Case Concludes Bank Intentionally Cleared Checks and Debit Cards to Generate Largest Overdraft Revenue
A class action lawsuit (3:07-cv-05923-WHA) that was previously filed against Wells Fargo has come to a conclusion that the bank was intentionally clearing transactions in order to create the largest amount of overdraft revenue. In fact 40% of its overdraft revenue was generated from only 4% of its customers. This is a tactic that a …