Michigan received over 5 million dollars from Wells Fargo to resolve claims that the bank violated state consumer protection laws.
The consumer compensation review program was a key component of the $575 million settlement from all 50 states and the District of Columbia.
“It’s important any and all Michiganders impacted by Wells Fargo’s actions are made whole,” Attorney General Dana Nessel said. “Our office will continue to look out for Michigan consumers’ interests and ensure the company delivers on its promises.”
Wells Fargo was alleged to have opened millions of unauthorized accounts and enrolling customers into online banking services without their knowledge or consent. Other allegations include improperly referring customers for enrollment in third-party renters’ and life insurance policies, improperly charging auto loan customers for unnecessary collateral protection insurance, and incorrectly charging customers for mortgage rate lock extension fees.
As part of the review program, Wells Fargo will maintain a website that contains information regarding consumers’ eligibility for compensation.