Wells Fargo is a part of the growing number of banks that manipulates your transactions to maximize their profits on overdrafts. They take advantage of those of us that do not keep a regular running high balance in the account. Personally There have been several times i have been on the very edge of where my money is very close to the amount that I spend for daily expenses.
Just last night, I checked my online balance and I had a total of just barely over $30 in the account, so I bought some food, gas etc which totaled a little over $20 because I knew I had a deposit clearing this morning for $200, but I checked my balance today and it was $140, so I see that a check that I wrote yesterday had already cleared. So with that check posting first there were 5 transactions which put it into the negative, totalling only $30, but now I am likely going to be hit with $165 worth of fees. I do not trust their accounting practicies, they go back and 'insert' checks before the electronic debits of that day at 5am the following morning, when 3 hours later the deposit would have cleared and the balance would have never seen negative.
To make matters worse, they do not care what effect their fees have on your life, for example, now I have to make $165 more to get back to what my balance should be, but I could yell and scream at them all day on the phone and they wouldn't do a damn thing to help you. They do not care whatsoever about their customers, they just wanna make money off you at whatever angle they can find. Their policy is to only refund 2 overdraft fees, EVER!
They somehow justify charging $165 for $30, which is absurd and rediculous, any bank that cared even a little about their customers would at least meet you in the middle or only charge a few fees. They should do their accounting in the way the transactions take place, not in the way they can arrage it to make the most money. As far as I am concerned they are probably one of the worst banks out there as far as policys and customer service, I have even had them lose more than one deposit which took days to get fixed properly, and then they didn't want to refund the fees that incurred because of them.
What I would like to know, just hypothetically, what if a person with a balance of $100, were to make 100 $1 transactions, and then write a check for $100. The check for $100 would come in first, according to their accounting, and then the 100 $1 transactions even though the $1 transactions occurred first, would they then justify charging you $3300 for $100??
The problem is everything is done by computer, and ask any wells fargo employee, the computer can never be wrong, and if they fees are there then you deserve it, and you are a criminal for ever going into the negative even if its for $. 50, no one in any wells fargo branch has the balls to stick up for their customers. How long will they continue doing this to us? As long as we let them. I hope they see the millions of $ that they are losing in customers that are angry and dissatisfied with their service.
0 comments