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Corporate

Aug. 12, 2010

Judge Says Overdraft Fees Illegal

Wells Fargo & Co. must pay $203 million to California customers who paid fees based on the bank's policy of processing transactions in order from highest dollar.

By Rebecca Beyer

Daily Journal Staff Writer

SAN FRANCISCO - A federal judge ruled Tuesday that Wells Fargo & Co. must pay close to $203 million in restitution to California customers who paid overdraft fees based on the bank's policy of processing transactions in order from highest dollar amount to lowest.

U.S. District Judge William H. Alsup ruled in a 90-page order that the policy violates California law and ordered t...

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