
Wells Fargo’s Military Benefits Program
Allegations: Marketing itself as a bank dedicated to military members, veterans, and their families when it charges interest rates that are so high they violate federal law and the bank’s…
Magill et al v. Wells Fargo Bank
21-cv-1877, N.D. Cal.
(Dec. 2020)
Checking accounts
Misrepresenting when consumers will be charged overdraft fees
Motion for arbitration granted
Allegations: Marketing itself as a bank dedicated to military members, veterans, and their families when it charges interest rates that are so high they violate federal law and the bank’s…
Allegations: Failing to disclose that consumers will be charged a $12 “Deposited Item Returned Unpaid Fee” if a check they attempted to deposit bounces
Allegations: Misrepresenting when consumers will be charged overdraft fees
Allegations: Marketing Zelle as safe without disclosing the risk of losing money in scams and that the bank does not reimburse consumers for lost funds
Patrick Coffee, The Wall Street Journal
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