Page 41 - Wells Fargo Bank (C) Case Study

The Big Three banks in 2016 collected fees of:

$1.1 billion – ATM Fees

$2.3 billion – Maintenance Fees to keep accounts open
$5.4 billion – Overdraft Fees

Source: Bank Call Reports

However, in July 2018, the U.S. Department of Justice said

Wells Fargo would pay a $2.09 billion penalty for alleged

misrepresentation of loan quality through the sale of

residential mortgage loans that the lender knew contained

misstated income information and did not meet the quality

that Wells Fargo represented. (17)