Wells Fargo has agreed to pay nearly $18 million to resolve claims that they called and texted consumers without their consent in violation of the Telephone Consumer Protection Act.
The settlement will benefit individuals who received various automated phone call or text message from Wells Fargo despite not being a customer of the bank. More information is available in the “Who’s Eligible” section below.
Beginning in January 2017, six Wells Fargo class action lawsuits were filed against the banking giant. These class actions claimed that Wells Fargo had sent out automated calls and text messages regarding auto loans, credit card accounts, student loans, mortgages, or overdrafts to consumers who were not even customers of the bank.
According to the Wells Fargo class action lawsuits, these communications violated the Telephone Consumer Protection Act.
The Telephone Consumer Protection Act (TCPA) is a federal law which aims to protect consumers from harassing telemarketing behaviors. Under the TCPA, businesses are not allowed to call or text consumers using an automatic dialing system or prerecorded message unless the individual has provided express written consent.
The Wells Fargo class action lawsuits claimed that the bank violated the TCPA by contacting individuals who had not provided consent.
In July 2019, Wells Fargo agreed to pay $17.85 million to resolve the TCPA claims against them. The bank has not admitted any wrongdoing but agreed to pay this amount in order to bring an end to several TCPA class action lawsuits against them.
The Wells Fargo class action settlement will provide monetary payments to those who file a claim. Exact payouts will depend on the number of valid claims filed by Class Members.
If Class Members wish to receive compensation from the settlement, they need to file a valid claim by Dec. 23, 2019. If Class Members wish to exclude themselves or object to the settlement, they need to do so by Nov. 13, 2019. The final approval hearing for the settlement is scheduled for Dec. 10, 2019.
Individuals who received various automated phone calls or text messages from Wells Fargo despite not being a customer of the bank. Consumers qualify for the class action settlement if they were called:
- between Jan. 20, 2013 and July 10, 2019 for calls placed in connection with automobile loans or fraud alerts on credit cards or deposit accounts;
- between Sept. 18, 2014 and July 10, 2019 for calls placed in connection with credit card accounts;
- between Dec. 20, 2015 and July 10, 2019 for calls placed in connection with student loans or overdrafts on deposit accounts;
- between March 1, 2016 and July 10, 2019 for calls placed in connection with mortgages or home equity loans; or
- between April 1, 2016 and July 10, 2019 for calls placed in connection with retail installment sale contracts for automobiles.