Wells Fargo ordered to pay back over $200 mil in Overdraft fees

[Pokes]

Wow! This is huge! If this goes through I can expect at least $300 back.

NEW YORK (AP) -- A federal judge in California ordered Wells Fargo & Co. to change what he called "unfair and deceptive business practices" that led customers into paying multiple overdraft fees, and to pay $203 million back to customers.

In a decision handed down late Tuesday, U.S. District Judge William Alsup accused Wells Fargo of "profiteering" by changing its policies to process checks, debit card transactions and bill payments from the highest dollar amount to the lowest, rather than in the order the transactions took place. That helped drain customer bank accounts faster and drive up overdraft fees, a policy Alsup referred to as "gouging and profiteering."

Judge orders Wells Fargo to pay back $203M in fees

[MassNole]

Re: Wells Fargo ordered to pay back over $200 mil in Overdraft fees

Wow! This is huge! If this goes through I can expect at least $300 back.




Judge orders Wells Fargo to pay back $203M in fees

Is there a similar suit against Bank of America? Their procedures were disgusting, such as taking out credits before adding debits. I had my bills set on auto pay after I knew money was deposited each month and paid my bills from that money and then they made that change and bounced my account just because. Safe to guess WF did the same type of thing?

[ehh]

Re: Wells Fargo ordered to pay back over $200 mil in Overdraft fees

Seriously, I hope BOA is next. I got royally effed by them for two friggen overdrafts that were BS.

[JohnDoe8865]

Re: Wells Fargo ordered to pay back over $200 mil in Overdraft fees

I'm not with BoA anymore, but they screwed me on overdrafts a couple times.

[TracerBullet]

Re: Wells Fargo ordered to pay back over $200 mil in Overdraft fees

My cousin gets ripped off by BoA as well.

[CaptainZombie]

Re: Wells Fargo ordered to pay back over $200 mil in Overdraft fees

Chase isn't any better.

[MassNole]

Re: Wells Fargo ordered to pay back over $200 mil in Overdraft fees

I've never had trouble with Chase......but then again I don't have a bank account there.

The best thing to do for banks is stay with smaller, local banks that actually care about customer service and not their profit margin. Big banks are just evil.

[bkfount]

Re: Wells Fargo ordered to pay back over $200 mil in Overdraft fees

banks have been doing this for years, as they see it as a legit revenue source, like Blockbuster does with late fees. 200 million is nothing, certainly not enough to properly reimburse everyone that got dicked by them.

Wachovia manipulated my account to compound overdraft fees to over $200 by processing debits out of order before depositing my check. Pissed me the hell off, and they didn't even care that I was doing an internship where I only made $200 in a month.

[MassNole]

Re: Wells Fargo ordered to pay back over $200 mil in Overdraft fees

Ouch......

How did they respond when you called them out on it? When I called BOA customer service from the issue in my previous post I was told that it had always been their practice to run debits before credits and called me a liar for saying my previous statements showed this wasn't even remotely true. What was best with BOA is that AFTER I closed my account they still ran through transactions of stuff on autopay and billed me for it because it would have been illegal to have no processed the transactions......wtf mate? Basically I paid what they paid out and literally told the bitch they had in the branch to **** herself if she thought I was paying over draft fees on a CLOSED account. She said they would sue me I told her I was a lawyer and I would welcome them to do so as the countersuit would be for millions.

[Vast]

Re: Wells Fargo ordered to pay back over $200 mil in Overdraft fees

Ouch......

How did they respond when you called them out on it? When I called BOA customer service from the issue in my previous post I was told that it had always been their practice to run debits before credits and called me a liar for saying my previous statements showed this wasn't even remotely true. What was best with BOA is that AFTER I closed my account they still ran through transactions of stuff on autopay and billed me for it because it would have been illegal to have no processed the transactions......wtf mate? Basically I paid what they paid out and literally told the bitch they had in the branch to **** herself if she thought I was paying over draft fees on a CLOSED account. She said they would sue me I told her I was a lawyer and I would welcome them to do so as the countersuit would be for millions.

Ahhh. Capitalism at its best .........

[poster]

Re: Wells Fargo ordered to pay back over $200 mil in Overdraft fees

I used to be with US Bank back in the day, and they pulled the same BS. I would get furious with them as this was happening almost every month.

They made some garbage up about processing the higher debit amounts first like car payments/mortgage payments/etc. as they were important and needed to be processed ASAP to avoid payments being late. LMAO!

Meanwhile my deposited checks/cash (can't remember if they held cash deposits, I am sure these scammers did) that were deposited ahead of time would sit pending and then go through after everything else cleared.

I believe I got 6 overdrafts of 34.99, was able to get two dropped after going nuts, but still lost all of that money. This happened at a time when I was trying to finish school and working 2 part time jobs, so it always stressed me out financially and caused issues.

[JBH3]

Re: Wells Fargo ordered to pay back over $200 mil in Overdraft fees

Next should be Fort Sill National Bank...aka Fort STEAL national bank.

They've been theiving from the military for years. If you were a kid going straight from highschool into the military like me, and not someone older or in college who had a financial institution established. By default you were given Fort Sill National Bank. This is where the E-1 pay you earned while in bootcamp got direct-deposited.

For an hour or so, smack-dab in the middle of phase1 recruit training, we had a FSNB rep talk to us about "how great" FSNB was. They then tell you all of this "important information", you're in bootcamp, w/ Drill Instructors in your face all the time, the last thing you care to listen to are the intricacies of OverDraft "Protection".

Fort Steal National Bank would include whatever Overdraft Protection amount you opted for, and include it in your available balance. So if you opted for $200.00 in O/D protection, and looked at your account balance on payday that $200 bucks was included in your available balance.

If you don't want to go w/ Fort Steal National Bank then your only opp to go w/ NavyFed or MarineFed Credit Unions was during family day the day before your graduate. Who wants to go to the bank, and wait in line on your first day of freedom in over 3 months? Your only other option to join NavyFed or MarineFed would be if you got overseas orders...

Yea...they should look into Fort Steal next.

[gopadres]

Re: Wells Fargo ordered to pay back over $200 mil in Overdraft fees

I really hope this sets an example for other big banks, ie BofA. And/or they get the same punishment.

[slickdtc]

Re: Wells Fargo ordered to pay back over $200 mil in Overdraft fees

Funny, I'm with TD Bank and they just ****ed up my account. People have been telling me to switch from them but I didn't have a problem until now. As soon as it gets resolved, I'm closing out my account with them. They claim that they're so convienent but they have no ATM's anywhere.

[ryan36]

Re: Wells Fargo ordered to pay back over $200 mil in Overdraft fees

All banks do this. I once took out cash I had available on a Sunday and they overdrafted me for a transaction on the following Tuesday, when I was in a small town in Mississippi.

My work paychecks are on US bank , so I just use them.