Banking and Savings Most Popular Articles

  • UsingATMs
    Top Five Military Banks and Credit Unions|
    If you're in the military or are a veteran and are looking for a bank, this list is for you.
  • Saving. Getty Images
    5 Strategies to Pay for College Today|
    To help streamline your college banking and find the cash to pay for an education in today's economy, here are five methods and...
  • 70 ways to save money
    70 Easy Ways to Save Money
    Jeff Rose
    Here are 70 ways you can save money in the four biggest budget categories: food, transportation, housing, and health.
  • ATM
    10 Best Military Banks of 2015|
    A study investigated more than 30 military banks and credit unions, and came up with this top 10 list.
  • ATM
    7 Ways to Find a 'No Hoops' Bank
    You've got enough going on in your life, and the last thing you want is to spend time jumping through hoops with your bank.

Bank to Repay Fees to Military Families

Wells Fargo & Co. will pay $175 to any eligible veteran who had a Department of Veterans Affairs Loan refinanced between Jan. 20, 2004, and Oct. 7, 2010, the bank said Tuesday.

The move comes as part of a court settlement in a Georgia lawsuit that alleged the bank overcharged active-duty military personnel when they executed the refinances. Federal law protects active-duty military members from foreclosure and high interest rates.

Wells Fargo will alert eligible households with letters. The bank could pay out up to a total of $10 million, it said.

This marks the second major concession by big banks to military families this year. Last month, JPMorgan Chase & Co. refunded $2 million to 4,000 servicemembers who'd been forced to pay high interest rates.

Military News App by

Download the new News App for Android on Google Play or for Apple devices on iTunes!

Featured VA Loan Articles