Congress

Elizabeth Warren is blasting Wells Fargo over fees, again

Latest criticism is over fees charged to allegedly closed accounts

Democratic presidential candidate and Sen. Elizabeth Warren is again criticizing Wells Fargo (Caroline Brehman/CQ Roll Call file photo)

Sen. Elizabeth Warren has another complaint about Wells Fargo.

This week, the Massachusetts Democrat and 2020 presidential candidate is taking issue with the bank allegedly charging fees on accounts that customers had believed to be closed.

Warren has long criticized Wells Fargo for deceptive practices, as well as the leadership of former CEO Tim Sloan. In her latest letter, directed to interim CEO and President C. Allen Parker, Warren wants statistics on closed accounts, as well as whether the bank had, “any mechanism to catch fraudulent charges to these accounts” in order to avoid overdrafts being charged to accounts that were not supposed to exist.

“These new revelations raise grave concerns that despite these assurances, Wells Fargo is still fundamentally broken and has not only continued to scam customers out of thousands of dollars with impunity, but has even targeted customers who were attempting to leave the bank — and may have been victims of previous scams — to unfairly collect one final set of lucrative fees,” Warren wrote in the letter, dated Monday and circulated publicly on Wednesday.

The bank previously engaged in the practice of setting up fake accounts.

The letter extensively cites a recent report in the business section of The New York Times.

“Wells Fargo appears to have been warned about the widespread impact of this scam on customers, but failed to take action,” Warren wrote. “Notably, Wells Fargo’s approach to closed accounts differs from other banks, which typically stop honoring all transactions on the specified account closure date.”

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