Judge orders Wells Fargo to reverse $203 million in overdraft fees

A federal judge has ordered Wells Fargo Bank to reimburse more than one million of its California customers $203 million in wrongfully assessed overdraft fees - the culmination of a class-action lawsuit initiated by Inland Empire residents. Full Story
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big-e

Montclair, CA

#1 Aug 12, 2010
yeah i bank with BofA who does the exact same thing. just recently i was charged $187.00 for going over my balance. i knew i was going to be over and was checking my balance for about four days. the last few purchases were for $5 to $10 and were counted in the balance.so i should have been charged $35 only once. however the bank rearranged the last couple of purchases from highest to lowest so they could get the most profit. i tried talking to the bank manager (KEN CONTE , CLAREMONT BRANCH) who didn't care when i explained that i live check to check with a family to support. this left me with only $60 to last me two weeks. This greedy pig couldn't even reverse one charge. i reminded him that BofA also went through a similiar class action lawsuit recently and that these are crooked banking practises. He played stupid and pretended not to have heard anything about this. Hopefully some federal judge could make BofA reverse my charges also.

Since: May 10

Rosemead, CA

#2 Aug 12, 2010
Wells Fargo tried playing that game with me a couple of months ago. I called them and gave them hell. Got my money back. Banks these days...
Consumer

Rancho Cucamonga, CA

#3 Aug 12, 2010
ALL the banks are crooks. They should all be audited for practices like this especially in these times and since they've all benefited from the bailouts.
Just An Observer

Beaumont, CA

#4 Aug 12, 2010
So.....when do I collect MY overdraft fees from this crappy bank? I agree--bankers are crooks!
Kim

Chino, CA

#5 Aug 12, 2010
YES!!! It's time somebody reined in these moneygrubbers.
Jesushchrist

Claremont, CA

#6 Aug 12, 2010
Here's a refreshing thought Ms. Gutierrez, if you are indeed a college student, then perhaps it isn't a stretch to learn how to balance your checking account so you don't incur overdraft charges.
Ex-Wells Fargo employee

Los Angeles, CA

#8 Aug 12, 2010
I am glad this happened to WF. I hated to ignore the calls from our customers demanding reversal of such overdraft charges. Our top managers loved getting "bonus" on these fees and the people having to pay for these "bonus" could not do a thing from stopping this type of theft.
fedup

Hesperia, CA

#9 Aug 12, 2010
It's about time someone stopped the banks from taking money from the constituants who have been keeping them in business for years. I know first hand that it's all about the fees and hidden charges and that's just wrong. What ever happen to customer service?
Take Responsibility

San Dimas, CA

#10 Aug 12, 2010
"Ms. Gutierrez would not have made the four purchases that resulted in overdraft fees if she had been advised or warned that each purchase - some as small as $3.23 - would be covered by a secret shadow line of credit and assessed a $22 or $33 overdraft fee," Alsup wrote.
PEOPLE, with the box of checks comes a little white book called a REGISTER. By using this Register correctly, you can actually determine how much money is in your account. If you find that the BALANCE in the account does not cover your Latte', then don't buy the Latte'. It REALLY IS easy to do. Take responsibility for your actions and STOP BLAMING OTHERS for your laziness!
the real SAW

Fontana, CA

#11 Aug 12, 2010
How about just not spending more money than you have in your account?

Since: Apr 10

Upland, CA

#13 Aug 12, 2010
the real SAW wrote:
How about just not spending more money than you have in your account?
Oh,the troll is up today; doesn't have a life of his own, so he must cop someone else's registered handle.

I am a Wells Fargo customer. I do not have to deal with overdraft fees, because I balance my account every month and I never spend more than is there to spend.

Those who do get scammed have my sympathy, though. The banks have quite a racket on those enormous over-draft fees, and they should be stopped.

