Democratic senators are questioning Wells Fargo about its overdraft fees. Recently the bank’s fines have drastically increased as opposed to its peers. The senators are also wondering if the bank’s recent increase in funds has any relation to the sales-practice fiasco.
Ohio senator, Sherrod Brown, and Massachusetts senator, Elizabeth Warren, are members of the Senate Banking Committee. Both senators question the fact that Wells Fargo overdraft related income risen five times higher than other banks.
A spokeswoman for Wells Fargo commented that the bank has done nothing unusual as of late. According to the spokeswoman, the bank has kept its actions regarding overdraft fines the same. She also added that Wells Fargo has had no sales goals that would require the bank to increase customer overdraft fines.
The Wall Street Journal reviewed a letter that stated, “Wells Fargo’s overdraft income has increased disproportionately to the rest of the banking industry in the same way that Wells Fargo’s cross-selling exceeded that of its competition.”
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