The latest suit claims that led by director Tim Sloan banks for small businesses in the early years had been buried merchants’ fees and delusion about how much they are willing to pay for credit card processing services.
Commercial Services Unit Wells Fargo, a joint venture with First Data Corp, a small company negotiating “does not intend to keep the confusion of its remuneration and promise” confusing 63-page deal on Pennsylvania’s business and restaurant run by North Carolina’s Federal Brook Court filed on Friday .
In a merchant unit the company charges the percentage of revenue every time a customer uses a credit card. The unit, more than $ 523 million last year, is quoted in the lawsuit.
Patti Pitas, a Middle Eastern restaurant outside of Scranton, says he will be shut down by “over-compensation” hit, and after only five months of business in May, he is quoted in the lawsuit.
Among the “wrong” statements Wells made a restaurant that does not have monthly fees and no fee for early termination.
But a monthly fee of up to $ 50 and a restaurant was $ 500 for compensation, the suit stated
The action occurs when Wells Fargo faces class action to open more than two million accounts for excess and charge users for car loans for unnecessary insurance.
On Friday, the bank also announced that it is likely about $ 3300 million more than it is already booked for legal fees spending – thanks to the extensive investigation of its scandal with fake accounts.
Bank shares fell 30 cents from Monday to $ 52.54
“The Wells Fargo indictment in that process does not reflect as we expand our business services for dealers,” said Sara Hassel, spokeswoman for the bank, in a statement.