The news that Wells Fargo employees opened thousands of unauthorized bank and credit card accounts for existing customers may make you wonder if you got scammed, too.
The San Francisco-based bank's own analysis identified more than 1.5 million deposit accounts and 565,443 credit card accounts that were possibly opened illegally between May 2011 and July 2015. Of those, about 85,000 of the deposit accounts and 14,000 of credit card accounts incurred $2.4 million in fees, and Wells Fargo is refunding those fees now.
Customers who were affected by these illegal practices and were identified by Wells Fargo's analysis don't have to do anything to get a refund. Some of the refunds already have been paid, while others will be sent in the next few months. Wells Fargo says it will invite all its banking customers to review their accounts with a banker and will call its credit card holders to check if they really wanted their card. The bank also says it will extend its account review back to 2009 and 2010 as well.