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By Imani Moise
(Reuters) – Wells Fargo & Co announced on Friday that it expected to reimburse some service fees to customers who were perhaps confused as to how to avoid monthly fees.
The San Francisco-based bank indicated in a custody account that it was reviewing information provided to consumers about Mininum debit card activity requirements in order to remove certain monthly fees.
About 90% of customers successfully avoid paying check account fees by meeting certain requirements, said Wells Fargo spokesman Jim Seitz.
Consumers can get an exemption for monthly fees by connecting an eligible direct deposit or keeping the daily minimum balance among others.
The bank amended the guidelines on how to obtain a derogation through the use of the debit card that could create confusion.
"We have improved the way we communicate all the ways customers are eligible to benefit from a monthly service fee waiver and allows them to track their progress," said Seitz. "It's the right thing to do for our customers."
The disclosure adds to the long list of recovery efforts being made by the fourth largest bank in the United States after a series of admissions that it could have improperly charged customers for various products. financial.
The bank found itself mired in a scandal in 2016 when it revealed that it had potentially opened up millions of unauthorized accounts. Since then, problems have arisen in each of the main business areas of Wells Fargo.
Wells Fargo is committed to compensating all customers affected by its actions and has already paid tens of millions of dollars to reassure consumers.
In the same file, the company also raised the highest amount of potential losses exceeding the company's expenses to $ 3.1 billion, up from $ 2.7 billion at the end of last year.
(Report by Imani Moise, edited by Phil Berlowitz and David Gregorio)
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