Class Action Suit Anyone Manipulating Bank Overdraft Fee
BACKGROUND
I am a long-time Wells Fargo customer in good standing recently victimized by the Bank. Most of us have had problems with our bank account at one time or another and, in my case, there is a good reason behind why there wasn't enough money in the account to cover one large check that was presented.
There were four checks presented against my account for payment on the same day. There was enough money in the account to pay four of the five checks. The bank paid the largest check first so there wasn't enought money left in the account to pay the other four small checks.By paying the large check first instead of the 4 smaller checks first, the bank generated 4 overdraft fees at $22 ($88) instead of only one overdraft fee ($22). Simple mathematics tells you it is in the Bank's best interest to continue and expand this pratice.
Let's face it: Banks are in business to make money. And one of their biggest money makers is Overdraft Fees (for bounced checks) at betweeen $22-$35 a pop. Banks routinely pay large checks first then smaller ones when an overdraft occurs in order to generate fee income for the bank.
We are talking a lot of bank fee income: Billions—all at the consumer's expense. And there are no laws in place to force them to do otherwise. This practice preys on lower-income, elderly and the unknowing consumer. Where is the outcry from consumer action groups, the government (Office of the Comptroller will NOT do anything) or the legistlators? The only hope would be for NEGATIVE PRESS COVERAGE on this practice or a CLASS ACTION SUIT to stop banks from lining their pockets at your expense. Email me if you are in a position to fight back against this practice.
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