LAT: Wells Fargo loses consumer case over overdraft fees

[steve2470]

http://www.latimes.com/business/la-fi-wells-20100810,0,5994603.story?track=rss

Wells Fargo & Co. should pay about $203 million to customers who say 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.

Wells Fargo changed the way it treated customers' daily debit transactions and cash withdrawals in December 2001, according to the lawsuit filed in 2007. Transactions with the highest dollar amount posted first, rather than in the order they occurred.

more at link above

[leftofcool]

Now, go after the rest of the banks for doing the same thing n/t

[Donnachaidh]

2. oh you KNOW they all do it.

And I'll bet they get REAL creative at Xmas and other heavy shopping holidays. :grr:

[leftofcool]

4. You bet they do!

[hobbit709]

1. Even money says the other banks are doing it too.

[BlueJazz]

3. Overdraft on an account (usually) cost the Bank around 16 cents which...

...includes the stamp to mail you the notice.

Ummm...lets see....Cost of overdraft to Bank= 16 Cents.
Cost of overdraft to Customer= $35.00
Well..seems fair to me.

[ejpoeta]

5. i am pretty sure M&T has been doing that. if you put things through just as I used them then i

would have been fine. it seemed odd that certain fees always came out whenever my balance was low. i try to make sure i have a good cushion in there now. when ESL is up and running nearby, i think i may just switch to that. my husband has a checking account there and a savings account. they have always been good to us and he gets dividends because the members are the owners.