If you’ve ever banked with Wells Fargo, had a mortgage with them, or owned their stock, you might be entitled to compensation from multiple class action settlements that are paying out right now. We’re talking about serious money here – billions of dollars that could end up in the hands of people who were harmed by the bank’s practices over the years.
This isn’t just another corporate legal story that doesn’t affect real people. These settlements stem from actual problems that hurt real customers: unauthorized accounts opened in their names, mortgages put into forbearance without permission, illegal phone call recordings, and unfair fees that drained people’s bank accounts. If any of this sounds familiar, you’ll want to keep reading.
The good news? Wells Fargo has agreed to pay substantial settlements to make things right. The challenging news? You need to act fast because many of these settlements have deadlines, and missing them could mean missing out on money you’re rightfully owed.
The Multiple Wells Fargo Settlements Explained Simply
Wells Fargo isn’t dealing with just one lawsuit – they’re facing several major class action settlements simultaneously. Each one addresses different problems, covers different time periods, and has different eligibility requirements. Here’s what you need to understand about each one.
The Billion-Dollar Unauthorized Accounts Settlement
This is the big one that’s been making headlines. Wells Fargo has agreed to pay $1 billion to settle claims related to unauthorized accounts opened between 2002 and 2017. This settlement covers two main groups of people who were harmed.
If you were a Wells Fargo customer during this period and the bank opened accounts in your name without your permission, you could be eligible for compensation. This includes checking accounts, savings accounts, credit cards, and other financial products that you never actually signed up for. Many customers only discovered these accounts when they received unexpected fees or noticed impacts on their credit reports.
The settlement also covers investors and shareholders who bought Wells Fargo stock between 2002 and 2017 and lost money when the fake accounts scandal became public and the stock price dropped.
COVID-19 Mortgage Forbearance Settlement
Wells Fargo agreed to pay $185 million to resolve claims that they placed mortgages into COVID-19 forbearance without customers’ permission between March 1, 2020, and December 31, 2021. This might sound helpful at first – after all, forbearance was designed to help people during the pandemic. But putting someone’s mortgage into forbearance without their consent can actually cause serious problems.
When your mortgage goes into forbearance without your knowledge, it can affect your credit score, make it harder to refinance, and create confusion about your payment obligations. Some customers found out about their forbearance status only when they tried to refinance or apply for other credit.
Illegal Phone Call Recording Settlement
Wells Fargo and related companies agreed to pay $19.5 million to settle claims about recording phone calls without consent in California between October 22, 2014, and November 17, 2023. This settlement specifically covers California businesses and individuals who received calls from The Credit Wholesale Co. Inc., a company that sells credit card processing services for Wells Fargo.
The problem here was that these calls were being recorded without telling the people on the other end, which violates California privacy laws. If you received these calls, you could be entitled to compensation of around $86 per call, with some payments potentially reaching up to $5,000 per call depending on how many people file claims.
How Much Money Could You Receive?
The amount of money you might receive varies significantly depending on which settlement applies to your situation and how many other people file claims. Settlement funds are typically divided among all eligible claimants, so the final payout amounts can’t be determined until the claims process is complete.
For the unauthorized accounts settlement, individual payments are expected to range from $25 to $500 on average, though some customers with more severe losses could receive higher amounts. The exact amount depends on factors like how many unauthorized accounts were opened, what fees you were charged, and how long the accounts remained open.
The COVID-19 forbearance settlement works differently. The first $69 million is being distributed automatically and equally among all class members. If you were affected, you don’t need to file a claim for this automatic payment – it should arrive in your mailbox without any action on your part. Co-borrowers receive an additional $83.33 each.
For the phone call recording settlement, payments are estimated at around $86 per eligible call, but could be as high as $5,000 per call depending on the number of claims filed.
Are You Eligible? How to Find Out
Figuring out if you’re eligible for these settlements requires checking your history with Wells Fargo during specific time periods. Here’s how to determine if you qualify for each settlement.
Checking Your Eligibility for the Unauthorized Accounts Settlement
You might be eligible if you were a Wells Fargo customer between May 1, 2002, and May 20, 2017, and experienced any of the following:
- Accounts opened in your name without your permission
- Fees charged for accounts you didn’t authorize
- Credit report impacts from unauthorized accounts
- Identity-related problems stemming from unauthorized account activity
You’re also eligible if you owned Wells Fargo stock during the same period and lost money when the fake accounts scandal broke and stock prices fell.
COVID-19 Forbearance Settlement Eligibility
This settlement covers people with Wells Fargo-serviced mortgages that were placed into forbearance between March 1, 2020, and December 31, 2021, without their explicit consent. If you had a Wells Fargo mortgage during this time and discovered it was in forbearance without you requesting it, you’re likely covered by this settlement.
Phone Call Recording Settlement Eligibility
This settlement is specifically for California residents and businesses who received phone calls from The Credit Wholesale Co. Inc. between October 22, 2014, and November 17, 2023. If you remember receiving sales calls about credit card processing services during this period and you’re located in California, you might be eligible.
