Wells Fargo to scrap bounced check, overdraft protection fees by March 30

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Published: Jan 11, 2022, 22:43 GMT+00:00

By Elizabeth Dilts Marshall NEW YORK (Reuters) - Wells Fargo & Co said on Tuesday that it will stop charging customers fees for bouncing checks and will waive fees for customers using its overdraft protection services by March 30, as it becomes the latest bank to announce changes to overdraft policies amid growing regulatory scrutiny.

By Elizabeth Dilts Marshall

NEW YORK (Reuters) – Wells Fargo & Co said on Tuesday that it will stop charging customers fees for bouncing checks and will waive fees for customers using its overdraft protection services by March 30, as it becomes the latest bank to announce changes to overdraft policies amid growing regulatory scrutiny.

Wells Fargo will also give customers who overdraw their accounts 24 hours to bring the balance above $0 before charging them a $35 fee, and it will begin giving customers who receive direct deposits access to those funds up to two days in advance.

(Reporting by Elizabeth Dilts Marshall; Editing by Leslie Adler)

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