A new lawsuit filed in California accuses Wells Fargo of concealing that it improperly charged undisclosed float fees to mortgage borrowers during loan origination.

Filed by borrower Lance Baird, the issue came to light in 2022 when Wells Fargo sent out vague notices to customers, admitting it had mistakenly charged float fees during the mortgage origination process. The bank apologized and enclosed cashier’s checks with the letters.

In Baird’s case, he received a $3,000 cashier’s check, over $2,000 of which was labeled a refund for a float fee, which lets borrowers keep their interest rate flexible during the mortgage process, with details ⇒

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