Wells Fargo has deceptive deposit and bank charge fee's they proclaim they have real time processing but actually use batch processing that has some how done what scientists wish, and that is to trvel back in time.
I will give you an example.
If I walk into a Wells Fargo Branch or use the ATM after 3pm my deposit does not get credited till the following business day. Which is fine.
So if I check my account I enter branch on Day 1 that evening the following evening they process the deposit so if I check on day 3 (If no weekend is involved) the money is credited to my account. Now the transaction will show as a pending deposit, and transactions that occur through my account on day 2 or before 5am on day will be processed against the pending deposit at a rate of $33.00 per charge.
The Arguement is that the transaction is not real till its posted after 5am on the third day.
Okay lets reverse this. I write a check from my account and give it to a friend on Day 1 I know that during the evening my payroll will be depositied. My friend deposits the check I gave him on day 1.
If I check my account on Day 2 I will see my payroll deposit and see my avalible balance looks normal.
On day 3 if I check my account I will see the check I gave my friend has some how now shown up on day 1 and been assesed a $33.00 over draft fee which is now showing posted on day 2.
If you call wells faro they will tell you its posted as of day of presentation. That being day 1 although it was never physicaly processed until the evening of day 2.
SO if the money was truly not taken out of my account until the evening of Day 2, why then does it show as comeing out on day 1? I have had this arguement with Wells Fargo many times and some times they will reverse the fee's sometimes not.
THis matter can be further complicated if say you have a $100 balance in your account on day 1 prior to the payroll deposit. If you then went shopping and say went to 10 different stores and spent $10 each you will then see at the end of day 1 you have a $0 balance.
If you check you account on day 2 you will see your payroll is in the account and your balance is properly reflected.
If you check your account on Day 3 you will find your check was posted on day 1 and they will have assesed you 11 fees of $33.00 each since some how the check came through before the ATM purchases. Even though the check really never processed until the evening of the 2 day between midnight and 5am.
You would then argue that there was sufficent funds to cover the 10 transactions and if anything they should only charge on the one check not the 10 transactions.
Wells fargo will tell you they process largest to smallest transactions. Not sure how they manage to go back in time to do this but they do.
Anyhow if you search you will see wells fargo defended a similar class action law suit in Nevada aargueing they actually process smallest to largest which in practice they never do.
I would be very wary of Wells Fargo and there ability to step back in time to charge fee's
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