Wells Fargo fined $35 million for excessive investment advice fees

Wells Fargo has repaid $40 million to nearly 11,000 customers who were overcharged on fees for investment advice, according to the Securities and Exchange Commission (SEC). The bank also agreed to pay a $35 million civil penalty to settle SEC charges. Wells Fargo overcharged accounts for many years due to internal systems failing to account for reduced advisory fees. The reimbursement includes excessive fees plus interest. The bank and predecessor firms did not have written policies to prevent overbilling. Excessive fees can significantly erode savings over the long-term.