Federal Judge William Alsup has ordered Wells Fargo & Co. to pay back an estimated $203 million in a class action that alleged the bank processed debit card overdrafts to maximize fees and squeeze more revenue from customers. The plaintiffs in the class action alleged that the bank routinely deducted customers' largest charges first, drawing down available balances so that subsequent debits might incur an overdraft fee.
August 11, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
U.S. District Judge William Alsup today ordered Wells Fargo to pay back an estimated $203 million in a class action that alleged the bank processed debit card overdrafts so as to maximize fees and squeeze more revenue from customers.
In a 90-page order ( .pdf ) filed today following a bench trial last spring, Alsup slammed the bank for a “bookkeeping device” it used to multiply overdrafts.
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