Wells Fargo & Company Overdraft Fees

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3/4 Of 1 Month's Pay Later...
Posted by on
ROY, UTAH -- To whom it may concern,

I XXXXXXXX, am hereby demanding that my accounts be closed, effective immediately. The reason that I am taking this action is because of the unacceptable policies that are being utilized at my expense, and I am literally fed up with your "Greedy" Business Practices. In my banking experiences - over the past thirty years, dealing with many other financial institutions, I have
never encountered the amount of problems with overdraft fees that are constantly reoccurring with my checking account. The practice of your credit / debit posting practices are "Shady" at best. One example of this, is posting debits on a holiday (A Non Banking Business Day) and not posting the credits that were pending also, until the next day, Another example is the shuffling of order in which the transactions occurred to maximize overdraft fees, Another example is the way your computers post account data, designed to confuse the customer, because it is not accurate at any given time, with your continual overdraft trap, designed to gouge your customers. I find this practice to be horrendous and despicable. A bank is supposed to be working in my best interest, and not lurking in the shadows of deception, waiting to pilfer the customer at their earliest convenience, it is a matter of ethics and scruples, really...

Wells Fargo should be ashamed, and should be nominated to the Hall of Shame. I have a question for Wells Fargo? If the money isn't in the account, then why aren't the transactions denied? It seems that your computers are programmed to build revenue - In Wells Fargo's favor, at the customer's expense, by dragging it's heels to notify customers of their overdraft status until days later, believing that they had a positive balance in their account (according to your current computer account information data), that they rely on - continuing to make minor purchases and being fleeced with overdraft charges . "Is there a human-being monitoring these computers?" that is a scary thought. Don't rely on your online banking service, which is totally useless in my opinion. I have never had problems with other banks, because they were predictable and consistent.

Banking with Wells Fargo is much like going to a casino with the customer service of an all night - Taco Bell Drive through. In closing, I know that Wells Fargo does not care, about me, the customer and that is OK too. If my small business ever takes off, rest assured - that my money will certainly not be deposited with Wells Fargo Bank... I am not the only disgruntled customer of Wells Fargo Bank, here are some other customer complaints from the many disgruntled customers (too many to list) whom have left your institution...

It appears that Wells Fargo is more interested in making a "Quick Buck", than establishing long term relationships with its customers. I also wish upon Wells Fargo - that the fleas of a thousand camels, infest their arm pits !!! Wells Fargo Bank - one of the carbuncles on the butt of mankind ...
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tnchuck100 on 02/24/2009:
Good letter.

As heard by a fly on the wall in the executive restroom at Well Fargo: "Mr. [stalker] has figured us out. But we will make millions from people like him before congress stops us. With our fee-grabbing tactics and the government bail-out money we will will make money hand over fist this year."
Anonymous on 02/24/2009:
Outstanding letter! Since WF 'encourages' responsibility with specious overdraft fees, a turn about is fair play. When WF cannot repay the 'loan' the taxpayers gave them to bail out WF's 'irresponsibility' I'm going to call their offices as a 'taxpayer collection agency'. WF is another bank that needs to be nuked from space.
Ponie on 02/24/2009:
I certainly agree with one of the facts you posted. I was not aware that banks debit on holidays but credit only on business days. That's not fair at all. Otherwise, I think you're relying too heavily on computer generated reports. Although I access my account(s) frequently, it's not to find out how much $$ I have available. That's determined by the good old fashioned check register I'll never rid myself of. As far as denying payment of a check, I think I'd rather have the bank lend me the money to keep a good credit standing with my suppliers. Good luck in your business. I've been in it for a few years and know it can be a tremendous headache until well established. And even then, there can be a lot of 'downs' to outweigh the 'ups.'
tnchuck100 on 02/24/2009:
Doc, you overlooked one indisputable fact: Big Business is not subject to the same immediately imposed penalties as the rest of us.
Anonymous on 02/24/2009:
I don't think the debit on a holiday matters... suppose I do a POS on Sunday that will cause an overdraft on Sunday, if they didn't do anything with it until Monday, I'd still be overdrawn because debits post before credits on Monday night's update.
tnchuck100 on 02/24/2009:
Ken, there is one of the problems. Example: Make an ATM cash deposit on Saturday. Make a POS debit on Sunday. On Monday night the POS debit will post before the ATM deposit. Remember, they have the cash from the ATM during business hours on Monday. They don't have to do it that way but they do for the SOLE purpose of increasing the odds of an overdraft fee. Effectively that makes the bank a POS!
Anonymous on 02/24/2009:
Both transactions are on Monday's business date, and will post Monday night. The business day is the only deciding factor, not the calendar day. They may, or may not have the cash on Monday. Not every ATM is emptied every day, but even if we assume they do, the accounts all update at night. That's when the rubber meets the road.
stalker on 02/24/2009:
Hello ,
that is true ( bite my tongue ) but as their former customer , they are fired for their poor and deceptive accounting skills , which I paid them for and they did a piss/poor job , no longer on my dime ... " Wells Fargo . You're FIRED " F-R-I-E-D
Disaster Worker on 02/24/2009:
Excellent letter, and an A+ on spelling and grammar! Want to run for Public Office of Accounting? I think with your common sense, you'd probably be able to balance the budget.

