Thousands of clients for Wells Fargo in California will be receiving compensation checks in October, after an agreement of $19.5 million that ends a class-action lawsuit for the illegal recording of phone calls without consent. The lawsuit accused Wells Fargo and The Credit Wholesale Co Inc. of violating the privacy of clients and businesses during sales services or card processing.
Both companies denied committing such serious faults but they accepted to pay to avoid long any long legal process. The forms had to be presented before April 11th 2025, and the payments were calculated for each verified call (around $86 per call), with a maximum of $5.000 per person.
At the same time, the bank announced changes in the banking fees for the Everyday Checking accounts from November 29th 2025, and also published ways to avoid the new charge, like electronic deposits and qualified activity in Military banking.
What the agreement covers and who can benefit from it?
Between the October 22, 2014 and November 17, 2023, clients and companies reported calls related to sales services and bank card processing that would have recorded without prior consent. They claimed this pattern goes agains the California laws. And facing this situation Wells Fargo and The Credit Wholesale Co Inc. agreed to pay a global $19.5millions, without admitting any responsibility.
As mentioned before, each call was valued at $86, with a limit of $5,000 per person. Those who documented multiple calls inside the period could get close to that limit. To be able to receive the amount promised the clients and businesses had to filled a valid claim before April 11, 2025, and the compensation checks will start arriving this month for the affected ones.
There is no detail on the agreement to know if the payments will be distributed equally between consumers and companies, it doesn’t seems like rules change either depending on the beneficiary.
What’s clear is that any proof of calls on that time: registers, mail, or dates, can be the difference between a symbolic payment and a very important check.
Everyday Checking: New fees and how to avoid them
Besides the agreement, something else is happening in Wells Fargo. The new monthly fee for their Everyday Checking accounts will go up from $10 to $15 starting November 29 this year.
This 50% augmentation is a reality that can still be avoided:
- Making electronic deposits for at least $500 each month.
- Have between 17 and 24 years old, which automatically exempts you.
- Receiving non-civilian military direct deposits from the Wells Fargo Worldwide Military Banking program.
- Keeping a minimum daily balance of $1,500 (previously $500).
- Keep deposits, investments or both for $5,000 or more per month.
The money house also announced two other news: a promotional offer of $200 for some clients. And the closing of about 4,300 branches in the newt weeks. This doesn’t change the rates, but it something to be aware of if you were planning on doing some movement directly at the bank’s office.
Joining the digital era
Although $19.5 millions is a lot, the bank hasn’t made any links between the closing of the branches and that amount.
For now, the reason why so many branches are closing stays purely technological. In this internet era, we do nearly everything on our phones, transfers, cancelling cards, ordering new ones, we pass money from one bank count to another without ever withdrawing cash, we pay with digital wallet. But maintaining a bank branch costs a lot of money, and if no one is going anymore it not worth having so many around.
From November 29, the banking fees in Everyday Checking accounts will be $15. If you want to avoid them, check the list and see if your profile applies.
And remember, if you filled your claim before April 11, your check will be arriving soon.