Wells Fargo, Reno, NV has recently charged our small business checking account thirty (30) overdraft fees of $34-$35 (they just increased their fee) for a total amount of $1050.00. As of tomorrow, we will be charged another $35.00 on each of 8 debit card transactions that we used yesterday, the same day we made a large deposit. Each of yesterday's eight (8) transactions were under their $35.00 overdraft fee - one was for $3.10!). We mistakenly thought we could transfer money on-line from one account to the other the same day we made a deposit. (Otherwise, we could have made the deposits into the separate accounts had we known). Wells Fargo's "system" will consider these charges to be "overdraft" despite the fact that they have all of our money, and we have no "overdraft protection". If we have no overdraft protection and I am using a DEBIT card (which means I am drawing against the funds in my account - intentionally not using a CREDIT card that incurs interest), and the cashier were to tell me no funds were available, I would have just paid with cash, or waited a day to make purchases, or "borrowed" once (one $35.00 fee) for an amount large enough to cover all eight transactions. When you go through the Wells Fargo drive-through ATM and there are no funds in your account to withdraw, you receive a warning message and are advised that if you continue to proceed with the transaction to withdraw monies you do not have, you will be charged a $35.00 fee. When I use my debit card at other locations and I am not advised of the outrageous "loan" I am taking out, (a $35 bank charge fee for a cup of coffee, plus the coffee charge) then this practice is completely unfair and deceptive. They could very easily make that same warning message available or not allow the funds to be drawn against a negative balance.
Another deceptive practice that the Wells Fargo bank "system" will not allow is to be able to transfer funds from one account to the other, until they become "hard-posted". We have two business accounts with Wells Fargo that are "linked". Although there is plenty of money to transfer to cover the overdraft on the other linked account, their "system" will not allow us to make that transfer. Since we made the deposit at 4:15 pm yesterday evening at a local grocery store branch, and missed their cut-off day end posting of 4P.M. For that deposit to be "hard posted", our funds will not be available to transfer to the "overdrawn" account until tomorrow when each of the 8 debit transactions will each incur another $35.00 overdraft fee EACH.
According to an online article from Wells Fargo CEO, Richard Kovacevich, Wells Fargo Vision Statement reads: "We want to satisfy all our customers financial needs, help them succeed financially, be the premier provider of financial services in every one of our markets, and be known as one of America's great companies." He continues to state "We make decisions from the customers' perspective". A Wells Fargo banker today offered to reverse "as a courtesy" five of the 30 over draft charges, and this doesn't count the 8 more overdraft charges that will be posted to my account tomorrow! He told me that five reversals was the maximum their "system" would allow. He told me his supervisor had only the authority to reverse five also, and that all the supervisors there did not have anyone above them (no other higher authority that could over-ride the Wells Fargo "system"... Oh so sorry.
As a side note, we have been with Wells Fargo for over 20 years now... When we had lots of money, that was always deposited into their bank, they scrambled to cater to our every need when we didnt need anything from them. When we first opened our account with Wells Fargo and requested a loan to start our new business, we were actually told by our Wells Fargo Banker, who turned down our loan request, that the bank would not take a chance on us because a Chiropractic business would never make any money. Five years ago we were embezzled for our entire life savings of $500,000, every cent of which was deposited through Wells Fargo over a 20 year period. This embezzlement has left us back in the same position with Wells Fargo as we were in 20 years prior. We can't even get overdraft protection. And they are killing our business with overdraft fees while we struggle to make rent. I believe the mission or vision statement of Wells Fargo has not been communicated to their managers. A bank manager did us the tremendous favor of reversing five of the thirty eight (38) overdraft fees.
Feel free to contact me through our URL: Reno-Chiro.com if Wells Fargo is using deceptive and unfair acts and practices with your business also. Diane
Diane
Reno, Nevada
U.S.A.
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