• Wells Fargo expects more remediation on deposit accounts as legal costs rise

    By: Caroline Hudson, Charlotte Business Journal


    CHARLOTTE, N.C. - Wells Fargo & Co. is investigating two issues with its consumer deposit accounts — both of which will likely come with payouts to regulators and/or those affected.

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    The bank said it is reviewing past disclosures to customers about the minimum qualifying debit-card usage required to waive service fees on the accounts. Customers were confused about the types of transactions that counted toward the minimum, Wells Fargo said.

    Wells Fargo also said it is reviewing "historical practices" of freezing and/or closing deposit accounts flagged for fraud suspicion. The bank said remediation will also likely be required in this matter.

    Read the full story here.

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