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Judge Orders Wells Fargo to Pay Back $203M in Fees
NEW YORK (AP) -- A federal judge in California is ordering Wells Fargo & Co. to change what he called "unfair and deceptive business practices" that led customers into paying multiple overdraft fees.

In a decision late Tuesday, U.S. District Judge William Alsup ordered the bank to pay $203 million back to customers.

Alsup accuses Wells Fargo of "profiteering" by changing its policies to process checks, debit card transactions and bill payments from the highest dollar amount to the lowest, rather than in the order the transactions took place. That helped drain customer bank accounts faster and drive up overdraft fees.

The ruling details the experiences of two Wells Fargo customers who were part of a class action.

A spokeswoman says the bank is "disappointed" with the ruling.

(Copyright 2010 by The Associated Press. All Rights Reserved.)
08 12 10 by Newsroom
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