Attention FAE Customers:
Please be aware that NASBA credits are awarded based on whether the events are webcast or in-person, as well as on the number of CPE credits.
Please check the event registration page to see if NASBA credits are being awarded for the programs you select.

Yet Another Wells Fargo Scandal: Small Businesses Claim Overbilling for Credit Transactions

Chris Gaetano
Published Date:
Aug 11, 2017
Wells Fargo

Troubled bank Wells Fargo has racked up yet another scandal: small businesses are suing the financial institution over claims that it used deceptive language to overcharge them for processing credit card transactions, and when they tried to leave the agreement, they were charged exorbitant fees, according to CNN Money. The proposed class action lawsuit said that merchants were charged monthly fees of $20 to $35 for failing to have a minimum number of transactions, but said the contract explicitly said there would be no such fees. When the plaintiffs tied to then get out of their relationship with the bank, they were then charged a $500 early exit fee. 

This is the latest in a long series of scandals involving the troubled bank. Over the past year, it has been faulted for signing millions of people up for credit accounts without authorization, signing people up for car insurance they didn't need, and manipulating mortgage rates without the borrowers' knowledge or consent. 

Click here to see more of the latest news from the NYSSCPA.