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Wells Fargo is one of the country’s largest and most successful banking institutions. Wells Fargo has a worth of nearly $2 trillion dollars, branches in 70 countries, and more than 70 million customers around the world. It has poised itself as a corporate giant in the global economy. As a bank, Wells Fargo should display transparency and integrity, but allegedly unfair corporate overdraft policies call this into question.
Reports claim Wells Fargo uses unclear language in their agreement and underhanded tactics that maximize the number of fees charged. As a result, a class of consumers gathered to bring a class action claiming the bank unfairly or illegally posted overdraft fees. However, these individuals faced a legal roadblock and must now pursue their claims via arbitrations against Wells Fargo, rather than a class action. McCune Wright Arevalo, LLP, aims to take on Wells Fargo by representing these wronged parties in their individual arbitrations.
What is an Arbitration?
Like lawsuits, arbitrations are a form of legal dispute resolution. Decision-makers, called arbitrators, preside over the arbitration as a judge would over a court case. They hear each argument, decide the winner, and establish the award to the winning side. Each party may have an attorney present who will make their case and present their evidence. In many ways, arbitration is extremely similar to a lawsuit. However, while a lawsuit — like a class action, for example — is a very public affair, arbitrations are private. No one may watch the proceedings. There is no press. This makes arbitrations an ideal way for companies like Wells Fargo to avoid bad publicity.
Why Must Wronged Parties Pursue Arbitrations Against Wells Fargo?
Before opening their accounts, customers must sign an account agreement certifying they agree to Wells Fargo’s company policies. Included within these documents was an arbitration clause which states the customer waives their right to pursue a class action against Wells Fargo. Therefore, all complaints against Wells Fargo must then be brought via arbitrations. Within the past several years, these arbitration clauses have become immensely popular with all manner of companies. Sometimes, even employment paperwork can include arbitration agreements.
Protecting the Rights of Wells Fargo Customers Nationwide in Individual Arbitrations
McCune Wright Arevalo, LLP, believes Wells Fargo customers deserve to have their complaints over unfair overdraft fees heard in individual arbitrations. Our team of Financial Services attorneys is prepared to represent thousands of Wells Fargo customers as they pursue their arbitrations at no cost to the client. If our clients win, we will collect all fees from Wells Fargo. In the case of a loss, there is nothing owed. If you are a Wells Fargo customer who has been charged an unfair overdraft fee within the past year, contact us today!