Wells Fargo's "Excess Funds Retention Policy" Under Fire

Courthouse News Service is reporting that a class action lawsuit has been filed against Wells Fargo regarding their "Excess Funds Retention Policy." 

Class Action Lawsuit Claims Bank Cheats on ATM Deposits
By MARIA DINZEO

SAN DIEGO  - Wells Fargo takes advantage of customers who make math errors on ATM deposits by keeping the extra money even after it discovers the mistake, a class action claims in Superior Court. The "threshold amount" for the bank to snatch the money is about $10, the class says.

Lead plaintiff Brandi McLay says that when customers make a deposit by ATM and mistakenly enter an amount lower than the amount of the check, Wells Fargo pockets the difference.

She claims Wells Fargo does not inform customers of their errors, but keeps the money under what it calls an "Excess Funds Retention Policy" - which its customers do not know exists.

"This was a policy that we discovered through our investigation," said David Gallo, who filed the complaint. "It is a policy Wells Fargo keeps secret because they know they could probably get in trouble if they did disclose it."

The class seeks restitution and damages for conversion, unfair competition and unjust enrichment. They are represented by Gallo of Del Mar.