Wells Fargo Scraps Bounced Check and Overdraft Protection Fees
Wells Fargo announced on Tuesday that it will stop charging customers fees for bouncing checks and will waive fees for customers using its overdraft protection services. These changes will go into effect on March 30. Wells Fargo becomes the latest bank to jump on this trend after Capital One and Bank of America, amid growing regulatory scrutiny.
Wells Fargo will also give customers who overdraw their accounts 24 hours to bring the balance above $0 before charging them a $35 fee. Reuters reports that the bank will also begin giving customers who receive direct deposits access to those funds up to two days in advance.
Wells Fargo disclosed in an SEC filing earlier this year that it was under a new Consumer Financial Protection Bureau investigation over its handling of consumer bank accounts. The bank also had to pay a $3 billion fine last year for the millions of fake accounts created by bank employees which resulted in wrongfully collected millions in fees and interest.