Understanding the Wells Fargo Fake Accounts Scandal
In 2016, it was revealed that Wells Fargo employees had created millions of unauthorized bank and credit card accounts without customers' knowledge or consent. This practice was driven by aggressive sales targets and resulted in significant harm to many consumers.
Who Was Affected?
Individuals who had accounts with Wells Fargo between 2002 and 2016 may have been impacted. This includes:
- Customers who were charged fees for accounts they did not open.
- Those whose credit scores were negatively affected due to unauthorized accounts.
- Families who experienced financial stress due to these practices.
Symptoms and Harms
The unauthorized accounts led to various harms, including:
- Unexpected fees and charges on bank statements.
- Lowered credit scores, affecting loan approvals and interest rates.
- Emotional distress and loss of trust in financial institutions.
Eligible Claim Types
If you were affected, you may be eligible to file a claim for:
- Reimbursement of fees incurred due to unauthorized accounts.
- Compensation for damages related to credit score impacts.
- Emotional distress claims.
Timeline of Events
The scandal began to unfold publicly in 2016, leading to investigations and lawsuits. Key dates include:
- 2016: The scandal is revealed, leading to public outcry.
- 2017: Wells Fargo agrees to pay $185 million in fines.
- 2020: A class-action settlement is reached, providing compensation to affected consumers.
Important Deadlines
While the class-action settlement has been reached, there may still be opportunities for individuals to file claims in limited situations (e.g., unresolved credit reporting issues). Deadlines vary by claim type and state.
Current Status
We are not seeking new Wells Fargo Fake Accounts clients at this time. This page is for educational purposes. If you previously submitted a matter through Pursuing, our team will continue to communicate with you. For help, please contact support.
Practical Next Steps
- Gather Documentation: Bank statements, branch communications, dispute case IDs.
- Check Your Credit: Review all three bureaus for unauthorized accounts or inquiries.
- Dispute & Escalate: File disputes with credit bureaus and consider submitting a complaint to the CFPB.
Questions About Your Existing Claim?
If you already opened a Wells Fargo Fake Accounts matter with us, please contact support for updates. We are not accepting new claims at this time.