Wells Fargo: New Overdraft Policy To Cost $300 Million In 2010
By Marshall Eckblad, Of DOW JONES NEWSWIRES
NEW YORK -(Dow Jones)- Wells Fargo & Co. (WFC) said Friday its revised
policies for charging overdraft fees will cost the San Francisco bank $300
million, after taxes, in 2010.
The bank disclosed the new policy's impact on its fee revenues in a filing
with the Securities and Exchange Commission.
U.S. banks as a group have been bracing for new laws governing overdraft fees,
whose prices Congress has said are unfair to consumers. Ahead of expected
regulation, some banks, including Wells Fargo and Bank of America Corp. (BAC),
have changed their policies voluntarily.
-By Marshall Eckblad, Dow Jones Newswires; 212-416-2156; marshall.eckblad@
dowjones.com
(END) Dow Jones Newswires
11-06-091700ET
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