Wells Fargo To Offer Bank Accounts With Capped Overdraft Fees

Ahead of its scheduled congressional hearings in the coming week, Wells Fargo & Co. debuted the concept of two new bank accounts that set limits on the amount of fees that can be charged to customers. One account will limit overdraft fees to once per month and will come with checks, while the other type of account will have no overdraft fees and will not come with checks, Bloomberg reported. The account with limited overdraft fees will come at the cost of $10 a month, while the option without overdraft charges and checks be $5 a month. On Tuesday (March 3), the bank said it would let its current clients know about the new accounts when they become available. The news occurred as Chief Executive Officer Charlie Scharf is scheduled to appear before the House Financial Services Committee for testimony. Board member James Quigley as well as Betsy Duke, the Wells Fargo chair, are expected to come in for their own hearing the next day.