Wells Fargo, headquartered in San Francisco, CA is the 23rd largest company in the United States, and the second largest bank.
Address: 420 Montgomery St., San Francisco, CA 94104
In 2008, Wells Fargo expanded their brand by acquiring Wachovia Bank. Wells Fargo specializes in providing banking services, auto, student, and home loans, insurance products and wealth management services.
Consumer debts held by Wells Fargo can often be negotiated with satisfactory results. They will use a variety of third party collection agencies to collect on aged / delinquent accounts. If a debt is in question as to the validity, it is important to dispute the debt with the third party agency or Wells Fargo directly as soon as you are made aware of the matter. Should a consumer account be referred to a debt collection law firm there is a good possibility that legal action will commence down the road.
Wells Fargo has been fined as a result of settlements and class action lawsuits. The following is a list of some of those matters:
- March 2010 – Wells Fargo announced between 2004 – 2007 that Wachovia (a bank they merged with in 2008) failed to report money laundering activities by some of its customers.
- August 2010 – Wells Fargo was fined by a U.S. District judge due to fines assessed to overdrafted bank accounts.
- April 2012 – Wells Fargo was fined $3.1 million in damages for misconduct on a single mortgage loan.
- July 2012 – Wells Fargo was fined $125 million for allegedly discriminating against African-American and Hispanic borrowers.
- August 2012 – They agreed to pay $6.5 million to settle claims that the SEC (Security Exchange Commission) brought forth claiming they sold risk “mortgage-backed securities.”
- October 2012 – Wells Fargo was sued by a US federal attorney for risky mortgage dealings.
Any lawsuit brought against the consumer by Wells Fargo should be answered by retaining a consumer law attorney as soon as possible. The earlier legal counsel is retained, the better the consumer’s chance of receiving a proper defense and ultimately a satisfactory arrangement.