Business
Wells Fargo Launches No Overdraft Fee Bank Account and Limited Overdraft Fee Account
(Reuters) – Wells Fargo & Co (WFC.N) announced Tuesday that it will open new bank accounts to limit overdraft fees for customers.
A bank account will charge a monthly fee of $ 5, exclude checks and limit spending to the amount available on the account. Customers who wish to be able to issue checks can opt for an account that limits overdraft fees to one per month for a monthly fee of $ 10.
The new accounts are expected to be launched early next year.
Other Wells Fargo deposit accounts give customers the option to avoid monthly fees as long as their account meets certain requirements like having a direct deposit or making a certain number of purchases per month.
Overdraft fees have attracted the attention of regulators and politicians for years because they are usually paid only by customers with the least amount of money. In 2009, the Federal Reserve released a rule that prevented banks from charging overdraft fees on ATMs and single debit card transactions unless the customer opted for overdraft protection. The rule does not apply to recurring payments such as subscriptions and automatic payment.
Since the start of 2020, Wells Fargo has received dozens of overdraft charges, according to the Consumer Financial Protection Bureau database.
Wells Fargo has taken a number of steps to help customers avoid overdraft fees. In 2017, the bank started providing real-time balance alerts to customers whenever their account fell to zero or less, stopped charging overdraft fees of less than $ 5, and introduced a feature Overwind Reimbursement which reimbursed the fees charged when covering a direct deposit. was received the next day. These movements have hampered commission income for the bank.
Report by Imani Moise; Editing by Steve Orlofsky
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