Whenever a customer of Wells Fargo Bank goes overdraft, Wells Fargo rearranges the order of charges in order to get as many finance charges as they can. Their common tactic with this scheme is to place the biggest charge first to make a customer overdraft, then place the little charges afterwards. Wells Fargo will even retroactively change the date of a recent charge even if it wasn't pending in order to hit their customers with more finance charges.in other industries such as the pharmaceutical industry, this is called back dating and is a felony in those industries.
This last week, my mother was recently snagged by this policy. The net result was over $250 worth of finance charges. What happened was that Wells Fargo decided to take a large charge out a few days earlier than it was supposed to be taken out. If the proper date was followed the account would have never been overdraft in the first place.
My older brother was financially ruined by the practice. He has since closed his account with Wells Fargo. I have been hit myself, with the use of back dating used as part of the charge manipulation practices I mentioned. I wrote my report as a response to a similar incident involving Wells Fargo I just read today.
We as American consumers need to report this to the BBB. I highly suspect that this policy is standard for Wells Fargo. To be honest, the only way these banks are going to change their dishonest practices is if they suffer financial damages, such as for example, a steep fine paid to the victim per manipulated charge.
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