By Karen Gullo
May 15, 2013 9:01 PM PT
Wells Fargo & Co. (WFC) must pay customers $203 million for manipulating debit-card transactions to boost overdraft fees, a federal judge in San Francisco ruled, reinstating a 2010 damage award.
U.S. District Judge William Alsup said Wells Fargo’s practice of deceiving customers by posting debit transactions with the highest dollar amount first, rather than posting transactions in the order they occurred, was proven at trial. The practice misled consumers, who overdrew their accounts multiple times a day as a result, plaintiff attorneys said in a 2007 class-action lawsuit. The bank ended the practice in 2011.
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