The Consumer Financial Protection Bureau (CFPB) found that Wells Fargo Bank abused its power by charging consumers unfair overdraft fees and interest charges. The decision came down in December of 2022 on the heels of the 2016 fake accounts scandal. The abusive fees were often charged to the consumers who could least afford to pay them leading to bankruptcies, vehicle repossessions, financial ruin and more. Unfortunately, many Wells Fargo bank customers don’t know that they have any options regarding these unfair fees and interest charges.
While there is no official Wells Fargo lawsuit, current customers with a positive account balance who have been charged unfair fees may be able to recoup some financial compensation from Wells Fargo bank. The current Wells Fargo lawsuit is actually an arbitration which allows consumers to receive financial compensation for their loss.
Why Arbitration?
When consumers open an account with Wells Fargo, they are required to sign an agreement forbidding them from bringing a lawsuit against the bank. Instead, customers agree to binding arbitration in this paperwork. However, consumers may still benefit from the skilled services of an experienced attorney during arbitration in lieu of a Wells Fargo lawsuit.
In addition to signing the arbitration agreement, consumers are also subject to Wells Fargo’s predatory practices to boost its bottom line. When consumers with a low balance make a purchase that overdrafts their account, they are automatically charged an additional $35 overdraft fee which has a domino effect and can wind up costing consumers hundreds of dollars.
What Happens?
Rather than freezing accounts or declining purchases that would overdraft accounts, Wells Fargo bank instead profits off the victimization of their ill-gotten customers. Since customers sign an arbitration agreement when they open their account, they assume they have no recourse. Wells Fargo insists that all arbitrations be handled individually, discouraging large groups from raising claims. Skilled attorneys have decided to represent clients through the arbitration process and collect their fees from Wells Fargo bank.
Do I Qualify?
If you have been charged even 1 single overdraft fee by Wells Fargo bank and you still have an open account in good standing, then you likely qualify. That overdraft fee should have been incurred from a regular debit card purchase and not from a bill that was pre-authorized in advance. If this is the case, then you likely qualify to recoup your unfair overdraft fees from Wells Fargo bank.
Do I have to pay an attorney?
No, you do not have to pay an attorney. Certain attorneys have agreed to represent consumers who were victims of Wells Fargo predatory practices. These skilled attorneys will guide you through the arbitration process to help you recover financial damages from the bank and then recover their fees from Wells Fargo.
Partner with a Skilled Attorney for Wells Fargo Lawsuit
The Wells Fargo lawsuit is actually an arbitration process to help victims recover financial damages. If you were victimized by Wells Fargo and paid unfair overdraft fees in the past year, then you may qualify. You must still have an open account in good standing to recoup your predatory overdraft fees. Take the time to consult with an experienced attorney today who can help guide you through the arbitration process and fight for your rights to recover damages in the Wells Fargo lawsuit.
