Wells Fargo loses lawsuit over scam

Telephone harassment mill and bailout recipient Wells Fargo has now lost a lawsuit involving a scam that it pulled.

A federal judge has ruled that the banking giant must pay about $203,000,000 to customers who were defrauded. Wells Fargo manipulated debit card transactions by processing bigger transactions first - which incurred multiple overdrafts instead of just one. Thus, customers were hit with multiple overdraft charges. Customers were not informed of this policy.

It's also reported that there is a much larger class action suit pending in Florida against Wells Fargo and other big banks over the same scam. Other banks have been accused of holding on to deposited checks for days before processing them, just so accounts become overdrawn.

The next step needs to be to make Wells Fargo pay up for all its harassing phone calls.

(Source: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/08/11/BU4C1ES0MU.DTL&tsp=1)