Wells Fargo hit with recent class actions over fees, marketing, more

Wells Fargo class action lawsuits overview: 

• Who: Consumers recently filed several class action lawsuits involving Wells Fargo. 
• Why: The class action lawsuits involve claims Wells Fargo charged illegal bounced check fees, failed to provide fraud reimbursement, aided and abetted an alleged Ponzi scheme and knowingly participated in a marketing scam. 
• Where: The class action lawsuits were filed in U.S. federal courts. 

Consumers recently filed several class action lawsuits against Wells Fargo regarding bounced check fees, fraud reimbursement, an alleged Ponzi scheme and a marketing scam. 

Wells Fargo charged unlawful bounced check fees, class action claims 

A consumer filed a class action lawsuit against Wells Fargo earlier this month over claims the bank charges unlawful $12 bounced check fees. 

The class action lawsuit claims Wells Fargo unlawfully charges consumers the bounced check fee if they deposit a check that bounces, regardless of whether the depositor knew the check would not clear. 

“Generally, a customer depositing a check anticipates receipt of the funds,” the Wells Fargo class action says. 

The plaintiff wants to represent a nationwide class of Wells Fargo customers whom the bank charged a bounced check fee between Feb. 1, 2024, and March 30, 2024. 

In June, Wells Fargo asked a federal judge in June to dismiss a similar class action lawsuit over the $12 bounced check fees. The bank is arguing for arbitration of the claims. 

Wells Fargo class action claims bank failed to reimburse fraud victims

A pair of consumers filed a class action lawsuit against Wells Fargo in June over claims the bank fails to reimburse customers who become victims of fraud. 

The class action lawsuit claims Wells Fargo routinely holds its customers liable for instances of fraud, namely when an unauthorized electronic transfer is made out of their Wells Fargo deposit accounts. 

“Because defendant failed to reimburse plaintiffs and the class for the unauthorized electronic transfers, defendant has violated (the Electronic Funds Transfer Act),” the Wells Fargo class action says. 

The consumers want to represent a nationwide class of individuals who had funds electronically transferred from a Wells Fargo deposit account without having authorized the transfer and who notified Wells Fargo of the unauthorized transfer within 60 days but were not reimbursed by the bank within one year prior to the filing of the class action lawsuit. 

Wells Fargo aided, abetted Ponzi scheme involving elderly, class action claims 

A consumer filed a class action lawsuit against Wells Fargo in June over claims the bank aided and abetted a Ponzi scheme that financially injured many elderly investors. 

The class action lawsuit claims the Ponzi scheme caused elderly investors to lose more than $300 million, with the money representing a significant amount of their life savings. 

The consumer argues Wells Fargo was aware Marshal Seeman, Eric Holtz and Brian Schwartz perpetuated a Ponzi scheme through a number of entities but using Wells Fargo as their primary bank. 

“Wells Fargo, as the primary depository bank used in the scheme, as well as in its roles as trustee and securities intermediary, effectuated the transactions that enabled the scheme to reach catastrophic levels,” the Wells Fargo class action says. 

Class action says Wells Fargo knowingly participated in marketing scam 

Last month, a consumer urged a judge not to grant a motion for summary judgment filed by Wells Fargo in a bid to end claims the bank knowingly participated in a marketing scam and ignored obvious signs of fraud. 

In a 2021 class action lawsuit, the plaintiff argues Wells Fargo knowingly participated in a marketing scam involving free trials that ultimately turned into costly subscriptions that were difficult to cancel and scammed consumers out of $200 million. 

Wells Fargo is accused of maintaining depository accounts allegedly used to perpetrate the scam, while the consumer, in an effort to prevent summary judgment, argues a “mountain of facts” exists that show the bank knew about the fraud for years. 

Have you been injured by Wells Fargo? Let us know in the comments.

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