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Wells Fargo is being investigated again, this time for how it charged monthly service fees on customer accounts.
The company made the disclosure in a regulatory filing Thursday, where it revealed the Consumer Financial Protection Bureau (CFPB) was investigating its disclosures to customers in 2016, Reuters reported.
It said the CFPB was looking at its “past disclosures to customers regarding the minimum qualifying debit card usage required for customers to receive a waiver of monthly service fees on certain consumer deposit accounts.”
The investigation is the latest hurdle for the San Francisco-based lender, which has faced numerous scandals, lawsuits and settlements related to its lending and business practices, including opening phony accounts for customers and closing ones they needed.
The CFPB was already investigating whether Wells Fargo hurt customers with a practice of freezing and closing accounts when it suspected fraudulent activity, Reuters reported.
Wells Fargo is the fourth largest bank in the United States based on assets. The financial corporation has faced consumer backlash regarding alleged unfair operations of the bank, potential unethical practices, and more, which have resulted in a range of class action lawsuits being filed.
The Wells Fargo lawsuit filings include claims of the bank unfairly repossessing property, customers receiving mortgage forbearances they didn’t ask for, customers being wrongfully denied home loan modifications, and more.
In March, a man who was in his 70s when he signed up for a new Wells Fargo checking account sued the bank for age discrimination, saying he was forced to pay a monthly account fee a younger man wouldn’t have to pay.
The bank has also recently agreed to a $6.9 million settlement benefiting certain mortgage loan borrowers whose loans were amortized at a rate higher than the lowest disclosed effective rate. It also recently agreed to pay a $40 million settlement benefiting certain merchants who contracted with the company for payment processing services through Wells Fargo Merchant Services.
What do you think of Wells Fargo’s approach to fees and accounts? Let us know in the comments!
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26 thoughts onWells Fargo Under the Spotlight Again, This Time for Monthly Service Fees
I’m having the same problem others are having where I open my checking account and it’s supposed to be totally free checking once you have direct deposit and all of a sudden they change the fee processes at Wells Fargo and now I’m being charged a fee every month if you have a class action please include me I would like my money back and when you call them you get nowhere with them
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I e been charged a mthly service fee when I used my debit card daily. they stopped the fee only to add it back the following month. if it’s not one thing it’s another with wells Fargo. they should be held accountable and cx should be reimbursed at the very least for the multiple fees.
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