Ever get raped by wells fargo overdraft charges?

Question

Just curious how many others have had experiences like myself with the devil that is Wells Fargo bank? They don't give a f%*@ about anyone, just about finding ways to take their money. They somehow justify slipping in overdraft charges to bring my account negative so they can then charge more overdraft charges.

Answer 1

To paraphrase Bill Cutting ("Gangs of New York"), the Wells Fargo practice is "harsh, but fair." Some thoughts:

1) Yes, we all SHOULD stay on top of our finances so that we never overdraw our account. Having said that, WF is not in the business of forgiveness or mercy; we should see our pastor for that. So don't expect mercy from any of the WF reps or bankers.

2) If you use online banking to stay on top of your account, know that it is NOT current -- bank fees may not appear online until a day or two after they should. This can throw you off, even if you are conscientious about your account.

3) Checks are paid largest to smallest. This unnecessarily causes multiple overdrafts when, if they paid it smallest to largest, you might have enough to pay all but one. And of course you get the domino effect as each overdraft fee hits, making the next check insufficient, etc.

4) All banks operate pretty much the same way. Wells Fargo is not the only culprit. THE BANK IS NOT YOUR FRIEND. Treat it as an acquaintance who will rip you off if you let your guard down.

5) IF you ever receive a credit card that you have not ordered, it could be the result of your talking to a Wells Fargo phone rep. I've seen bankers look at a customer's account and apply for a credit product without the customer's knowledge or permission. Technically, this is against bank rules (and certainly against the law), but management turns a blind eye to the practice unless they are forced to address it.

6) Always keep your guard up. Involve the bank in your finances as little as possible. We all have to have them, but remember: THE BANK IS NOT YOUR FRIEND!

Answer 2

Wells Fargo I believe charges overdraft based on how many days the account balance is negative. Also, since today is a holiday, transactions are in a pending state and aren't submitted for processing until the next business day. So for this weekend, transactions starting friday night 10/10/2008 through the end of today, monday 10/13/2008 won't get submitted until tuesday night when the bank processes all the transactions from the weekend. Also, you have to see if your bank processes credits (money going in) before or after debits (money going out). Most banks will process debits first and credits after. In this instance, if you get charged more overdraft, it should be processed on Wednesday after the bank's computer calculates your transactions. But most of the time, if you have both credits and debits process on the same day, and you overdraft only because of the order the bank processed the transactions, they'll usually reverse it. (Yes, I work for a bank)

Answer 3

I'll just say that I have never had a good experience with Wells Fargo. They are a bunch of crooks.

They have all these sneaky charges. I love how a "convenience fee" is charged every month just for using their on-line banking.

What's annoying is that in your face, they will tell you that as you put more money into their accounts, these annoying fees disappear and all the services are free with a quick touch of the button...that is...AFTER WAITING 30 MINUTES TO TALK TO A CUSTOMER SERVICE REP ON THE PHONE!!! ARRRRGGH!!!

Their business model is horrible and their products are unreliable except for paying fees.

And another thing: what is so convenient ABOUT A CONVENIENCE FEE??????

Answer 4

Have you considered talking to Wells Fargo about your account? I have an account with them and I am not charged any fees. I use online banking and I have auto payments and I haven't had a problem. Communicate with them and ask them what types of accounts are available. Another thought...have you inquired in your area if there are any Credit Unions. Fees are practically non-existent at Credit Unions.

Answer 5

What does the account agreement say about their overdraft charges? If they aren't abiding by the agreement, you have a case...otherwise you don't.

Just be glad they don't return your checks. If they did, you might go to jail for passing hot checks.

Learn to keep track of how much money is in your checking account.

Answer 6

Raped no. Charged absoolutely.

Note that banks make most of their money from fees. Watch your money, and esp. be careful with "accidentally" bouncing checks.

Also, you'll find this at virtually bank in the country.

The best way to "not get raped" is to keep a not-too-high balance (too much money is bad too, since you won't much get interest) and keep control.

Answer 7

I had the same thing happen to me, Yeah, I should have kept better books, but I didn't and they overdrafted me, which made it alot worse. I suggest you take out your money and try a new bank like Washington Mutual, they won't rape you like W.F. and they don't charge an ATM fee.

Answer 8

Just cancel overdraft! I had issues before as I'm a student. It rises by multiples. So be aware, keep track of all your activities, and cancel it!

Answer 9

Are you familiar with the concepts of:

1.) Budgeting your money,

2.) Balancing your checkbook,

or

3.) Voting with your feet (nobody's holding a gun to your head, MAKING you keep your money there)?

Answer 10

If you do change banks.. Stay away from TCF Bank as well. They rape you as well. :(
That and their tellers are thieves. (They steal money from your deposts then management does nothing about it!)