This is the scam Wells Fargo is using on me and no doubt many others. They offer a free online balance review so you can check your balance before spending anymore.
But they keep "pending" transactions on a separate page and these are seemingly "pending" for sometimes three business days. When you live from pay check to pay check, you let your account get down to $20 at
times (It's just a checking account)
So I check my balance, see I have $45 left, buy some gas, and only then does the "pending" magically stop "pending" and go straight to my balance
sheet, and I'm overdrawn. And their software is designed to do this!
How do I know? Because this happens within their own computer system. They have a "Recurring Transfer" of $25 from my checking to my savings. This is, in their words, to build up my savings so there will be money there to protect again overdrafts in checking. They told me I had to do this when I opened the account, or pay a month fee.
So they move $25 out of my checking and put it in my savings (for free) and then they do not adjust my balance for this, rather it is noted on a
separate web page as "Pending" (sometimes for days) and this is all in the same computer system, theirs!
The computer knows it moved my money, the same computer can adjust my balance to accommodate the moved money, but it does not! This can only be by design, it is programmed to do that. It is the same computer system that moves the money but does not adjust the balance.
Then after the overdraw, they move the $25 back to checking to cover it, then charge me a $10 fee for moving that moning (in automatic computerville)
back to checking and a $35 over draft fee, for which there are insufficient funds to cover until my next paycheck (direct deposit) resulting in yet another
over draft, Wells Fargo causing both. So the next time I see my balance, there are two $10 fees, and two $35 fees.
The false balance they provide has caused these overdrafts on 3 occasions. Enough is enough. Even if I pay the monthly fee and tell them to stop moving my money around in their shell game, they still do this "Pending" trick with every transaction I make.
So if I bought gas last week, in a Chevron computer system, it might not even show in my balance for 4 days! Yet on a separate Wells Fargo web page (Account Activity) it is there "pending", so Wells Fargo's computer knows all about the transaction, it just opts to leave it off my balance for days and days and instead give me a false balance so I can overdraw and
once again Wells Fargo can dip their sticky fingers into my money. Time for a new bank.
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