When calculating overdrafts, Wells Fargo has determined it can make more money on these fees by sorting the debits to one's account from highest to lowest so that it becomes overdrawn sooner and can charge over draft fees more often per day.
Here is the best way I can describe it. If I have $200 in my account and I make 10 $20 purchases, then I make a $210 purchae by accident, in that order, I should be charged for 1 incident of being overdrawn and charged once with a fee of say $35. Wells Fargo sees the opportunity to get much more than just $35 out of that misstep. They will put the $210 charge first, then rank the 10 $20 charges after that. This way, they can get 11, yes 11 overdraft fees of $385.
So, instead of having a negative balance of $210 $35 (-$245), you will have a negative balance of $210 $385 (-$595). How is this legal? How is this not be prosecuted? How come there are no class action lawsuits pending over this?
Am I missing something? Or is this fraud and Wells Fargo is getting richer off the single mistakes of its customers?
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