The latest we're doing to build a better Wells Fargo


As part of our ongoing efforts to build a better bank following our improper sales practice announcement in September 2016, we are looking across our entire company to identify and fix problems, be transparent and open about what we find, and make things right. We set aside $142 million for customer remediation and settlement expenses. We also pledged to conduct a review of our business practices. In following through on that commitment, we’ve identified additional problem areas that we are in the process of addressing. And we made them public as part of our renewed commitment to transparency.

In February 2018, we announced we have entered into a consent agreement with the Board of Governors of the Federal Reserve System to improve risk management, compliance and oversight. In a message to customers, CEO and President Tim Sloan said, "Wells Fargo still has work to do. Yet we are a better bank today than we were a year ago, and we become better and stronger each day. Thank you for doing business with Wells Fargo. Our top priority remains earning your trust each and every day."

Updates on our ongoing actions.

Making things right for our customers.

We're taking action

to make things right and to ensure that you only experience the very best from us moving forward.

We're compensating customers who were affected

by providing them with refunds or credits. We want to ensure that impacted customers have every opportunity for remediation and that they are aware of their options.

We expanded our review of accounts

and have completed an analysis of retail accounts for 2009 through 2016, which included an additional assessment of the original review period.

We’ve heard customers’ concerns about potential harm to credit scores

due to unauthorized accounts. That’s why an important part of the class action settlement is remediation to customers for increased borrowing costs due to credit-score impact associated with a potentially unauthorized account.

We've established a dedicated 24/7 toll-free number

for any customer with a sales practices concern to contact us at 877-924-8697.

As we go through the process of actively looking for other areas or instances throughout the bank where customers may have experienced financial harm, we will continue to keep you informed of our progress. Throughout this, we remain deeply committed to serving you and your financial needs.

Building a better bank.

We invested in our people

and eliminated product sales goals for our retail bankers who serve customers in bank branches and call centers. We also changed their compensation and performance management program to reward customer service and satisfaction. And we’ve increased pay for our entry level team members in the U.S. Learn more about our 2017 Performance Management & Rewards Program.

We increased transparency by making system and process enhancements

such as an automated email that goes out to every Wells Fargo customer after opening a consumer or small business checking or savings account to confirm what was opened, and a status letter that goes to customers who have applied for a credit card.

We conducted an independent review of our retail sales practices.

In April 2017, our Board released the findings of an independent investigation into the Company's retail banking sales practices and related matters, a critical part of our ongoing effort to rebuild trust.

We're demanding greater accountability

at senior levels, including terminating senior executives linked to inappropriate activities and clawing back or forfeiting executive compensation.

And we continue every day to look for new ways to get better

including investing in new training programs for team members and developing new products and services that provide a better overall banking experience for our customers.

Information about the class action settlement.

An important milestone in our commitment to make things right for our customers is the $142 million class action settlement we entered into related to the opening of unauthorized accounts.

If you believe Wells Fargo opened a checking, savings, credit card, or line of credit account for you without your permission, or if you purchased identity theft protection from us, you may be entitled to compensation from this fund.

To find out more go to the settlement administrator’s website, or call the settlement administrator directly at 1-866-431-8549.

Feel free to review your accounts

Check now

Visit us in one of our branches or call our dedicated 24/7 toll-free number at 1-877-924-8697

How we're building a better Wells Fargo

We have taken a series of steps to address improper sales practices, fix what went wrong, and make things right with our customers and team members. Read more about our progress.

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