Great post!
stalker on 02/24/2009:
"Plaintiffs also allege that Wells Fargo, when posting debit-card transactions on a day, re-sequences those transactions from highest to lowest and thereby increases the number of overdraft transactions. Plaintiffs allege that these practices violate California consumer protection and unfair business practices laws and constitute fraud, negligent misrepresentation, and conversion. The lawsuit seeks monetary and injunctive relief from Defendant."
Ponie on 02/25/2009:
How about this? Let's go back to the 'good old days' of bounced/returned checks. Problem solved!
Anonymous on 02/25/2009:
Ponie, you would think so, but then the plaint would be 'they didn't pay my bad check, why should I have to pay a bounced check fee?'
Ponie on 02/25/2009:
Ooops! Didn't think of that.
stalker on 02/25/2009:
The problem that I have is that the funds to cover the debits were in pending also , you can twist it around any way that you want , no matter how you cut it , it is Dirty Pool ... On the top , in the middle and on the bottom ...
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Magical Transactions-Overdraft Fees
Posted by on
Rating: 1/51
I checked my account balance at 7 am 1/6/13, to check for weekly deposits and any withdrawals that had occurred. My account showed 2 hefty deposits and 4 small withdrawal transactions all dated 1/6/13. I had a solid balance, and was prepped to phone-in car payment after their offices opened.

At my lunch hour (11:30am), I checked my account and the four small deposits now showed a transaction date of 1/3/13- and I now had 4 overdraft fees at $35 each!!! One withdrawal was less than $2!! How did transaction dates magically change and appear 3 days prior??!! I called customer service and listened to her explain that nothing could be done, as the dates were correct- as if I made it up!! Something should be done to keep banks from using these dishonest practices to generate revenue.

I'm closing this Wells Fargo account ASAP!! What a RIP-OFF!!
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Obfuscation on 01/08/2014:
There's nothing magical here. You spent money that you didn't have in the account, and you got burned. The only blame WF has here is not impressing on you that you cannot look at your online balance and assume that it is all available.

