Wells Fargo Car Insurance Scam

Read along and discover The Wells Fargo Car Insurance Scam.

A lawsuit alleges that Wells Fargo and National General Insurance collaborated to sell unnecessary car insurance to customers for millions of dollars.

The scheme reportedly began in 2012 and lasted for several years.

The New York Times exposed the scandal in July 2017, revealing that over 800,000 Wells Fargo customers might have been deceived.

An image illustration of Wells Fargo Car Insurance
Wells Fargo Car Insurance
Source: (Freepik)

 

Does Wells Fargo give money back if scammed?

It doesn’t directly say whether they give money back for all scams.

It does mention that Wells Fargo has provided refunds and credits to customers in response to complaints about unauthorized accounts and online bill pay services.

If you believe you’ve been scammed by Wells Fargo, it would be best to contact them directly to inquire about getting your money back.

Is Wells Fargo paying back customers?

Yes, Wells Fargo is required to pay back customers harmed by their wrongdoings.

As a result of an enforcement action, they will be distributing more than $2 billion to customers who were affected between 2011 and 2022.

The Consumer Financial Protection Bureau (CFPB) is overseeing this process to ensure Wells Fargo has a proper plan in place for these repayments.

How do I know if I am being scammed on Wells Fargo?

Watch out for these Red Flags to Avoid Wells Fargo Scams:

  • Be wary of any contact (call, text, social media message, or email) that asks you to:
    • Send money
    • Share your account information
    • Give them access to your device
  • Scammers often pretend to be from trusted sources like tech support, government agencies, or even Wells Fargo itself. They may try to pressure you into acting quickly.
An image illustration of Wells Fargo Car Insurance Scam
Wells Fargo Car Insurance Scam
Source: (Freepik)

How does Wells Fargo notify you of suspicious activity?

Wells Fargo watches out for your money!

They monitor your accounts and might contact you (text, email, notification, or call) if they see something unusual happening.

If you get an alert asking if a transaction is legit, respond quickly to let them know.

Wells Fargo Car Insurance Scam Wrap-Up

Wells Fargo engaged in a deceptive scheme with National General Insurance to force unnecessary and expensive auto insurance onto customers.

This scam resulted in hundreds of thousands of customers being financially burdened, with some facing car repossessions and damaged credit.

While Wells Fargo has been ordered to compensate those harmed, this incident highlights the importance of consumer vigilance and careful review of bank statements.

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