When Wells Fargo offers you an overdraft protection, all it means is giving them permission to steal from your account.
If you use your ATM card and there is not enough money to cover the purchase, it will not be declined, the bank will still process it.
So, if you had a balance of, let say $100 and you used your ATM card five times that particular day amounting to a total of $115 and one of them was $100 and the others were $2, $3, $6 and $4.
Wells Fargo will process the biggests amount first and the rest according to the amount of $6, $4, $3, $2. The first one already wipes out your balance, so the rest are considered overdrafts, giving them the "permission " to charge your account 4 X $34 = $136.
These fees are even excessive than loan sharks, check cashing services, predatory lenders, pawnshops, etc. But we cover it because they made it look as if they did us a favor called "overdraft protection".
Even their branch manager will so called waive some of the fees (usually only one or two) if you complain about it, but not till they lecture you that you should keep track of your purchases diligently. But the point is they said that their system will never decline a purchase even if there is not enough funds to cover it as long as there is a positive balance even if its just cents remaining in your account, unlike credit cards that can be declined if you go over the limit.
To me this looks like a ripoff extortion that Wells Fargo has disguised as "Overdraft Fees".
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