Wells Fargo Bank
Overdraft Fees and Direct Deposit Advance Costs Add Up Fast

Having a checking account with Wells Fargo is about the worst financial decision a person can ever make. From charging $1.50 for a temporary check to charging $33.00 for an overdraft occurrence and still returning the check when you are supposed to have overdraft protection. I went over on my account a few cents and it ended up costing me over a hundred dollars in fees.

Thinking about doing an direct deposit advance, think about this. For every $20 advanced it cost you $2.00 in fees. That equals $50.00 in fees for a $500.00 advance. At rate of 10% doesn't sound so bad until you figure that it is due by your next paycheck, or other direct deposit. If you get paid every two weeks and have trouble coming up with the extra cash to payoff the advance you'll have to take out another to pay for the previous.

Don't come up with the cash in the future, then chew on this. A $500.00 cash advance is going to cost you at least $100 a month or $1200 a year and you still won't have it paid off unless you came up with an extra $500 somewhere. What does the annual interest rate equal if you get paid bi-weekly? How does 240% sound, or even better if you get paid weekly how about 480%, can you say ripoff?

Company: Wells Fargo Bank
Country: USA
State: California
Site: wellsfargo.com

  <     >