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

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

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.

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.

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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.

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