Wells Fargo Anticipates Refund Of Monthly Service Fees To Some Customers


Today, Wells Fargo & Co said that it is expecting to refund some of the servicing fees that were charged to customers who may have been confused on the ways on how to avoid monthly charges.

The bank is based in San Francisco in the United States of America. In a recent securities filing, it said that it was reviewing its past disclosures to consumers regarding the mininum debit card activity requirements that are required in order to waive certain monthly fees.

The disclosure adds to the long list of remediation attempts that are going on at the fourth-largest bank by assets in the United States after a series of admissions that it may have improperly charged its customers for various financial products.

The bank became involved in a scandal way back in 2016 when it revealed that it had potentially opened millions of unauthorized accounts. Since then, the issues have cropped up in each of the primary business segments of Wells Fargo.

Wells Fargo has said that it is committed to compensating all of the customers that are affected by its actions and has already paid out tens of millions of dollars to make consumers whole.

In the same filing, the bank also raised the high end of possible losses in excess of the accrual of the company to $3.1 billion, an increase from the $2.7 billion that was recorded at the end of the previous year.