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September 2010

Case in Point

Court awards restitution to class claiming Wells Fargo charged excessive overdraft fees

The plaintiffs alleged that the bank instituted changes including posting its customers’ debit card charges using a high-to-low order, commingling debit purchases with checks and other transactions, and creating a shadow line of credit solely to increase overdraft fees. The court said the bank had set a “trap” for consumers and awarded $203 million. Gutierrez v. Wells Fargo Bank, N.A.

 

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