Wells Fargo accused of charging undisclosed fees

A California borrower is accusing Wells Fargo of concealing for more than a decade that it improperly charged customers certain origination-related fees. 

The issue surfaced in 2022 when the bank sent “cryptic notices” to borrowers stating it had incorrectly assessed float fees during the loan origination process, according to a federal lawsuit filed in California by customer Lance Baird. Wells Fargo offered an apology and included cashier’s checks with its notices.

However, the bank did not explain how the error occurred or provide recipients with an itemized breakdown of how the mistake affected their mortgage loan accounts, according to the lawsuit.

This made it “impossible for borrowers to determine the amount of their actual damages, including their out-of-pocket harm,” the…