Wells Fargo to Send Customers Refunds for Account Fees
Wells Fargo is expects to refund some customers for monthly account service fees. The bank says the charges were due to “confusion” over how to qualify to have the fees waived.
The bank hasn’t disclosed how many customers might be affected, but the sum could be into the millions. This the latest in a series of embarrassing and costly scandals for Wells Fargo.
Rep. Katie Porter shared a letter to Wells Fargo CEO Charles Scharf this week asking the company to share the extent of the service fee problem, writing that the bank may have collected “hundreds of millions of dollars” in service fees on its popular Everyday Checking and Opportunity Checking accounts.
Porter said in the tweet: Wells Fargo has said that refunding these charges is “the right thing to do for our customers.” While I appreciate that sentiment, I’ve also written to federal bank watchdogs to make sure the Bank keeps its word.
The Everyday Checking account from Wells Fargo comes with a $10 monthly service fee. It can be waived with a $1,500 minimum daily balance, monthly direct deposit of $500 or more, making 10 or more debit card transactions, maintaining a linked Campus ATM or Campus Debit card or by being age 17-24.