By Marshall Eckblad
Of DOW JONES NEWSWIRES
NEW YORK -(Dow Jones)- Wells Fargo & Co. (WFC) said Friday its revised policies for charging overdraft fees will cost the San Francisco bank $300 million, after taxes, in 2010.
The bank disclosed the new policy's impact on its fee revenues in a filing with the Securities and Exchange Commission.
U.S. banks as a group have been bracing for new laws governing overdraft fees, whose prices Congress has said are unfair to consumers. Ahead of expected regulation, some banks, including Wells Fargo and Bank of America Corp. (BAC), have changed their policies voluntarily.
-By Marshall Eckblad, Dow Jones Newswires; 212-416-2156; marshall.eckblad@dowjones.com