Eugene David
...The One-Minute Pundit

Tuesday, August 10, 2010


Wells Fargo & Co. should pay about $203 million to customers who say the bank manipulated debit-card transactions without their knowledge to increase revenue from overdraft fees, a federal judge ruled.

U.S. District Judge William Alsup in San Francisco issued the ruling Tuesday, deciding the case without a jury.

Wells Fargo changed the way it treated customers' daily debit transactions and cash withdrawals in December 2001, according to the lawsuit filed in 2007. Transactions with the highest dollar amount posted first, rather than in the order they occurred.

The practice resulted in more overdrafts, with customers overdrawing their accounts by small amounts multiple times a day, according to the complaint. The change allegedly was intended to boost revenue from overdraft fees, which ranged from $18 to $35 for each overdraft.


Another honest, ethical business practice from the HOLY KINGDOM OF ST. WARREN!

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