Thousands of customers are finally getting their share of the $19.5 million payout after years of complaints
Wells Fargo customers in California could see checks worth up to $5,000 arriving this month as part of a $19.5 million class action settlement.
The settlement resolves claims that the bank and its sales partner, The Credit Wholesale Co. Inc. violated state law by recording phone calls without telling customers.
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What the lawsuit was about
The lawsuit accused Wells Fargo and The Credit Wholesale Co. Inc. of illegally recording conversations with both individual customers and businesses in California.
The Credit Wholesale Co. is a sales company that markets credit card processing equipment and services for Wells Fargo and Priority Technology Holdings Inc.
Plaintiffs said that for years, calls were recorded without the legally required disclosure — a violation of California’s privacy laws.
While neither Wells Fargo nor The Credit Wholesale Co. admitted wrongdoing, both agreed to the $19.5 million payout to avoid ongoing legal costs and end the dispute.
Who is getting paid
The settlement covers California residents who received phone calls from The Credit Wholesale Co. on behalf of Wells Fargo between October 22, 2014, and November 17, 2023.
To qualify, customers had to submit a valid claim form by April 11, 2025. Those who did can expect checks this month, according to the settlement administrator.
Payments are being distributed now, and while some may reach up to $5,000, the exact amount varies depending on how many recorded calls a claimant received.
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How payments are calculated
Each phone call listed in the claim is worth about $86, though the maximum payout for any single person or business is capped at $5,000.
To receive compensation, claimants needed to show proof of the calls on their claim form.
It’s not yet clear whether payments are being made proportionally among all claimants or on a pro rata basis — meaning divided equally among everyone who qualified.
Still, the checks mark a major win for many Wells Fargo customers who said they felt their privacy was violated.
Wells Fargo’s other changes and fee increases
While some customers are getting money back from the bank, others may soon be paying more.
Wells Fargo recently announced a $5 increase to its monthly service fee for Everyday Checking accounts, rising from $10 to $15 starting November 29, 2025.
The new fee applies to fee periods that begin on or after that date. However, there are several ways for account holders to avoid the charge.
To waive the $15 fee, customers must meet at least one of the following conditions:
- Make $500 or more in eligible electronic direct deposits each month
- Maintain a $1,500 minimum daily balance
- Be a primary account owner aged 17 to 24
- Have a qualifying non-civilian military direct deposit under Wells Fargo’s Worldwide Military Banking program
- Keep a total of $5,000 or more in combined deposit and investment balances
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Customers urged to check for settlement payments
If you filed a claim in time, keep an eye on your mailbox or bank account this month — checks are being sent out throughout October.
Anyone unsure about their eligibility can visit the settlement website or contact the administrator for details about their claim status.
Consumer advocates say the payout is a reminder that large institutions can be held accountable for privacy violations, especially in states with strict laws like California.
“This case shows that even a big bank has to play by the rules,” one attorney involved in the lawsuit said.
What to do next
If you’re one of the eligible claimants, don’t ignore your mail — the check could be worth hundreds or even thousands of dollars. And for those who missed the April deadline, it’s a good reminder to stay alert for future class action settlements.
Meanwhile, Wells Fargo customers are also watching for other changes: the bank has said it will temporarily close all 4,300 locations for 24 hours later this year as part of a system upgrade.
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With payouts on the way and new fees around the corner, Wells Fargo customers have plenty to watch for this fall.
