How Can I Make A Claim In The Wells Fargo Lawsuit?
Wells Fargo has recently been caught charging unsuspecting customers extraordinary fees in practices that have only been described as predatory. Unfortunately, the families who are often charged the most are the ones who can least afford to pay, and the big banks know it. The Wells Fargo lawsuit is perhaps one of the most popular with consumers. Wells Fargo customers who have been taken advantage of have lost millions. Many have lost cars or homes and even filed for bankruptcy because of the predatory practices.
Many victims of these predatory practices understandably want to pursue some recourse. Wells Fargo was recently fined by the Consumer Financial Protection Bureau (CFPB) because of these practices. The bank has already paid millions in restitution due to the fake account scandal of 2016 and it seems that they have not been deterred. Luckily, there are experienced attorneys who are willing to help those that Wells Fargo has taken advantage of. Here’s what you need to know about the Wells Fargo lawsuit.
Unfair Overdraft Fees
Consumers who want to make a claim in the Wells Fargo lawsuit have been charged unfair overdraft fees by the bank. When consumers make a purchase with their debit card and there are not enough funds in their account to cover the cost, that purchase should be declined.
Wells Fargo unscrupulously approves these transactions knowing their customers don’t have the money to cover them. The bank then profits off their customers by charging excess overdraft fees for covering these charges. This is known as a predatory practice, and it only applies to debit card transactions. Transactions for bills that have been pre-approved do not apply.
Arbitration Agreement
When consumers open a checking account at Wells Fargo Bank, they must first sign an agreement that contains an arbitration clause. An arbitration clause prevents customers from bringing a class action lawsuit against the bank over grievances. Many consumers remember this and incorrectly assume they have no recourse after being taken advantage of by the bank.
Fortunately, that is not the truth. The Wells Fargo lawsuit is actually an arbitration. This means that each consumer must be individually represented by an experienced attorney who can help them get their money back. Consumers who have been charged even a single unfair overdraft fee and still have an open active account with Wells Fargo likely qualify.
Take Action Today
Consumers who feel they may qualify for arbitration against Wells Fargo in lieu of the Wells Fargo lawsuit should contact a skilled attorney who is experienced in these types of cases. They must contact the attorney’s financial team and submit a current Wells Fargo bank statement. From there, a consultation will be scheduled to discuss specific details and the next steps in arbitration. Don’t wait because it is important to act today.
When consumers don’t take appropriate action, they end up sacrificing their right to get their money back and Wells Fargo gets away with their unscrupulous behavior. Big banks are supposed to serve their customers, not steal their money. The right attorney can help consumers who have been victimized by Wells Fargo recover their stolen money. Time is of the essence, so don’t wait. Contact an experienced attorney today.
