Are you a customer of Wells Fargo? Did you receive a mail about a class action on the settlement to resolve claims that Wells Fargo may take advantage of consumers through unfair overdraft policies? This review will help you partake in the class action settlement after confirming the authenticity of the mail.
What Is Wells Fargo charging unfair overdraft fees Class Action Settlement?
Overdraft fees are charged as a part of overdraft protection programs offered through banks and credit unions such as Wells Fargo. In return for allowing transactions to “overdraft” their account, consumers pay their bank an overdraft fee. This fee may put their account further in the negative but allows consumers to use their bank account despite having a negative balance. Consumers can only be charged overdraft fees if they have opted into their bank’s overdraft protection program.
What Is This Class Action All About?
Unfortunately, Wells Fargo may have a history of taking advantage of customers through unfair bank fees.
Several banks and credit unions face legal action as a result of allegedly unfair overdraft fee practices. Some banks have been accused of charging multiple overdraft fees on a single transaction due to subsequent attempts to clear a transaction. Others have been accused of reordering transactions in order to maximize the number of fees charged during transaction processing. Oftentimes, consumers say that they were not given all the necessary information about a bank’s overdraft policies when opting into overdraft protection. This may result in surprise overdraft fees.
In 2010, Wells Fargo was ordered to pay $203 million in a class action verdict. The verdict was reached in a class action lawsuit claiming that the bank misled customers about overdraft fees. Plaintiffs in the case accused the company of reordering transactions in order to charge overdraft fees on multiple transactions.
In 2017, one Wells Fargo customer took legal action against the bank for its allegedly predatory overdraft fee policies. The plaintiff in the case says that he was charged multiple overdraft fees on transactions despite never opting into Wells Fargo’s overdraft protection program.
The source of this issue was an Uber transaction, the plaintiff contends. According to the class action lawsuit, Wells Fargo should have treated his Uber ride as a one-time transaction and not authorized it based on insufficient funds. Instead, Wells Fargo allegedly took advantage of the situation by authorizing the transaction. This allowed the bank to charge multiple overdraft fees on other transactions known at the time of authorization, the Wells Fargo customer claims. According to the Wells Fargo class action lawsuit, these fees violated the bank’s account agreements.
In 2021, Wells Fargo agreed to pay over $10 million to put these allegations to rest. Although Wells Fargo resolved this class action lawsuit, consumers could still take action against the company for other unfair overdraft fees.
Who Is Eligible?
The settlement benefits all class members who are Wells Fargo customers and have been charged an overdraft fee within the past year.
How To Be Part of This Settlement
For a class member to partake in this settlement, they must submit their Valid claim on the settlement website.
What Is The Pay For This Settlement?
The pay for this settlement varies and the proof of purchase is not necessary.
Conclusion
As you submit your claim to the settlement website, just like Camp Lejeune class action settlement we have reviewed , you’re doing so under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim.
