Warren wants Wells Fargo's answers on closed account fees

Senator Elizabeth Warren. D-Mass., Asks Wells Fargo to explain a report that accounts closed by consumers had remained active, which triggered overdraft fees.

Warren, Democratic presidential nominee, wrote in a letter to Wells president and CEO Allen Parker on Monday that the San Francisco bank is "still fundamentally broken" years after its scandal fake accounts in 2016 despite promises of improved risk management.

"These new revelations are cause for great concern, but despite these assurances, Wells Fargo is still fundamentally broken and has not only continued to rip off customers with thousands of dollars with impunity, it has even targeted customers who were trying to Leaving the bank – and victims of previous scams – unfairly collect a last set of lucrative costs for Wells Fargo, "Warren wrote in the letter.

The New York Times reported last week that Wells regularly maintained open accounts even though consumers had acted to close them. The clients had transferred their money out of the bank, but the account still reported overdraft fees.

Warren asked Parker to answer questions about the incident by September 3rd and to inform his staff of the case by September 12th. Warren also wants Wells to give up her monitoring privilege so that she and her staff can get information on the latest incident. Federal regulators.

Warren wrote that other banks usually stop all transactions when an account is closed.

"This new report suggests that rather than truly engage in vital reforms, Wells Fargo continues to cheat its customers, charging them fees on accounts they thought were closed," Warren writes. "This greed has improved the company's results, but has had lasting negative effects for customers."

Wells did not immediately respond to a request for comment for this article.