For the better part of a decade, Wells Fargo abused this trust, using tricks, false information, and other deceptive practices to fraudulently overcharge customers who used the Bank’s foreign exchange service. Attorney Audrey Strauss said: “We all put trust in our banking institutions to deal with us honestly, fairly, and transparently when we are their customers. Wells Fargo also made extensive admissions of certain conduct alleged in the Government’s complaint, including that many FX sales specialists overcharged hundreds of commercial customers by applying larger sales margins or spreads than they represented they would, and that, in certain instances, when customers contacted the Bank to inquire about higher-than-agreed-upon pricing, FX sales specialists would give customers false explanations for the inflated prices. Koeltl, Wells Fargo will pay a total of approximately $72.6 million, with approximately $35.3 million having been paid directly to the 771 customers collectively as restitution and approximately $37.3 million to be paid to the United States as civil penalties under FIRREA and as asset forfeiture. Specifically, the United States alleged that, from 2010 through 2017, Wells Fargo FX sales specialists defrauded 771 customers by systematically charging them higher markups on FX transactions than they represented the Bank would charge, and concealing these overcharges through various misrepresentations and deceptive practices.Īs part of the settlement, approved today by U.S. (“Wells Fargo” or the “Bank”) alleging that it violated the Financial Institutions Reform Recovery and Enforcement Act (“FIRREA”) by fraudulently overcharging hundreds of commercial customers, many of them small and medium-sized businesses and federally-insured financial institutions, who used the Bank’s foreign exchange (“FX”) service. Driscoll, the Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), announced today that the United States has simultaneously filed and settled a civil fraud lawsuit against Wells Fargo Bank, N.A. If you wish to save on exchange rates and foreign ATM fees then you should consider the Wise multi-currency card.Audrey Strauss, the United States Attorney for the Southern District of New York, and Michael J. It's important to note that credit card terms and conditions can change, so it's always a good idea to check the current fees and policies before applying for or using a credit card for foreign transactions. Wells Fargo Platinum Card: Similar to the Cash Wise Visa Card, this card also charges a foreign transaction fee of 3% of each transaction in U.S. Wells Fargo Cash Wise Visa Card: This card charges a foreign transaction fee of 3% of each transaction in U.S. Wells Fargo Visa Signature Card: Similar to the Propel American Express Card, this card also does not charge foreign transaction fees. Wells Fargo Propel American Express Card: This card charges no foreign transaction fees, making it a good option for travelers who frequently make purchases in foreign currencies. Wells Fargo offers several credit cards with different foreign transaction fees. Additionally, Wells Fargo may charge fees for receiving wire transfers, so it's important to check the current fees and policies before initiating a transaction. It's important to note that specific bank codes may vary depending on the currency and location of the sending bank, and it's recommended to confirm the correct codes with Wells Fargo before initiating a wire transfer. dollars from banks located outside of the United States. dollars from foreign banks that are members of the Clearing House Interbank Payments System (CHIPS).įedwire ABA Routing Number: 121000248: This code is used for receiving wire transfers in U.S. dollars from banks located within the United States.ĬHIPS UID: 0509: This code is used for receiving wire transfers in U.S. dollars from foreign banks.ĪBA Routing Number: 121000248: This code is used for receiving wire transfers in U.S. SWIFT Code: WFBIUS6S: This code is used for receiving wire transfers in U.S. Here are some of the most common codes used for Wells Fargo: Wells Fargo has several bank codes that may be used for receiving foreign wire transfers, depending on the currency and location of the sending bank. Receiving an international wire transfer at Wells Fargo
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