I bank with Wells Fargo. After the following began to become an issue, I decided to dump Wells Fargo... Then they bought my mortgage. Now I am shackled to them for 30 years...
With a high mortgage and a tight budget (middle class citizens operate on tight budgets, generally) I occasionally have a bank account that is under $100. This, of course, increases the risk of an overdraft.
I don't like checks, and I don't like registers. I prefer to manage my account online, and Quicken has its own issues with accuracy. So, I check my balance daily at Wellsfargo.com, accounting mentally for each debit, which generally happens instantly.
Sometimes they do not happen instanty, and occasionally I will have to write a check. If and when an overdraft occurs, I have noticed a disturbing recurring pattern, just like the one that happened last week.
A check was deposited late and I had forgotten about it. This check was a check used to buy my daughters' school pictures. I had outstanding debits on their way in when this check hit, throwing off the balance. They made sure that a $200 purchase was debited before any other purchase to maximize the overdraft charges of $33.00 a piece.
Before I knew it I had 5 overdrafts, and a transfer from my credit card. I was doomed to have an overdraft because of my inattentiveness, but I could have had only one or two, instead of the 3 days' worth of wages they siphoned from my account.
Customer service tells me it is their policy to debit the higher amount first "because most people would rather we do it that way because usually the higher amount is a mortage and they want to make sure it gets paid".
EXCUSE ME! ~ but the DID pay each one of my overdrafts!
IF that isn't a BS statement I don't know what is. What this bank does is ROBBERY, albeit legal robery.
Customer Service told me that EVERY bank does it that way so it won't do me any good to change banks. Well I have news for you WELLS FARGO, I am going to change banks on principal, and I will be finding another institution to buy my mortgage from you as well.
I see this company installing new and fancy ATM"S and lots of flags around their fancy highrise. I'm through paying for those for you.
Its time for a class action suit about this practice. Any lawyers wanna do this?
0 comments