Wells Fargo sued for overcharging military service members

CHARLOTTE, N.C. ( QUEEN CITY NEWS ) – The banking giant Wells Fargo is being sued for overcharging military service members, according to documents obtained by Queen City News.

The lawsuit accuses the bank of violating the Service Members’ Civil Relief Act, which guarantees all debts incurred by service members before being called to active duty are reduced to just 6% interest. It also requires banks to forgive interest above 6%.

The lawsuit alleges Wells Fargo charged interest rates that were too high and then concealed those overcharges.

Wells Fargo is the largest employer in the Charlotte area.

Queen City News reached out to Wells Fargo for a statement, which sent us the following.

“Wells Fargo is committed to supporting all military servicemembers and providing the benefits and protections required by the Servicemembers Civil Relief Act (SCRA). We are still reviewing the details of this complaint.”

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