Firstly, I'd like to that those at consumer complaints.com for this service.in many cases large institutions rely on the inability of their customers to conjoin and discuss similar situations to determine whether broader implications exist. The internet is slowly changing that reality and websites like this one are helping.
In reading some of the rebuttals here, it would seem not everyone is clear on what a so-called "rip-off" actually is. "Rip-off doesn't automatically mean being wronged when you are 100% right. A meaning of "rip-off" can be as simple as and exploitation (of circumstance).
The question I have regarding Wells Fargo is whether or not they have knowingly (or unknowingly) instituted practices, policy or procedural that ultimately result in predatory consequences for their customers?
I think, "yes".
Now here's my particular story and I'll try and be brief.
I have my payroll check direct deposited with WF which posts to my account every other week.in this case I mailed a check about a week ahead of my DD to make a credit card payment (to another institution). The check was to travel from California to Texas. Theoretically, with travel and processing there would be some time before the check would post to my account.
I wrote the check with the expectation that the DD would occur around the time the check would post. If it posted before, fully expected to be rightfully assessed an overdraft fee for that transaction.
No problem so far...
On the Saturday after sending the check but before my DD (AM Thur), I called my credit card company for find out whether they received my payment. They hadn't as of that Saturday afternoon and obviously my WF account didn't show the check posted. After checking my WF account again Sunday, I performed a coverable debit transaction which was immediately posted to my account that same Sunday BEFORE the check posted.
I check my account balance Monday. My account reflected the debited amount and because it was within my balance at the time, NO OVERDRAFT for that transaction was reported. However, on Tuesday I checked my WF account and there was not only an (expected) OD for the check which had finally posted but there was now an additional OD fee for the debited transaction which was reported by WF as having posted immediately Sunday.
Needless to say, I called WF fuming. I spoke with a Jamaal and explained my what I perceived to be a clear problem. He of course went right down the customer service list of textbook defenses. At one point he stated WF's processing takes the highest transaction first but realizing how that might have sounded, he re-canted and suggested that the check may have come through on Sunday before the other transaction and that's the way they processed the transactions on Monday. Eventually he concede and attempted to perform a courtesy reversal of the charges... Came back on the line and told me he couldn't because I had a reversal performed within the last 180 days and it wasn't due to bank error.
Long and short of it is, something stinks. I told him customers can go 'round and 'round with people like him but the only way to find out if WF does in fact have some policy or procedure which amounts to a predatory practice the only way to find out definatively is by way of a class suit.
Which brings me to why I'm here... To find out whether or not there's more to this than meets the eye.
I hope to gather enough information and/or victims to possibly see if there are grounds for a class action. If there is no there. There, then so be it. But there is only one, real way of finding out and that's to have their records mulled over by competent legal minds.
As a long time customer with WF, I would suggest at minimum their procedures be revamped so as not to even appear to predatory.
Eddie
Long Beach, California
U.S.A.
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