Have you been affected by Wells Fargo's banking practices? Here's what you need to know to get your refund

Sarah O'Brien -

People owed a portion of the $2 billion Wells Fargo has agreed to pay customers affected by some of its banking practices could soon receive those funds.

The nation's fourth-largest bank reached a settlement with the Consumer Financial Protection Bureau (CFPB), announced Tuesday, to resolve customer abuses related to auto loans, deposit accounts and home loans, affecting about 16 million accounts.

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Wells Fargo also agreed to pay a $1.7 billion civil penalty, the largest ever imposed by the CFPB.

"We have already reached out to many of the customers who may have been affected by the issues covered in the settlement, and those efforts are ongoing," a Wells Fargo spokesperson told Noticias Telemundo's sister network CNBC.

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In other words, if you are among the affected customers, you may have already received your share of the $2 billion or may be automatically notified by Wells Fargo.

You do not need to take any action, according to the financial institution.

According to the CFPB, the bank's customers were illegally charged fees and interest on home and auto loans, had their cars improperly repossessed, and had their home and auto loan payments incorrectly applied.

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In addition, Wells Fargo charged consumers illegal fees for surprise overdrafts and incorrectly applied other fees to checking and savings accounts, and improperly froze some accounts, according to the CFPB.

The 1.3 billion dollars have already reached 11 million accounts

More than 11 million customer accounts have already received more than $1.3 billion in auto loans.

Another five million customers with deposit accounts are receiving $500 million in repairs, including $205 million related to surprise overdraft fees, and thousands of mortgage customers will receive a share of at least $195 million, according to a CFPB spokesperson.

A Wells Fargo bank on Broadway, New York.

on December 20, 2022. Michael M. Santiago / Getty Images

The amount that each affected consumer will receive (or has already received) depends on each specific case.

For customers whose vehicles were repossessed in error, the repair includes $4,000, but could be more.

In the case of deposit accounts that were frozen by mistake, the agreement contemplates 150 dollars for each affected client.

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“As we have said before, we and our regulators have identified a number of unacceptable practices that we have been systematically working to change and provide client remediation where warranted,” Charlie Scharf, Wells Fargo CEO, explained in the Wells Fargo news release. the company about the deal.

“This far-reaching agreement is an important milestone in our work to transform Wells Fargo's operating practices and move beyond these issues,” said Scharf.