Wells Fargo is reportedly paying out more than $17 million in a class action suit relating to a series of text messages or calls made to mobile consumer phones. The suit alleged that the bank placed these communications to mobile consumers with automated dialing systems or other artificial or simulated voices in contravention of the federal Telephone Consumer Protection Act (FCPA). The act restricts the types of messages, a bank can place to mobile phones. The plaintiffs were seeking compensatory and punitive damages based on the claims of invasion of privacy, negligence and breach of express warranties. The bank has settled the suit for an undisclosed amount. However, both sides have expressed disappointment at the proceedings.
Wells Fargo's policy on its cell phone services and your cell phone insurance coverage applies to the property damage, theft, loss of life, malicious prosecution, and all errors and omissions. If the policy applies to a loss resulting from a flood, then all applicable property damage and theft coverage will apply to this loss. If the policy applies to a loss caused by a fire, Wells Fargo will only pay for the fair market value of the property or loss thereof, which means it won't cover the cost of replacing items. Similarly, the company will not cover a claim if the damage or loss was not caused by a collision.
Regarding your monthly cell phone bill, your Wells Fargo policy may not cover you for accidental damage to your phone or other electronic device. Accidental damage usually means damage caused by a customer's failure to comply with the terms and conditions of use, such as those found in the wireless retailer's agreement or those found in the user agreement for the cell phone. For instance, the agreement may state that customers are liable for damage or loss resulting from unauthorized modifications of their wireless phones. This type of accidental damage is covered by the Fair Repair Act.
In addition, a Wells Fargo representative may not cover your cell phones stolen during transit or while in storage. Again, you must read the wireless retailer's agreement or the user agreement for your cell phones. If you have an expensive camera or another valuable electronic device, consider purchasing two separate policies. You will be protected against two different losses: one for theft of your device and one for loss due to damage that was caused by your negligence or the actions of others. Additionally, you may be protected against two different claims: one for unauthorized damages and one for damage that resulted from water damage to your phone or other electronic device.
A Wells Fargo representative cannot protect you from charges that resulted from the unauthorized use of your cell phone or theft. This includes charges for text messages that were sent or received on your phone and charges for calls made to your cellular phone number when you did not authorize these calls. This also includes charges that resulted from using your credit cards to purchase items that you did not need.
Refinancing your home mortgage is also not covered by Wells Fargo cell phone insurance. Refinancing is a type of home improvement that most borrowers are able to qualify for because refinancing reduces the overall balance of your mortgage principal. If you were to incur a charge of a few hundred dollars for wiring or new windows and then pay your mortgage principal back on your own, you would be eligible for a home rebate card. These rebates are only available to homeowners with a current mortgage and an income that is higher than the applicable threshold.
Some homeowners may also find that they are eligible for Wells Fargo cell phone insurance if they have charged their phones beyond the limits that are allowed. This type of overage is referred to as false charging. Liability coverage is designed to protect you from lawsuits that result from someone injuring themselves while charging their cell phone. While this type of protection is not offered with credit cards, many credit card companies do offer their own separate liability plans.
In cases where you have made unauthorized charges that result in a negative balance, the company has the right to take legal action against you. You should make sure that you know the ins and outs of your plan as well as the procedures that you must go through if you wish to dispute incorrect charges. You should also know the process by which you can have your charges deleted and your account closed. The company has a claims administrator that you can contact in order to get all of these things in order.
What to Expect From Wells Fargo’s Cell Phone Insurance – NerdWallet – wells fargo cell phone | wells fargo cell phone
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