Wells Fargo overcharged military members, lawsuit says

Wells Fargo is accused of illegally charging high-interest rates to deployed military members and trying to cover up the scheme, according to a new lawsuit filed in North Carolina.

The lawsuit, which was filed on March 20, alleges the bank violated the Servicemembers Civil Relief Act, which guarantees debts for service members to be reduced at a 6% interest rate. The rule is supposed to take effect from the date a military member gets their deployment orders through their time on active duty.

Attorneys say the rule is also supposed to require banks to permanently forgive any interest above 6%. The lawsuit accuses Wells Fargo of illegally charging higher interest rates, improperly inflating service members' principal balances and then charging compound interest on those balances.

Read more about this at wcnc.com.