|In case you missed it, Wells Fargo was recently fined several hundred million dollars by the CFPB for more deceptive behavior. In 2016, you may remember that the financial institution faced big fines for stealing from customers. Now it’s being accused of mortgage and insurance abuses as well.
The problem for victims of the latest scam is that you may not realize you’ve been mistreated. If you’re a Wells accountholder, here are some red flags that could spell trouble:
Your mortgage payments dropped, but the loan grew
Allegedly, Wells Fargo made unauthorized changes to certain mortgage accounts. The bank lowered borrowers’ monthly payments but extended the terms of the loans (in some cases for decades).
BALANCE tip: make sure you review the terms of your Wells Fargo mortgage. Were they changed without your knowledge?
You bought auto insurance you didn’t actually need
BALANCE tip: explore possible legal solutions. The National Association of Consumer Advocates may be able to help, as might your attorney general, especially if you never received the insurance refund you deserved.
Lastly, BALANCE was designated by the City Treasurer of San Francisco to help local residents during Wells Fargo’s accounts scandal in 2016, and we’re ready to help again, no matter where you live. If you think you’ve been affected, contact one of our Certified Financial Coaches immediately.
Article courtesy of our partners at Balance