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August 12, 2010

Wells Fargo Ordered to Repay Customers for Overdraft Fees
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A federal judge in California has ordered the banking giant Wells Fargo
to change its policies on overdraft fees and return $203 million to
customers who overpaid. In his ruling, US District Judge William Alsup
said Wells Fargo had engaged in "profiteering" and "unfair and deceptive
business practices" that led customers into paying excessive fees. Wells
Fargo drove up fees by processing the most expensive transactions first,
instead of in the order of when they took place.



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