If you’ve ever gotten a phone call that turned out to be a sales pitch, there’s a chance that moment could now be worth more than you think.

A recent settlement involving one of the country’s largest banks is leading to unexpected payments for certain residents, with some checks reaching as high as $5,000.

While the case centers on calls made years ago, it’s now making headlines for how it could impact the privacy—and wallets—of everyday Americans. The good news? If you qualify, there’s a real chance you could have money on the way.

The Backstory: Why Is Wells Fargo Sending Out Checks?​

Wells Fargo, one of America’s banking giants, recently agreed to a $19.5 million settlement after a class action lawsuit accused the company (and its sales partner, The Credit Wholesale Co Inc.) of recording phone calls with California residents—without telling them. That’s a big no-no under California law, which requires both parties to consent to being recorded.

The lawsuit claimed that both individual customers and businesses were affected by these undisclosed recordings, which took place between October 22, 2014, and November 17, 2023.

The Credit Wholesale Co Inc., a company that sells credit card processing equipment and services for Wells Fargo and Priority Technology Holdings Inc., was at the center of the controversy.

While neither Wells Fargo nor The Credit Wholesale Co Inc. admitted to any wrongdoing, they agreed to the settlement to put the matter to rest and avoid the mounting legal costs.

Who’s Eligible for a Payout?​

If you’re a California resident who received a phone call from The Credit Wholesale Co Inc. during the specified period, you might be in luck—provided you submitted a valid claim form by the April 11, 2025, deadline. (If you missed the deadline, unfortunately, you’ll have to sit this one out.)

Here’s how the payments break down:

• Each eligible phone call is worth about $86.
• There’s a cap of $5,000 per person.
• You had to provide proof of the calls in your claim.

The exact amount you’ll receive depends on how many calls you got and how many people filed valid claims.

It’s not entirely clear whether the money will be distributed on a pro rata basis (divided among all claimants) or proportionally based on the number of calls, but the maximum payout is set.

What If You’re Not in California?​

This particular settlement is limited to California residents, thanks to the state’s strict privacy laws.

But don’t tune out just yet—class action settlements like this are becoming more common, and banks across the country are facing increased scrutiny over privacy and customer rights.

It’s a good reminder to keep an eye on your mail and email for notices about settlements you might be eligible for.


Also read: Americans could get $5,000 checks from a major medical data breach—but you’ll need this notice to claim

Wells Fargo’s Fee Fiasco: What’s Changing for Everyday Checking?​

While some customers are celebrating unexpected checks, others are bracing for a new round of fees.

Wells Fargo recently announced that its Everyday Checking account monthly service fee will jump from $10 to $15 starting November 29, 2025.

That’s a 50% increase—enough to make anyone do a double-take at their bank statement.

But don’t panic just yet. There are several ways to avoid the fee entirely:

1. Direct Deposit​

Make $500 or more in eligible electronic direct deposits each month.

2. Minimum Balance​

Maintain a $1,500 minimum daily balance (up from $500 as of October 25).

3. Young Account Holders​

Be the primary account owner and aged 17 to 24.

4. Military Service​

Have a qualifying monthly non-civilian military direct deposit as part of the Wells Fargo Worldwide Military Banking program.

5. High Balances​

Keep $5,000 or more in qualifying deposit or investment balances.

If you don’t meet any of these criteria, you’ll see the new $15 fee on your statement for fee periods beginning on or after November 29, 2025.

Why Are Banks Raising Fees?​

You’re not imagining it—bank fees have been creeping up across the industry. With rising costs, increased regulation, and a push toward digital banking, many banks are looking for new ways to boost revenue.

For customers, that means it’s more important than ever to read the fine print and make sure you’re not paying more than you have to.

Other Wells Fargo News: Closures and Cash Bonuses​

Wells Fargo has also announced that it will temporarily close all 4,300 of its branches for 24 hours in the coming weeks.

While the reason wasn’t specified in the original report, such closures are often for system upgrades, staff training, or security reviews.

If you rely on in-person banking, keep an eye out for official notices so you’re not caught off guard.

On a brighter note, there’s also a way for new customers to snag a $200 cash bonus this autumn by opening a qualifying account and meeting certain requirements. (Check the Wells Fargo website or your local branch for details.)


Also read: AT&T customers have two months to claim part of a $177 million data breach settlement

What Should You Do Next?​

1. If you filed a claim: Watch your mailbox for a check. If you’re expecting a payment and don’t receive it, contact the settlement administrator for updates.
2. If you have an Everyday Checking account: Review your account activity and see if you can meet one of the fee waiver criteria. If not, consider switching to a different account or bank.
3. If you’re not sure about your eligibility: Check your records for calls from The Credit Wholesale Co Inc. between 2014 and 2023, and review any settlement notices you’ve received.

Read next:

• Is your bank about to charge you $15 a month? Wells Fargo’s new fee kicks in soon
• AT&T customers could claim $5,000 before this November deadline—are you eligible?
• Don't miss out: Four settlements with deadlines you need to know

Have you ever received a surprise check from a class action settlement? Are you frustrated by rising bank fees, or have you found clever ways to avoid them? Maybe you have tips for keeping your financial information private in an age of constant phone calls and data breaches.