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.
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Wells Fargo changes the order of transactions, and holds some from posting until they’re able to induce an overdraft; then they charge a fee without notifying me, and thereafter they clear as many charges they’ve been holding onto and charge me for overdraft fees for those.
Please add me I was a customer of Wells Fargo and they charged me a lot in overdraft fees that weren’t even my fault they would always cause me to go into the negative even when I had the money to clear it
A between the years of 2006 and 2016 they killed me every year by their shady ways and they just happen to get me on overdraft fees. Please add me to the list
Please add me, I have spent over $1000 in overdraft fees for the time period.
Add me
Please add me
I still owe them after closing my account for 4 overdraft fees.
Please add me to this list.
pls add me
Wells Fargo charged me thousands in overdraft fees they would go out of order in transactions. I would be calling them often. Sometimes they would realize and most they would just argue with me
The exact same thing happened to me here in Federal Way Washington last year. None of the employees of Wells Fargo will help me or investigate. They just continue to give me to run around and charge me fees after fees. I have never met such low lives before in my life.
I had Wells Fargo 2020