Wells Fargo may take advantage of consumers through unfair overdraft policies, according to class action lawsuits.
Unfair overdraft fees: Overview
Overdraft fees are charged as a part of overdraft protection programs offered through banks and credit unions such as Wells Fargo. In return for allowing transactions to “overdraft” their account, consumers pay their bank an overdraft fee. This fee may put their account further in the negative but allows consumers to use their bank account despite having a negative balance. Consumers can only be charged overdraft fees if they have opted into their bank’s overdraft protection program.
Several banks and credit unions face legal action as a result of allegedly unfair overdraft fee practices. Some banks have been accused of charging multiple overdraft fees on a single transaction due to subsequent attempts to clear a transaction. Others have been accused of reordering transactions in order to maximize the number of fees charged during transaction processing. Oftentimes, consumers say that they were not given all the necessary information about a bank’s overdraft policies when opting into overdraft protection. This may result in surprise overdraft fees.
In the face of customer scrutiny, big banks such as Wells Fargo are reducing or entirely eliminating their overdraft fees. However, this does not change the fact that consumers may have fallen victim to banks’ unfair overdraft fees in the past. Consumers may still have a legal claim against Wells Fargo.
Wells Fargo overdraft class action lawsuit
Unfortunately, Wells Fargo may have a history of taking advantage of customers through unfair bank fees.
In 2010, Wells Fargo was ordered to pay $203 million in a class action verdict. The verdict was reached in a class action lawsuit claiming that the bank misled customers about overdraft fees. Plaintiffs in the case accused the company of reordering transactions in order to charge overdraft fees on multiple transactions.
In 2017, one Wells Fargo customer took legal action against the bank for its allegedly predatory overdraft fee policies. The plaintiff in the case says that he was charged multiple overdraft fees on transactions despite never opting into Wells Fargo’s overdraft protection program.
The source of this issue was an Uber transaction, the plaintiff contends. According to the class action lawsuit, Wells Fargo should have treated his Uber ride as a one-time transaction and not authorized it based on insufficient funds. Instead, Wells Fargo allegedly took advantage of the situation by authorizing the transaction. This allowed the bank to charge multiple overdraft fees on other transactions known at the time of authorization, the Wells Fargo customer claims. According to the Wells Fargo class action lawsuit, these fees violated the bank’s account agreements.
In 2021, Wells Fargo agreed to pay over $10 million to put these allegations to rest. Although Wells Fargo resolved this class action lawsuit, consumers could still take action against the company for other unfair overdraft fees.
Join a Wells Fargo overdraft fees class action lawsuit investigation
If you are a Wells Fargo customer and have been charged an overdraft fee within the past year, you could be eligible to join this FREE Wells Fargo overdraft fee arbitration investigation.
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I had a Wells Fargo account they said there was going to be added $200 to my account within after I applied for the account and I started charging me overdraft fees my name is Rachel Marie Eldridge my partner had got on the account which was Diana Elizabeth Eldridge and he did not inform me or close out my account until it was well over drawn and then they would not send me a card I had to go down to the bank to get find out about getting another card and found out they close the account because there was frozen and activity in the account
Their practices regarding late fees, lack, structure. Meaning one month, they will focus on late fees issue, and then after the promotion, it appears that all things return back to them applying late fees, more agressively.
I have experienced the fee issue as well as many other concerning issues with Wells Fargo. They gave me false information for years on an inherited IRA that I needed to take distributions from before 5 years but they would not let me, causing me to almost pay a 50% tax penalty. BY the grace of god I asked the right question’s before months before it was too late. They had no urgency to fix my issue or move money to another bank, almost as if they wanted this to happen.
I was charged overdraft fee,repeatedly multiple times in one day,day after day,everytime they attempted to take payment out account and I had NSF $35 fee,every single time,same company,if they tried 6 times day,I had too pay almost 2000 for FEES,I had pay cash to close my account and leave good standing?! I was young,never and didn’t know what I should have done,could have done? Young single mother,causing me great financially harm,as one might imagine.Called bank WF to request records,it was years ago,told they had no access to my bank records over x amount of years?! Lies.i deserve some form of justice/compensation for obvious unfair,excessively charged fees I should never have had to pay,once,twice? 3 times? Maybe.but thousands of dollars I swear for one single nsf/attempt from one single company or bill.very angry,especially when they refused to give me my records/account information ect..wtf? What company tells anyone “we have no access to your account records after × amount of years,sorry” it wasn’t 20yrs ago,not 10yrs ago, maybe 5 or 6?. What am I to do,ask who? Call where? If I am out of touch or wrong for thinking they did me dirty,plz help me understand why.i appreciate it.if you can assist me,let me know,thank you.
Please respond
Can I still sign up
can I still sign up
Is the lawsuit still open??
I used to have an Wells Fargo bank account back in 2011 or 2012. I’ve deposited my checks every Friday. So when I tried to get my money it was telling me that I didn’t have any money in the account. Next thing I knew my account was closed.
Is the lawsuit still open
I stopped using wells Fargo because it was out of hand. They would bounce that weren’t suppose to which would cause a domino effect on everything else. Happened numerous times.