Debit transactions do not happen instantly. They are dependent on the schedule of the merchant who submits them. The way online is used is that you can look at it, then deduct transactions which have not cleared, and that's your available balance.
If you choose not to keep a record of your spending and only look at the online balance, then you can expect these charges anywhere you go. The best thing you can do for yourself at your new bank is ask someone to explain to you how debit transactions work, and how they hit your account.
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Overdraft fees Games!!
Posted by on
FORT WORTH, TEXAS -- It's amazing that after over 13 years with a bank we will be moving our money else where. I recently ran into an issue with them where I had to use a cash advance to take care of some unexpected bills. Well they already charged ridiculously for the service but on top of that they with drew the month back too early on another deposit that I made to the bank. Usually what would happen is that they would wait for the next pay period to take the money out no big deal....but no that is not what happnened.Their response was "sorry sir anytime that you make a deposit over 100 dollars we automatically add that to the funds that you borrowed". That doesn't make any sense, I deposited more money to be able to cover some additional bills and now your going to hit me up for it? Well sir what we CAN DO FOR YOU IS..... YOU CAN ACTUALLY ASK FOR ANOTHER CASH ADVANCE WITH OF COURSE ANOTHER FEE TO TAKE CARE OF YOUR ISSUE". SOO pretty much borrow the money that I just deposited again that was my money so that you can now add a fee to it? Why didn't you just leave my money alone? Well sir..and again I got the answer that they read from their script. What is sad is that I did make the additional cash advance I needed to make sure that they didn't charge me any more additional overdraft fees. Well gues what? I check it tonight and WHAT DO YOU KNOW 2 more fees for 35 dollars a pop that were not their this morning. They turn around and state ooo sir you must have have not notice...really that is funny because I was speaking with you guys this morning. OOO sir well it processed during the day and you missed it. WHAT!!! I will make sure that any one that I know doesn't do any type of business with this bank. That are manipulating the system and holding small purchases so that they can hit you with overdraft fees...so something that was 10 dollars is now 49 (because of their 39 Fee)...it is outrageous that they get away with it...real shame.They know what they are doing it is not about the customer its about making money off you by any means necessary.
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jktshff1 on 09/21/2010:
"When I call in and told them hey this about should not be coming out until the next pay period" I am sorry, but as written, this is making no sense.
jktshff1 on 09/21/2010:
Heck, why can't I edit?
bcd on 09/21/2010:
"they with drew the month back to early on a previous deposit"

I don't understand this statement.
Fufu487 on 09/21/2010:
Do you mean, they used the funds you deposited to cover the amount owing to them? I may have misunderstood, but if that's what you're saying they did, it's basic math. Your account was in a negative...they call the terms of the cash advance, not you. But please, clarify if I misunderstood this.
skelly39 on 09/22/2010:
Sounds like their direct deposit advance-I think the name says it all. It is an advance on your next direct deposit, not any old deposit you make. So if I understand the OP correctly, they withdrew the advance out of a deposit they physically made instead of waiting for the next direct deposit, causing the OP to go into overdraft mode, WF's favorite thing in the world. To the OP, it is very easy to get caught up in WF's spiral of borrowing money, paying outrageous fees and still somehow being overdrawn. I commend you on your decision to take your business elsewhere.
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Overdraft Fees
Posted by on
DENVER, COLORADO -- I have been banking with Wells Fargo since they took over Bank of Monaco. That's a faithful customer. You would think they would want to keep me as a customer. I have over half a mill with them. They have recently been out to rip the public off.

Do not let a check of even a penny be overdrawn for more than a minute because transferring from one account to another does not occur instantly according to Wells Fargo. I transferred enough money from one account to another within hours of two checks $130 and $400 and had $3000 transferred to cover those within 12 hours and Wells charged me for each "overdraft" of $35 each. They would not budge in removing the fees

Also, we were using our HELOC to do accelerated mortgage payments and they did not like not having enough interest to collect from us so they lowered our line of credit. We opened it for that sole purpose.

Needles to say, I am leaving Wells Fargo. Not like it used to be.
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Anonymous on 07/15/2009:
Why is this such a difficult concept?

Deposit the funds first, then draw against them. You can't play with float time for checks anymore.
MaggieMcT on 07/15/2009:
You're saying you wrote checks without money in the account to cover them. Since you have so very much money, it should have been simple to keep enough in that account to cover yourself. Since you didn't bother, you got overdraft fees. This is not the bank's fault.
msnanny on 07/15/2009:
When you get to your new bank it will work the same way. If you do not have money in the account when the checks/debits arrive you will be charged an overdraft fee.
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