Just over four years ago, I opened a checking account with World Savings. At that time, this bank informed me that their name would soon change to Wachovia. My relationship with this bank had gone very smoothly with no problems for those first four years.
Almost one year ago (April), a Wachovia teller asked if I would like to open a special savings account that offered a generous interest rate. The only way funds could be deposited into this special savings account is whenever I used my bank debit card.
My first question was whether I could reserve this new savings account as an overdraft protection buffer by transferring funds at any time this may become necessary. The response was that the bank would automatically transfer whatever amount was needed for adequate coverage. When I asked whether there would be any fee attached if the bank made an automatic transfer (rather than me personally conducting my own transfer), the response was "no." The teller emphasized more than once that the bank would make such a transfer at no charge. I casually agreed to their offer and set up this new savings account.
Once in August of my checking account had dwindled low enough that an automatic overdraft protection transfer became necessary, and Wachovia had made good on their word by not charging me any fees at all for merely accessing my own money.
Sadly, in October of the honest and ethical Wachovia was cannibalized by Wells Fargo.
At the end of December I had a small reserve of only about $100 in that special savings account. At this time, two small grocery store purchases had made it necessary for my checking account to dip into that savings account a little bit. I consciously made those two small purchases, knowing that they would be easily covered with plenty of additional savings cushion left intact.
Wells Fargo responded by charging my savings account... Not once; but twice... So-called "protection" fees of $10 for each purchase for a total penalty of $20. Although those two purchases were within an hour of each other, Wells Fargo charged a fee for each separately. How is this a form of "protection" if a customer is slapped with a fee anyway? This is just a ridiculous scam, and it is unacceptable.
I immediately transferred the rest of the savings account funds to my checking acount online. (Of course, I could have easily done this to begin with.) Since I have had good experience with a local company called 1stBank in the past, I immediately changed banks at the beginning of 2010. I am now very happy to once again work with a bank that I can trust.
Do not allow yourself to become a victim. Consumers can exercise power to contribute to new rules. I have been embarrassed and reluctant to share my story with the rest of you because it involves such small potatoes. But the more of us who speak up; the better.
Do not do business with Wells Fargo. They are nothing but thieving parasites who cannot be trusted.
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