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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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