"Stagecoach Robbers" Let Go of Overdraft Fees

Wells Fargo says it will ease up on overdraft fees

By Sajid Farooq
|  Thursday, Sep 24, 2009  |  Updated 6:03 AM PDT
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Wells Fargo is extending an olive branch to its scorned customers.

The San Francisco-based bank says it will finally eliminate overdraft fees for customers who only outspend their accounts by $5 or less.

For years customers have been complaining about Wells Fargo and its "stagecoach robbery" practices, where a simple cup of coffee turns into a $30 affair. The issue has even been the basis for a lawsuit in Washington state and investigations of fraud in others.

The move may not go far enough for some customers but it still puts the bank in lines with its counterparts, such as Bank of America and Chase, who introduced similar measures earlier this year.

It also doesn't hurt that banks across the country are being strongly encouraged by the government to ease up on fees and hidden fees and overdraft charges.
 

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