A federal judge has ordered Wells Fargo to pay customers back over $200 million in overdraft fees. The judge said the company’s business practices were "unfair and deceptive."
The case was based on overdraft fees. Wells Fargo policy was to process transactions from highest dollar amount to lowest dollar amount, rather than chronologically. The judge noted that online banking with Wells Fargo displays transactions in a chronological fashion, which can be misleading to consumers. The judge referred to Wells Fargo policy of processing transactions from highest dollar amount to lowest as "gouging and profiteering."