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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This article is not legal advice. It is presented for informational purposes only.
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Add me
I have been with wellsfargo since they took over from Wachovia. I have experienced same issues.
Add me …
I know they have gotten me and when you call them on it they will give you a portion of the $35 dollars and I tell them you took $35 and not $17.50 but they don’t want to hear that. I been with WELLS FARGO since the 90’s and calls you a loyal customer but they want be loyal and give you all of your loyal $35 back 😂 funny but not funny
Please add us we have had huge overdraft fees on our account. Have had a Checking account for years with Wells Fargo.
i been with Wells Fargo since 2007, this year multiple transactions kept going through even though i had no funds and was charged overdraft fees in each one, they ended closing my account and now im in collection
I had an account since 2002 and had a lot of questionable fees I have since closed that account and went to a new bank that doesn’t charge overdraft fees
I am a current customer of Wells Fargo
I have been with Wells Fargo for many years and they have always charged an excessive amount of overdraft fees
Yes, I have experience the same.
Yes, I agree
Muchas veces Tommy sobregiros que no era justo hasta ellos cerrar mi cuenta
Yes I have had this problem
Yes I have
Yes Wells Fargo has charged me so many overdraft fees.