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Wells Fargo loses ($203 million) debit card suit [View All]

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Newsjock Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 10:41 AM
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Wells Fargo loses ($203 million) debit card suit
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Source: Bloomberg News

Wells Fargo & Co. should pay about $203 million to customers who claim the bank manipulated debit card transactions without their knowledge to increase revenue from overdraft fees, a federal judge ruled.

U.S. District Judge William Alsup in San Francisco issued the ruling Tuesday, deciding the case without a jury.

... Customers don't "reasonably expect that they will have to pay up to ten overdraft fees when only one would ordinarily be incurred," Alsup wrote in the opinion. The multiple fees are "so pernicious," he said, that they should only be allowed if customers expected them and in this case "the proof is the opposite."

Wells Fargo "went to great lengths to bury the words deep in a lengthy fine-print document and the words selected were too vague to warn depositors, as even the bank's own expert conceded," Alsup wrote.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/0...
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