I recently made a banking error. Apparently when paying my bills and tabulating by hand the funds in my account I transposed a number or did the math incorrectly. It happens, I'm not perfect, I'm dyslexic.
I don't get overdrawn very often at all on this account. I have a savings account attached for savings and overdraft. My husband and I deposit thousands of dollars per month into this account and we do so regularly.
Been a customer for years, many many years. Have a good track record. You'd think that would count for something. It really doesn't. Banking is a numbers game and like a casino the odds are set up in favor of the house.
I had paid out, electronically, our monthly bills under the assumption that I had enough to cover. It was the weekend, this is important to not.
I was amazed to find three days later, that my account was overdrawn by 500 dollars. Thankfully, my husband gets paid on Tuesdays. We deposited funds at the end of business on Tuesday. Wednesday morning we were in arrears aproximately 1000 dollars. The fees had gone from the standard 16 dollars per item to 34 dollars per item.
Not once were we notified by the bank that the account was overdrawn to such extent.
I had to call the bank to put a stop to the insane rape of all my funds. I learned that they do not pay out in order of sequence of transaction, but pay the largest item first and work down in descending order of payment. This allows them more items to charge outrageous overdraft fees.
I asked the banker if there was any way they would be willing to work with me. If they continued to increase their fees on the clock or based on the race against my checks clearing, I'd never get out from underneath this mess. They would simply eat up the 1900 dollars we had deposited and transferred to the account.
The banker said he could return 100 dollars plus he wouldn't charge me for the two pending items (a grocery purchase and cash back against the atm deposit of the check —it's an atm checking account, we aren't allowed to bank a the window or they charge for it.)
The banker did not return the 100 dollars. He used double speak to say that by the end of the day the account balance would be 163 dollars. I made the mistake of assuming he would reverse 100 dollars in fees and that this would contribute to my $163 balance. Nope. Not true.
What he reversed was 35 dollars.
Wells Fargo made 340 dollars in overdraft because of this practice of paying the largest item first. They also did not live up to what they promised over the phone.
When they decided to contact us, via snail mail, it was 5 days later.
At the time of my phone call, the banker attempted to sell me more debt. He asked if I'd like a personal loan with the bank. I said no. He then said I could apply for a credit card at 21 per cent interest. I said I have a credit card with Wells for my business and it's only 8 percent. He then recanted and said he'd give me a card for 11 or 12 percent. I said no. He then said I could also do a Home Equity loan. I laughed and said, no. Not for the interest they charge.
Wells Fargo has my email address, they could have contacted me via email. They do for all sorts of product promotions. They have my phone number, they could have called me when the account became so blatantly in arrears.
They should have served me, had my interest at heart. They didn't.
I have contacted them regarding the reversal of 100 dollars in fees. They have refused to reply to my requests.
At this time, I am searching for a more ethical bank.
0 comments