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Wells Fargo expects to refund monthly service fees to some customers



By Imani Moise

(Reuters) – Wells Fargo & Co said on Friday it expects to refund some servicing fees to customers who may have been confused about how to avoid monthly charges.

The San Francisco-based bank said it was a security filing that was reviewing past monthly payments.

Roughly 90 percent of customers successfully avoid paying servicing fees on checking accounts by meeting certain requirements, said Wells Fargo spokesman Jim Seitz

Consumers can get paid for the monthly fee by connecting a qualifying direct deposit or keeping the minimum daily balance among other things.

The bank has made changes to address guidelines for how to get through a debit card use that had the potential to be confusing.

"We have made improvements in how we communicate all the ways customers qualify for a monthly service fee waiver, and how they c an track their progress, "Seitz said. "It's the right thing to do for our customers."

The disclosure adds to the long list of remediation efforts going on at the fourth-largest U.S. The bank became mired in scandal in 2016 when it revealed it had potentially millions of unauthorized accounts. Since then, issues have cropped up in an eye of Wells Fargo's primary business segments.

Wells Fargo has been committed to compensating all customers affected by its actions and has already paid out of millions of dollars to make consumers whole. 19659011] In the filing of the company also raised the high end of potential losses in excess of the company's accrual to $ 3.1 billion, up from $ 2.7 billion at the end of last year.

(Reporting by Imani Moise; Editing by Phil Berlowitz and David Gregorio)


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