any misconduct, it agrees that the $19.5 million spending allows them to resolve the matter without a trial.
As part of the settlement, the credit wholesale company has agreed to stop recording appointments for California residents or businesses without notifying them at the beginning of the phone call.
The case highlights California’s level of seriousness in protecting residents’ privacy rights and why businesses need to be very cautious when dealing with personal conversations.
Should you check if you are eligible?
Absolutely. If you live in California, or even receive a call from Credit Wholesale Co. Inc., which represents Wells Fargo, between 2014 and 2023, you may be entitled to funds. It is estimated that spending per call is $86 and the maximum reward reaches $5,000, one of the rare times when a paperwork can actually pay off.
FAQ:
Who is eligible for Wells Fargo settlement payments?
California received a call from a credit wholesale company between 2014 and 2023.
How much can I get from Wells Fargo phone lawsuits?
You may receive up to $5,000 for $5,000 depending on how many calls you receive.