Important Deadlines You Cannot Miss
Settlement deadlines are absolutely critical – miss them and you miss out on compensation entirely. Each Wells Fargo settlement has its own timeline, and some deadlines are approaching quickly.
The unauthorized accounts settlement claim form deadline is April 2025, though the exact date varies by source. Don’t wait until the last minute to file your claim, as technical problems or missing documentation could delay your submission.
For the phone call recording settlement, the claim deadline is April 11, 2025, with the final approval hearing scheduled for May 20, 2025.
The COVID-19 forbearance settlement had a claim deadline of January 10, 2025, for additional damages beyond the automatic payments. However, all eligible class members are automatically receiving payments without needing to file claims.
How to File Your Claim Step by Step
Filing a claim for these settlements isn’t as complicated as you might think, but you need to be thorough and provide accurate information. Here’s how to approach the process for each settlement.
Filing for the Unauthorized Accounts Settlement
Start by visiting the official settlement website. Search for “Wells Fargo Class Action Settlement 2025” to find the legitimate portal – be careful of fake websites that might try to steal your information.
You’ll need to provide your full name, contact information, address, and details about your Wells Fargo accounts during the covered period. If you have documentation showing unauthorized accounts or fees, gather these documents before you start your claim. Bank statements, credit reports, and correspondence with Wells Fargo can all be helpful evidence.
For stock-related claims, you’ll need information about when you bought and sold Wells Fargo shares and any losses you experienced when the scandal became public.
COVID-19 Forbearance Claims
The good news here is that most payments are automatic. If you had a Wells Fargo mortgage that was improperly placed in forbearance, you should receive a check without filing any paperwork. Checks started going out in March 2025 and are being sent in plain envelopes, so make sure you open all your mail carefully.
If you experienced specific damages beyond what the automatic payment covers, such as increased borrowing costs or delayed refinancing, those claims required additional paperwork by January 10, 2025.
Phone Call Recording Claims
For the California call recording settlement, visit the settlement website (likely CallRecordingClassAction.com) before April 11, 2025. You’ll need to enter your phone number or claim ID from any notice you received. The good news is that you typically don’t need to provide additional proof for this type of claim.
What to Expect After Filing Your Claim
Once you’ve filed your claim, the waiting begins. Settlement payments don’t happen immediately – there’s a legal process that must be completed first.
For most settlements, payments are estimated to be sent out by the end of 2025, though the timeline may vary depending on appeals or administrative delays. Payments will likely be sent via direct deposit for those who provide banking information, or by mailed check for others.
Keep your contact information updated with the settlement administrator. If you move or change your phone number after filing a claim, make sure to notify them so you don’t miss important updates about your payment.
Don’t be surprised if the process takes longer than expected. Large class action settlements involving millions of people and billions of dollars require careful administration to ensure everyone gets paid correctly.
Red Flags and Scam Protection
Unfortunately, major settlements like these attract scammers who try to take advantage of people seeking compensation. Protect yourself by knowing what to watch for.
Legitimate settlement communications will never ask you to pay fees upfront to receive your settlement money. If someone contacts you asking for payment to “expedite” your claim or “guarantee” a larger payout, it’s a scam.
Be cautious of websites that look official but ask for sensitive financial information like your Social Security number or banking passwords. Official settlement websites will ask for basic information to verify your claim, but they won’t ask you to provide account passwords or immediate access to your bank accounts.
Always verify settlement information through official sources. If you receive a phone call or email about a Wells Fargo settlement, independently research the information before providing any personal details.
Beyond the Money: What These Settlements Mean
These Wells Fargo settlements represent more than just financial compensation – they’re acknowledgments that the bank’s practices harmed real people and that there are consequences for corporate misconduct.
The Department of Justice noted that Wells Fargo’s settlement “goes far beyond ‘the cost of doing business'” and is “appropriate given the staggering size, scope and duration of Wells Fargo’s illicit conduct, which spanned well over a decade”.
For customers, these settlements validate their experiences and provide some measure of justice for the problems they endured. For the banking industry, they serve as a warning that consumer protection laws have teeth and that regulators are willing to pursue significant penalties for violations.
Taking Action: Your Next Steps
If you think you might be eligible for any of these Wells Fargo settlements, don’t wait. Start by gathering any documentation you have about your relationship with Wells Fargo during the relevant time periods. Bank statements, mortgage documents, stock purchase records, and correspondence with the bank can all be valuable.
Visit the official settlement websites to check your eligibility and file claims where appropriate. Set reminders for approaching deadlines, and don’t assume someone else will handle this for you – you need to take action to receive compensation.
Remember that these settlements exist because Wells Fargo’s practices harmed real people like you. If you were affected, claiming your share of these settlements isn’t just about getting money back – it’s about holding corporations accountable for their actions and ensuring they can’t simply ignore the harm they cause to customers.
The process might seem daunting, but thousands of people have successfully filed claims and received compensation. With the right information and timely action, you can too.
