Lawsuit: Wells Fargo overcharged military members
A new lawsuit in North Carolina accuses banking giant Wells Fargo & Co. of illegally charging high interest rates to deployed members of the military — and trying to conceal the activity.
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The suit, filed March 20 in North Carolina’s Eastern District by attorney Paul Puryear with Zaytoun & Ballew PLLC, is posed as a class-action complaint. It accuses the bank of violating the Servicemembers Civil Relief Act, which guarantees debts incurred by service members are reduced to a 6% interest rate. The reduction is supposed to be effective from the date deployment orders are received through the ensuing active-duty period, the lawsuit says.
It’s also supposed to require financial institutions to permanently forgive interest above 6%. But according to the complaint, that’s not what Wells Fargo was doing.
Read more on CBJ’s website here.
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