Wells Fargo Faces CFPB Probe Over Checking-Account Practices
- Bank says it has already been issuing refunds over the issue
- Wells Fargo no longer allows fee waivers tied to card usage
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Wells Fargo & Co. said it’s facing a new probe from the Consumer Financial Protection Bureau over checking-account practices.
The agency is examining the firm’s past disclosures to customers about how often they had to use a debit card to receive a fee waiver for certain deposit accounts, the bank said in a quarterly regulatory filing. Wells Fargo had previously disclosed that the agency is investigating whether its customers were harmed by the firm’s historical practice of freezing or closing accounts due to suspected fraud.