Wells Sees $300M Fee Hit

November 2009
American Banker;11/9/2009, Vol. 174 Issue 202, p12
Trade Publication
The article reports that changes in Wells Fargo & Co.'s policy on overdraft fees will cost the banking company $300 million in 2010. The information about the company's fee revenue after taxation is from Wells Fargo's filing with the U.S. Securities and Exchange Commission.


Related Articles

  • Survey: Overdraft Income to Fall 5.1%.  // American Banker;3/25/2010, Vol. 175 Issue 46, p16 

    The article reports that according to research firm Moebs Services banks are expected to receive an approximate total of $35.2 billion in overdraft fees in 2010, down 5.1 percent from 2009.

  • Wells Gets Day in Court on Overdraft. Horwitz, Jeff; Horwitz, Steven // American Banker;5/17/2012, Vol. 177 Issue 77, p9 

    The article gives information about a lawsuit against Wells Fargo that charged the bank with manipulating overdraft fees, awarded the plaintiffs $203 million in 2010, and is being heard in the U.S. 9th Circuit Court of Appeals.

  • Deposit Fees Hit Midyear High, FDIC Says.  // American Banker;9/25/2009, Vol. 174 Issue F307, p19 

    The article states that banks in the United States charged $43.5 billion in deposit account fees to their customers in the year 2009. Data concerning the amount of service charges is provided by the Federal Deposit Insurance Corporation. U.S. Bancorp and changes in the company's overdraft policy...

  • Overdraft-Rule Changes: How Some Banks Are Responding. Hoffman, Karen Epper // American Banker;3/18/2010, Vol. 175 Issue 42, Special section p5 

    The article focuses on how banks are responding to the introduction of U.S. legislation compelling banks to have customers opt in to an overdraft program. Particular attention is given to the responses of First National Bank and Trust Co. of Beloit, Wisconsin, Bank of Kansas, and People's United...

  • Banks search to replace overdraft fees. Daniels, Steve // Crain's Chicago Business;4/12/2010, Vol. 33 Issue 15, p3 

    The article focuses on the consequences of reduction of revenue in the banking industry. It mentions that with the stricter rules on overdraft banking imposed by the U.S. government, banks across Chicago, Illinois, has decided to stop the free checking model. TCF Financial Corp. was the first to...

  • Decision In Wells Suit Could Set Overdraft Precedent On 'High To Low'. Horwitz, Jeff // CardLine;8/13/2010, Vol. 10 Issue 33, p32 

    The article discusses the ramifications of a federal court's order for Wells Fargo & Co. to repay dollar 203 million in overdraft fees. It discusses the views of several lawyers including Richard Heimann, on the ruling which bolsters similar class actions around the country involving the alleged...

  • High-To-Low Overdraft Charging Now In Danger At Community Banks, Too. Davidson, Kate // CardLine;10/1/2010, Vol. 10 Issue 41, p8 

    The article reports on the possible impact of the Wells Fargo & Co. case decision to the overdraft method of community banks in the U.S. in 2010. It states that recent lawsuits could halt community banks in at least two states from intentionaly processing the biggest transactions firts after a...

  • WELLS FARGO CHANGES OVERDRAFT PRACTICES.  // CardLine;10/2/2009, Vol. 9 Issue 40, p10 

    The article reports on the changes implemented by Wells Fargo & Co., the nation's second largest debit card issuer, to its overdraft policies in the U.S. It has been cited that Wells Fargo & Co. is following the strategies of banks on eliminating overdraft fees for customers that have engaged in...

  • Precedent on 'High to Low' In Wells Case. Horwitz, Jeff; Lepro, Sara // American Banker;8/12/2010, Vol. 175 Issue 124, p1 

    The article focuses on banking company Wells Fargo & Co. and a court order from the U.S. District Court in Northern California, which resulted from a class action lawsuit, that the company repay $203 million in overdraft fees. Wells Fargo is expected to appeal the court's decision. Attorneys...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics