Frequently Asked Questions

Q. What is this settlement about?
Certain telemarketers, alleged by the plaintiffs to be fraudulent, obtained bank account information from customers during the course of their telemarketing calls. This bank account information was provided to companies called “third-party payment processors,” which used this bank account information to create unsigned checks in the names of the consumers who were contacted. The complaints allege that Wachovia opened bank accounts for these payment processors and accepted for deposit the unsigned checks that originated from telemarketers. You may review a list of these telemarketers and payment processors by clicking on the List of Telemarketers link on this website.

Q. Is the United States Attorney’s Office or the United States Department of Justice aware of the settlement?
Yes. The United States Attorney’s Office in Philadelphia participated in discussions that led to these settlements. You can see a statement by the United States Attorney about the settlement on the office’s web page at http://www.usdoj.gov/usao/pae/ in the “Media” section or by clicking on the tab entitled “Wachovia Settlement.”

Q. Why did I receive this notice?
Your name appeared on a list of people who had money debited from their bank account by an unsigned check created by a third-party payment processor. Most likely, a telemarketer obtained your bank account information from you during a telephone call sometime between 2003 and 2007. You do not need to remember the details of any such call, nor do you need to remember the amount of money debited from your account. Because you are on a list of customers assembled in this case, you are entitled to receive benefits under this settlement.

Q. Who is in the settlement class?
The class is comprised of people who had debits against their accounts that were processed through Wachovia by a limited number of “payment processors,” which did business with certain telemarketers between June 1, 2003, and October 2, 2008. The payment processors include Payment Processing Center, Netchex, Guardian Marketing Services Corp., and YMA Company (also known as “Your Money Access”). A complete list of the known telemarketers is available here.

Under the terms of the formal settlement agreement, the class is defined as: [A]ll individuals as to whom RCCs* on their bank accounts were deposited by the Payment Processors into one or more accounts in any of the Payment Processors or Telemarketers’ names at defendant Wachovia and finally charged to individuals’ bank accounts, and which was not returned in full by the drawee bank, between June 1, 2003, and the date of this Agreement.

*“RCCs” stands for “Remotely Created Check” and means an unsigned check created by someone other than the account holder.

Q. Can I cash the check I received?
The check you received is your direct restitution payment for the money debited from your account. You should cash or deposit the check. Doing so creates no obligations and affects none of your legal rights. It is your money.

Q. Why didn’t I get a check with my notice?
One form of compensation is reimbursement of funds debited from bank accounts. However, records indicate that you received a refund previously from either the telemarketer or the third-party payment processor for the amounts taken form your account. Because you already received a refund you are not eligible to recover the funds originally debited from the account. The amounts taken and the amounts previously reimbursed to you are shown on the back side of the letter you received.

Q.  What are the settlement benefits?
The settlement is intended to reimburse you and other class members for the losses you incurred as a result of the telemarketing activity. The reimbursement has two separate components: (1) refunding the money that was debited from your account through a transaction initiated by one of the payment processors, and (2) refunding bank fees that resulted from these transactions. No claims procedure is necessary for the refund of money directly debited, however refund of bank fees is subject to a claims process discussed on this website.

First, Wachovia will mail checks for the full amount of the money debited from customers’ bank accounts that have not been previously reimbursed.

Second, Wachovia will pay the full amount of any unreimbursed bank fees that any class member can show were caused by the telemarketing transactions that are the subject of these actions. At a minimum, Wachovia will pay $35, the amount of one typical bank fee, to any class member who does not provide documentation of bank fees, but who affirms that he of she paid at least one bank fee that would not have been assessed if the telemarketing transaction had not occurred. To receive restitution under the bank-fee part of the settlement, you must complete and submit a claim form by March 4, 2009. If you incurred fees greater than $35 and would like to try to obtain a refund of all bank fees caused by the telemarketing transactions, you will need to provide documentation of bank fees with your claim form.

Q. What are my options?
If you received a check with your notice, you may deposit the check you received no matter which of the following options you choose.

1. Ask for a refund of bank fees.Use the claim form attached to your notice to seek a refund. The amount of your refund will be $35 if you seek an Easy Refund, which requires no documentation. If you provide appropriate documentation, you may obtain a Documented Refund of all bank fees charged.The deadline to submit a claim form is March 11, 2009.



2. Exclude yourself form the settlement class, by sending an Opt Out letter to the Claims Administrator by January 12, 2009.



3. Object to the settlement by filing your objection and proof of class membership with the Court and Class Counsel by January 12, 2009.



4. Do nothing further if you did not have any bank fees assessed against your account.

Q. How do I exclude myself from the settlement?
If you do not wish to be included in the settlement, you must submit an exclusion request to the United States Court Settlement Administrator at PO Box 37765, Philadelphia, PA 19101-7765. Your exclusion request must include your full name, your settlement ID, as printed on the letter enclosed with your notice and your full address. You must affirm that you have informed all of your joint account holders of your intention to opt out and that no joint account holder objects to the exclusion. Your Opt Out form must be postmarked by January 12, 2009. If you opt out of the class, you will get no money for bank fees from this settlement. Opting out will not affect your right to deposit the direct payment for the telemarketing transactions. You should deposit that check even if you choose to opt out from the bank fee portion of this action.

Q.  How do I object to the settlement?
Object to the settlement by filing your objection and proof of class membership with the Court and with the attorneys for the class on or before January 12, 2009. If the Court overrules your objection, you will still be in the settlement; you will still be bound by any judgment.

Your written objection must be received by the Court and by Counsel no later than January 12, 2009. The address for the Court and Class Counsel are:

Q.  What are the deadlines?

• If you wish to exclude yourself from the Settlement, you must send a letter requesting exclusion to United States Court Settlement Administrator. Any request for exclusion must be received by January 12, 2009.



• If you wish to object to the Settlement, you must send in a written objection to the Court and Class Counsel. Any request for objecting to the Settlement must be received by January 12, 2009.



• If you wish to apply for a refund of bank fees, you must complete, sign and return a claim form, postmarked by March 11, 2009.



• The fairness hearing will be held January 22, 2009.

IMPORTANT: THIS SITE IS NOT OPERATED BY WACHOVIA. THIS CLASS ACTION SETTLEMENT IS SUPERVISED BY THE COURT AND IS ADMINISTERED BY A CLAIMS ADMINISTRATION FIRM THAT HANDLES ALL ASPECTS OF CLAIM PROCESSING. THIS IS THE ONLY AUTHORIZED WEB SITE FOR THIS SETTLEMENT. PLEASE DO NOT RELY UPON OTHER SITES THAT SET OUT DIFFERENT AND UNAUTHORIZED INFORMATION.