Wells Fargo (Costa Mesa) Complaint - Electronic/POS Debit Processing
LOS ANGELES, CALIFORNIA -- 2002-04-15
Operations Manager II
Wells Fargo Bank
Portland, OR 97228-6995
Dear Ms. Debbie Hein:
I wrote to Wells Fargo in early March complaining about the processing order of check and electronic items with your bank. Further, I complained about the way ALL electronic POS transactions are debited, credited and then debited from the accounts.
Your letter April 2, 2002 did not address any of these issues my previous letter raised. This has been a recurring problem in dealing with your bank. Nobody has understood the basis of my complaint from the first attempt.
Evidently nobody over there has a grasp on the banking business, or perhaps I explained them poorly, let me try to explain this for you again.
For example, let’s say on January 3st at 8am my account balance was $100.00 and I had no outstanding checks or other debits waiting processing. Then, I used my card at Exxon for $10.00. If I went home and checked my account balance with online banking, I would notice a ‘pending item’ for $10 and my new available balance would be $90.00.
The next day, on January 4th, when I checked my balance online again, it would be $100.00. The ‘pending item’ disappears. Then, on January 5th or 6th, the debit of $10.00 would be processed as received from the merchant against my account and the balance would revert back to $90.00. This yo-yo account balance game must trap many consumers in overdraft situations; particularly those in low and fixed income situations who can ill afford your exorbitant fees and accounting games.
I took a moment to read your Consumer Account Agreement that you graciously sent me with your previous letter. I would like to draw your attention to page 40, specifically addressing POS transactions. There it points out that Wells Fargo will place a hold on funds equivalent to the anticipated and approved amount of the purchase at the time the card is authorized. Your terms further disclose that hold will stay in place until such time as the final amount is processed from the merchant.
Wells Fargo is not doing that. You are blatantly ignoring your own Consumer Account Agreement Terms. This is the substance of my complaint. As I stated in my previous letter, I believe Wells Fargo is doing this to catch consumers unaware in overdraft situations and then collect outrageous fees and overdraft charges as a result.
Further, I noticed on my final account statement which came approximately five weeks after I sent my letter of complaint, Wells Fargo felt it necessary to include a disclaimer at the top of statements for ALL account holders explaining some ‘change’ in the way you handle electronic and POS transactions. Certainly that seems extremely suspicious to me.
I am now demanding Wells Fargo to reverse all bank charges accrued on my account as a result of these fraudulent tactics on your part. That would negate the balance of $286.50 you claim I owe you and leave my account with a credit balance of approximate the same, $285. You may mail the check to the address below.
Wells Fargo is participating in fraudulent corporate activity and your refusal to refund my money and delete these specious bank charges is utterly inexcusable. I am shocked and appalled at the corporate gall Wells Fargo continues to display in the face of ignoring banking policies spelled out in an official Wells Fargo account terms disclosure.
I would love to discuss this with your directly, but neither of the phone numbers you included in your letter were able to put me through to your office
If you have even a shred of decency or respect for your customers upon whose money your salary is made, I suggest you call me personally to explain how I am misunderstanding your corporate greed.
Yours in complete and utter disgust,
26 Arthur Street
Moncton, NB CANADA
At the very least I would like a response from your company regarding this incident. Thank you for your time.