A new lawsuit accuses banking giant Wells Fargo of overcharging thousands of customers for more than a decade in interest and fees on their credit cards.
The class action lawsuit filed by plaintiffs Carmin Nowlin, Tamika Haley, and Jesus Rodriguez, claim The bank charged active duty U.S. military personnel interest rates and fees that exceeded the standards set by the Servicemembers Civil Relief Act (SCRA).
The SCRA guarantees that interest rates on debt incurred by military members before being called to active duty will be reduced to 6%. This reduction applies from the date of deployment and continues throughout active duty. Additionally, under the law, banks are required to permanently waive interest rates above 6%.
The plaintiffs say Wells Fargo marketed itself to military personnel, especially those deployed overseas, and secretly overcharged them for more than a decade.
“Defendants have violated the statutory and contractual obligations of America’s combat forces by charging excessive interest rates and fees, unfairly inflating service members’ principal balances through illegal charges, and charging compound interest on these inflated balances. Defendants then concealed overbilling from thousands of military families harmed by Defendants’ practices...
Due to Defendants’ misrepresentations to Plaintiffs and Class Participants and concealment of SCRA violations and overcharging, Plaintiffs and Class Participants did not discover, nor did they have a reasonable opportunity to discover, SCRA violations until 2022. .
The defendants’ violations were self-concealed, as evidenced in part by the fact that they continued a nationwide practice of overcharging active-duty military personnel for more than a decade. ”
Wells Fargo has not released a statement regarding the allegations.
The bank has faced multiple lawsuits and complaints in recent months, including one alleging the major bank left her hanging for seven months after thousands of dollars were stolen from her account. This also includes customers.
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