Wells Fargo may order bank transactions from the highest to lowest dollar amount instead of posting the transaction according to the order received forcing customer accounts into a negative balance quicker and artificially increasing the number of overdraft fees the company can charge.
Investigation and multiple class action lawsuits against Wells Fargo claiming that Wells Fargo's' systematic practice of re-sequencing electronic debit transactions results in excessive overdraft fees to customers living in Washington, Minnesota and Texas.
According to the class action lawsuits, Wells Fargo practices running bank transactions from the highest to lowest dollar amount instead of posting the transaction according to the order received. This puts Wells Fargo customer accounts into a negative balance and artificially increases the number of overdraft fees the company can charge. The class action lawsuit seeks to represent any Wells Fargo customer who currently incurred overdraft fees on electronic debit transactions, even when sufficient funds were available.
Class action lawsuits were recently brought for those Wells Fargo customers residing in Texas and Minnesota. The lawsuit lists the same claims and allegations against Well Fargo regarding its overdraft fees and sequencing of electronic debit transactions.
If you've had a checking account and paid an overdraft fee anytime from Dec. 23, 2004 until present you may be eligible to join this lawsuit.
Name (Stock Symbol)
Wells Fargo & Company (WFC)
Wells Fargo & Company, through its subsidiaries, provides retail, commercial, and corporate banking services principally in the United States
The information provided on ClassAdvocate.com is general in nature,
does not apply to any particular factual situation, and is not and
should not be taken as legal or other professional advice. We make no
commitment or warranty that the factual, legal or any other information
on ClassAdvocate.com, or on any linked website, is accurate, complete,
error-free, or current. As such, you should not rely on such information,
and should seek professional advice if and as you determine appropriate.
ClassAdvocate.com is not a lawyer referral service, and no attorney-client
or confidential relationship is or should be formed by use of the site.
The investigations listed on ClassAdvocate.com are attorney advertisements
and do not in any way constitute a referral or endorsement by ClassAdvocate.com
or any approved or authorized lawyer referral service.