Wells Fargo class action overview:
- Who: Wells Fargo is facing a class action lawsuit regarding overdraft fees.
- Why: Wells Fargo did not provide customers proper notification about its overdraft fees, the lawsuit claims.
- Where: The Wells Fargo lawsuit was filed in federal court in California.
A new Wells Fargo class action lawsuit claims the company did not provide customers with proper notification about overdraft fees.
Customers are supposed to provide written consent for overdraft fees, but Wells Fargo had employees read an unscripted summary of the fees and then opted in the customers if they gave a verbal affirmation, the Wells Fargo lawsuit claims.
According to the lawsuit, Wells Fargo’s practices violate Federal Reserve regulations; all of the bank’s overdraft fees charged to customers who opted in before May 2022 are therefore illegal, the class action argues.
Wells Fargo class action says company has history of ‘troubling’ overdraft practices
Wells Fargo has a “long and documented history of troubling overdraft practices,” according to the class action.
In 2012, the lawsuit notes, the 9th Circuit Court of Appeals confirmed a $203 million judgment against Wells Fargo over claims the bank misrepresented its overdraft practices. The judgment included an injunction against the bank misrepresenting its process for transactions related to overdraft services, the lawsuit says.
Wells Fargo also makes it virtually impossible for customers to resolve their claims of illegal overdraft practices, the class action says.
The Wells Fargo overdraft rules require complainants to go into an individualized arbitration process, but the company has instead forced complainants into mass arbitration “in which the success or failure of their claims was tied to the claims of thousands of other Wells Fargo accountholders,” the lawsuit says.
The process arbitrator also imposed onerous pleading requirements, which caused the dismissal of many claims and led the plaintiffs to file the class action. The requirements were not in the arbitration rules or law, the lawsuit claims.
Apple Federal Credit Union is accused of unlawfully assessing $29 overdraft fees on debit card transactions authorized on sufficient funds, a class action lawsuit from May 2023 alleges.
Have you been charged Wells Fargo overdraft fees? Let us know in the comments.
The plaintiff is represented by Richard D. McCune, Steven A. Haskins, Valerie L. Savran and Emily J. Kirk of McCune Law Group.
The Wells Fargo class action lawsuit is Penuela, et al. v. Wells Fargo NA, et al., Case No. 5:23-cv-00883, in the U.S. District Court for the Northern District of California.
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441 thoughts onWells Fargo class action claims company charges illegal overdraft fees
Add me
I have receive so many overdraft fees at one point my account became overdrawn after my deposit month after month.
I received numerous charges From Wells Fargo withheld from my only source of income social security disability. I had to go to food shelves to feed my children
Please add me
Yes please add me. I believed I been taking advantage of by Well Fargo overdraft fees.
I would like to take to a lawyer to see if I qualify.
I’ve been enrolled in several insurances and other things that I didn’t consent to or had no idea I was a part of
I’ve been charged all kinds of fees and unwanted insurance that I paid interest on and I had my own policy.
receive so many overdraft fees at one point my account became overdrawn after my deposit month after month. At 1 point there only thing I had in my account was overdrafts . I had direct deposit and went directly into overdraft. Added people to my account,without my knowledge in another town.
I had multiple fees charged to the same purchase at one point.
“I’ve observed a notable increase in excessive overdraft fees on my account since early 2022. I never opted into overdraft protection and was informed that its application was at the bank’s discretion. Transactions made with my debit card appeared to be processed successfully, with funds seemingly available, yet I was later charged overdraft fees—this, despite screenshots confirming the transactions were debited at the time of purchase. Consequently, I’ve incurred over $1,000 in NSF fees, with a mere $30 reimbursed. Furthermore, despite reporting unauthorized activity, additional checking and savings accounts were opened in my name. I believe my situation aligns with the grievances of this class action lawsuit and request to be included.
Yes I got 3 different letters about being enrolled in stuff I had no idea of. They offered money for the “inconvenience”
Yes. I always wondered how mow accou t kept getting overdrawn. Still to this day.
Yes, I have been charged an overwhelming amount of overdraft fees by Wells Fargo and have since closed my accounts with them after discovering that a suspicious checking account had been opened in my name without my knowledge. I would like to be added to the class action to, at the very least, recoup these illegal overdraft charges.