According to a recent lawsuit, Wells Fargo routinely overcharged military service members for more than ten years’ worth of credit card interest and fees.
The class action lawsuit has been unveiled against the bank by plaintiffs Carmin Nowlin, Tamika Haley, and Jesus Rodriguez. They claimed that the bank had disregarded the requirements of the Servicemembers Civil Relief Act (SCRA), which protects deployed service members from excessive interest rates.
The lawsuit claims that Wells Fargo deliberately singled out the military, including those serving abroad. The SCRA’s 6% cap was reportedly exceeded by the interest rates and fees the bank charged them. As a result, their loan balances increased, and they were assessed compound interest on the increased amounts.
Wells Fargo was also accused of concealing these practices from service members for over ten years. The plaintiffs claim they only discovered the violations in 2022.
However, the bank hasn’t responded to the case as of yet. Other recent charges against the bank include one from a client who claimed the bank did not assist her for a period of 7 months after thousands of dollars were taken out of her account.
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