Go back to sleep, troll.
Sad

Redlands, CA

#14 Aug 12, 2010
Exact same thing happened to me at wells fargo. I wonder why I wasn't part of this class action law suite.
Sad

Redlands, CA

#15 Aug 12, 2010
Take Responsibility wrote:
"Ms. Gutierrez would not have made the four purchases that resulted in overdraft fees if she had been advised or warned that each purchase - some as small as $3.23 - would be covered by a secret shadow line of credit and assessed a $22 or $33 overdraft fee," Alsup wrote.
PEOPLE, with the box of checks comes a little white book called a REGISTER. By using this Register correctly, you can actually determine how much money is in your account. If you find that the BALANCE in the account does not cover your Latte', then don't buy the Latte'. It REALLY IS easy to do. Take responsibility for your actions and STOP BLAMING OTHERS for your laziness!
The issue isn't the over draft fee. It is the rearranging of the purchases as to force multiple over drafts when in reality there was only one over draft. Was this article too hard for you to understand the concept?
Sick of it all

Pleasanton, CA

#16 Aug 12, 2010
Not only did Wells Fargo do that to me more than once, they were in the habit of making money disappear from my account.

The final straw was when I had enough money to cover two transactions that were coming in, when suddenly $20 just disappeared from my account right before both transactions posted. I called the bank and asked what had happened to my $20, and they said there was no record of any $20 debit from my account - which is true there was no record, my balance was simply $20 lower than it had been the night before and I had not taken any money out of the account. Even when I took the printouts showing the discrepancy to the bank, they refused to do anything about it. At first they said it was something that hadn't posted yet, then one of their employees actually accused me of manipulating the printout on my computer.

Then, after making $20 disappear from my account, instead of paying either one of the debits with what was in the account, they charged me overdraft fees for both of them! That was when I closed my accounts, and took my money elsewhere.

Although I am not going to be getting any of my money back, I am glad to see that they are having to pay for some of their dishonesty.
current WF customer in CA

Scottsdale, AZ

#17 Aug 12, 2010
they only needed 5 'representative' clients in order to certify the class for the lawsuit. All of us who banked at WF will eventually see a refund check down the road, but it could be years. All you had to do was have an account with them in that period & have suffered an overdraft. It was about the bank's practic of 'stacking' transactions & allowind pending transactions to lingere and then charging the $22 for the first 3 in a year then reverting to the $35 fee for each subsequent transaction, and then if not cleared, adding a secondary Level 2 OD charge of an additional $5 per day after the first. Even if you used a register or the atm slips on th on-line, it could change from now through their overnight processing run, making a positive balance turn into overdraft when there wasn't really one 12 hours earlier, Crooked bookeeping, not in line with GAAP, is what got them in trouble & allowed the judge to rule in the Plaintiff's ( and all of our ) favor, not because we were too stupid to do the math 'right' & not spend more that we had in our account.
current WF customer in CA

Scottsdale, AZ

#18 Aug 12, 2010
GAAP
Generally
Accepted
Accounting
Pricipals
current WF customer in CA

Scottsdale, AZ

#19 Aug 12, 2010
sorry for the spelling errors - typed too fast
got a little heated up on this topic
Reyna

Redlands, CA

#20 Aug 12, 2010
Ex-Wells Fargo employee wrote:
I am glad this happened to WF. I hated to ignore the calls from our customers demanding reversal of such overdraft charges. Our top managers loved getting "bonus" on these fees and the people having to pay for these "bonus" could not do a thing from stopping this type of theft.
I stopped it. I took my money elsewhere, and told the manager that I was going elsewhere because I thought that WF was a bunch of theives for more than just overdraft charges. WF will pay the money back and find a new way to steal from the idiots that continue to bank there. Screw that company.
Hip-Hop Killed Music

Dallas, TX

#23 Aug 12, 2010
Great new, now let's see how long it takes for them to refund the fees.
turtol42

Chula Vista, CA

#24 Aug 12, 2010
They should be quick about it or they will lose ALOT of buisness

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