Wells Fargo overcharged hundreds of business clients: report

Wells Fargo & Co. WFC, -0.26% cheated a number of their foreign-currency exchange business customers by overcharging them, according to a Wall Street Journal report late Monday. According to the Journal, an internal review found that out of about 300 fee agreements, only 35 companies ended up paying what they were originally told the price was. Foreign-exchange employees received bonuses based on how much revenue they generated, sources told the Journal, and the bank charged unusually high fees. According to the report, the overcharging scheme relied on customers not double-checking how much they were charged, confusing fees and Wells Fargo brushing off complaints.

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One response to “Wells Fargo overcharged hundreds of business clients: report

  1. Reblogged this on California freelance paralegal and commented:
    Just another example of the business model used by Wells Fargo which consists of screwing over every customer that they can.

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