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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
Just caught WF charging $25 fees on one of my accounts that doesn’t qualify. When I opened the account in 2020 it was explained a minimum amount must stay in the account, which Ive kept it above that amount since it was opened. Looks like they changed the rules 6 months after and removed the minimum amount and now only require it to be linked to a Navigate Business Checking account. This is criminal! I explained the situation to a rep, he escalated it immediately and I have now been on hold for over an hour now.
Update – After staying on hold for over an hour and a half they disconnected the call and never called me back. I’ll be walking into the branch today.
They charged me a monthly services fee didn’t know. Why I’m being charged a fee add me
Also, I used my debit card for almost everything Wells Fargo charge me double they take my money instantly then a couple of days later I’m see pending for the same transaction I already was charged. I’m ready to leave all banks alone
ADD ME:
Going through same thing. Have had my account for years and never once paid a fee and then they “updated” their service fee policy and now I am being charged because I am 42 and not between 17 and 24 years of age..I don’t keep a minimum 500 dollar balance [who does this lol] and I don’t have a direct deposit of 500 into that particular account, I do however have a second account with them that my paycheck is deposited in and I transfer money back and forth..what dam* difference does it make if it direct deposit. NONE of these policies were in place when I opened this account..who the hell are they to tell me how to manage my money and discriminate against me because of my age
I’m having the same problem with them now.
Wells Fargo harrassed and toyed with my daughter for months
Add me
Add me
please add me
Me
Add me please