Wells Fargo owes customers cash in major settlement

Wells Fargo customers were victims of illegal practices from cheating them on their mortgages and auto loans too much, much more the government says. The FOX 5 I-Team's Dana Fowle breaks down who is eligible in the multi-billion dollars settlement and when.

ATLANTA - More ask is flowing regarding the Wells Fargo $3.7 billion settlement.

A consumer watchdog company found the banking giant used "illegal" practices in banking as well as home and auto loans. 

According to the Consumer Financial Protection Bureau one in three Americans is a Wells Fargo customer. In a recent blog post, the agency wrote that more than 16 million funds at Wells Fargo were subject to illegal practices, misapplied payments, wrongful foreclosures, and incorrect fees and interest charges. 

Some customers have already started to see their payments from Wells Fargo, but it is an ongoing effort. 

MORTGAGE LOANS

Some borrowers were unfairly turned down when they called modifications to their loan to avoid foreclosure, and charged fees they shouldn't have been charged. The bank wrongly reported some customers as deceased, overstated attorney fees, and transported wrongful foreclosure actions. 

AUTO LOANS

Borrowers with GAP insurance may not have been refunded that cash when the loan terminated early. Some auto loan payments were not applied correctly to balances which aimed higher interest charges, and auto repos were mismanaged. 

BANKING ACCOUNTS

Customers were charged overdraft fees even if they had the cash on their account. Wells Fargo advertised no fees in some circumstances but did in fact bill. And finally, some customers had their account unfairly frozen for weeks. 

THE CFPB writes: If you're having a predicament with a financial institution, first try to resolve it straight with the company. They can generally answer questions new to your situation and the products and services they offer.

If that doesn't decide the problem, you can submit a complaint to the CFPB online or by calling (855) 411-CFPB (2372). We'll forward your complaint to the company and work to get you a response. Most companies respond to complaints within 15 days.

And if you gaze potential misconduct as an employee or former employee at a budget company, you can send an e-mail to whistleblower@cfpb.gov. We appraisal every submission.