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Report: Wells Fargo, US Bank prey on low-income borrowers

The group Minnesotans for a Fair Economy claims bank fees on short-term loans are as bad or worse as those imposed by payday lenders.
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The group Minnesotans for a Fair Economy claims bank fees on short-term loans are as bad or worse as those imposed by payday lenders.

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Panel backs Minnesota cash-flow borrowing

The Legislative Advisory Commission is hoping that short-term borrowing isn't necessary but says they want to be prepared if it is. Growth for the state's economy has dropped by more than half so far this year.

Wells Fargo drops debit card charge idea

Wells Fargo announced it is canceling a proposed monthly fee of $3 for debit card users. The bank, which controls 36% of Twin Cities banking transactions, made the decision after receiving negative customer feedback.

Wells Fargo CEO: “If I could increase lending by $150 billion today, I would do it.”

CEO John Stumpf says the bank wants to lend more money but can’t due to a lack of confidence in the economy. The bank, with large operations in the Twin Cities, says they are lending at a pre-recession rate with half the demand.

Immigrants protest Wells Fargo investments in for-profit detention

Somalis and Latinos rallied in Minneapolis to protest the bank's donations to anti-immigrant lawmakers and investments in for-profit prisons that detain immigrants.

U.S. Bank settles overdraft suits for $55M

Minneapolis-based U.S. Bancorp has aggreed to pay out $55 million to settle lawsuits accused of imposing imposed excessive overdraft fees on customers. If a federal judge approves the settlement, the Star Tribune reports more than a million U.S. Bank customers could see some money returned. U.S. Bancorp is among more than 30 lenders being sued over the fees.

U.S. Bank latest bank to raise overdraft fees

U.S. Bank is bumping up overdraft fees for all its accounts beginning June 29, the Minneapolis-based bank confirmed Wednesday. The bank's new $35 overdraft fee brings it in line with the country's biggest financial institutions, including Bank of America, Huffington Post reports. Bank officials note that the 15 million-customer bank is eliminating one other fee and lowering yet another.

CenturyLink offering $10 Internet to low-income Minnesotans

Low-income Minnesotans can get Internet connections from CenturyLink for about $10 a month. The deal is part of CenturyLinks recent merger with Qwest. Comcast made a similar deal to win approval of its merger with NBC last month.

Minnesota targets unlicensed lenders

Minnesota is taking four out-of-state payday lenders to court after regulators claim the companies are issuing loans without a license.