$5,000 Checks Incoming! Wells Fargo customers have some good news in October 2025. The financial institution has agreed to a $19.5 million settlement that will see checks of up to $5,000 sent to some California customers. The settlement came as a result of a class action lawsuit that accused the company of violating phone call regulations.
According to the lawsuit, Wells Fargo allegedly recorded calls from customers in California without their consent. This incident wasn’t limited to individual customers, but also applied to businesses. All of these actions were conducted through “The Credit Wholesale Co. Inc.”
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The Role of The Credit Wholesale Co. Inc.
The Credit Wholesale Co. Inc. is a sales company that sells credit card processing equipment and services on behalf of Wells Fargo NA and Priority Technology Holdings Inc. The lawsuit claims that the company recorded customers’ phone calls without informing them.
Although Wells Fargo and The Credit Wholesale Co. Inc. did not admit any wrongdoing, they accepted a $19.5 million settlement. This was intended to end the lawsuit and avoid future legal costs.
Who are the eligible customers?
California residents who received calls from The Credit Wholesale Co. Inc. between October 22, 2014, and November 17, 2023, are eligible for this settlement. However, to receive benefits, customers were required to submit a valid claim form by April 11, 2025.
If you submitted the form, you can now receive up to $5,000. However, it’s important to note that the payment amount will vary from customer to customer. The estimated value of each call, depending on the claim, is approximately $86, but the maximum amount per person is limited to $5,000.
It’s unclear whether the money will be distributed proportionately between individuals and businesses or distributed differently. Furthermore, proof of the calls was required on the claim form.
Wells Fargo’s New Fees and Everyday Checking Account
Wells Fargo recently announced an increase in monthly service fees for its “Everyday Checking” account holders. Currently, the monthly fee on this account is $10. However, starting November 29, 2025, this fee will increase to $15.
Wells Fargo states on its website that “For fee periods beginning on or after November 29, 2025, the monthly service fee on your Everyday Checking account will be $15.”
Ways to Avoid Service Fees
Wells Fargo also offers customers five options to avoid service fees. Meeting any one of these criteria can waive the monthly fee. These options are:
- Electronic Deposit: Make qualifying electronic deposits totaling $500 or more per month.
- Age-Based Discount: Account holders must be between 17 and 24 years old.
- Military Discount: Make non-civilian military direct deposits that are part of the Wells Fargo Worldwide Military Banking program.
- Maintain a minimum balance: Maintain a minimum daily balance of $1,500 (increased by $500 to $1,500 effective October 25th).
- High deposits or investments: Maintain a qualifying deposit balance, investment balance, or both of $5,000 or more per month.
These methods can help customers easily avoid the monthly service fee and avoid additional costs.
Important information for customers
- Payment amounts are limited to $5,000 and are assessed $86 per call.
- Payments will only be available to customers who submitted a valid claim form in advance.
- Everyday Checking accounts will have a monthly service fee of $15, but the fee may be waived by completing one of the five options above.
- Details and more information are available in the customer’s account’s Monthly Service Fee Summary.
Conclusion
October and November 2025 are crucial for Wells Fargo customers. While customers will benefit from settlement checks of up to $5,000, the increased service fee on the Everyday Checking account and ways to save money are essential information for customers.
Overall, if you live in California and are a Wells Fargo customer, this time could be beneficial for you. Whether it’s a settlement check of up to $5,000 or ways to avoid monthly service fees, it’s in your financial best interest to keep this information in mind.
FAQs:
Q. Who is eligible for the Wells Fargo settlement?
A. California residents who received a phone call from The Credit Wholesale Co Inc between October 22, 2014, and November 17, 2023, and submitted a valid claim form by April 11, 2025.
Q. How much can I receive from the settlement?
A. Eligible claimants can receive up to $5,000. Each call is estimated at $86, but the total payout per person is capped at $5,000.
Q. Do I need to show proof of calls?
A. Yes, claimants had to provide proof of calls in their claim form to qualify.
