Report: WELLS FARGO - BANK OF AMERICA

Reported By: (MEDFORD Oregon)

WELLS FARGO - BANK OF AMERICA THE BIGGEST RIP OFF IN THE US TODAY PHANTOM BANK FEES! MEDFORD Oregon

... Military pay direct deposits.

1Author 3Consumer 0Employee

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WELLS FARGO - BANK OF AMERICA

wellsfargo.com - bankofamerica.com/index.jsp
MEDFORD Oregon 97504
U.S.A.
Phone: 800-432-1000
Web Address:

Category: Banks

Submitted: Friday, February 08, 2008

Last posting: Thursday, June 05, 2008

I am amazed & ashamed & so very angry at today's "Fee" Banking ~!

The snowball affect that turns into a deadly landslide in fees from Wells Fargo caused me to actually lose an entire pay check. The never ending fees tallied up way over $1,000 dollars! Which then made it impossible for me to pay my mortgage on time, which then caused us to be behind a month on our mortgage and then created such a mess, that now 6 months later; my family now has to file for Bankruptcy - all in the name of Bank greed!

I asked & I pleaded with the Bank Manager.. I said that this was a staggering amount of fees. Please help my family, reverse these fee so that I may pay my mortgage.. (Which was also through Wells Fargo)
The Bank Manager at Wells Fargo in Medford was so Unhelpful, that I now truly believe he must get a bonus every month for all the fees he can incur off of us lowly bankers. It would have cost him nothing but 3 minutes of his time to reverse those fees.. it cost my family everything that he wouldn't.

Banks should have automatic holds placed on an account the moment the snowball effect begins! After the first $200 dollars in just fees has tallied up, put a hold on the account! Don't sit there and watch the dollars add up like its a good day on the stock exchange~! I even called and asked them to do that.. I said just stop any charges coming in or going out, so I can catch up! ( And did they ? Would they ?)

Nope~

As for Bank of America.. Their game is "Phantom" charging you and hitting you fees days later.. I just paid $35 dollars on a $3.10 cent purchase from Burger King. Of which, I ran down to the bank and deposited $20 to cover the charge that showed "pending" at the time.. Only to have the charge disappear, then show up two days later and cause me yet another $35 fee~

My God! Who else feels the need to dip into the pocket of the American worker, steal money from them, and then just call it "Fees"

If you look into it, I will bet you have paid more in bank fees than you have in taxes over the last two years!

As a result I am looking to place legal action against Bank of America and Wells Fargo.

And today I am going to look into just using a pre-paid visa card and stay away from banking entirely. I hope the American people realize that Banks are making more money off of us in these "fees" than on anything else.

I want to make sure everyone I know understands the improper practices of banking today!

Email me if you too have been robbed by your friendly banking facility~

Thank you

An American Citizen

US Citizen
MEDFORD, Oregon
U.S.A.

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REBUTTALS & REPLIES:

1Author 3Consumer 0Employee

Consumer Comment

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As with any other post on ripoff report

Bankworker - PITTSBURGH (U.S.A.)

SUBMITTED: Tuesday, February 12, 2008 POSTED: Tuesday, February 12, 2008

NSF fees are nothing new!

The bottom line is if you had the funds in the account before the transactions were presented, you wouldn't have gotten any overdraft fees. In no way should an account ever go into a negative balance whether it's 1 transaction or 10. If the bank has to advance even $.30 to cover a transaction for you, they have every right to charge what they want for you spending their money. That is what you agreed to when you opened the account, and if you're not maintaining records of your transactions then its best you don't have an acct. Stop complaining on ROR for problems you cause yourself. This goes to anyone who feels that NSFs are bogus; there are people with accounts for over 20+ years that haven't overdrawn so I know that it's possible.

Banks are in business to make money not to pacify customers that can't keep track of their balances. You're practically giving them your money if you decide not to take responsibility for your own account. They can't charge you fees if you don't overdraw. Simple as that....no ripoff here.

Consumer Suggestion

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Banks Do rip you off

Bubba - Portland (U.S.A.)

SUBMITTED: Wednesday, June 04, 2008 POSTED: Wednesday, June 04, 2008

TO BANKWORKER.
I have a direct deposit into Wells Fargo for 10 years. EVERY month at the same time 3 grand goes into my account. One day I get a notice of recurring overdraft fees equaling $200.00+. I go online to check my account and find that my pay was deposited on a Tuesday and deductions were taken out on a Wednesday. Now, I asked HOW did I get these overdrafts. The banker told me that the deductions were taken out BEFORE my direct deposit! I showed him that my DD was in 24 hours BEFORE the deductoins and asked him to explain how I was overdrawn 24 hours AFTER my DD was in. He said that there must of been a hold on my DD (NEVER in 10 years before) Mind you this is a military retirement and not some Tom Smith personal check.

So the bank tells me that I owe the fees. I then talk to the manager and she tells me the same thing. That the fee were owed even if my DD was in before the deductions. They even showed me on THEIR SCREEN that my DD was in before the deductions, that I had a POSITIVE balance in my account before the deductions but I STILL owed them the money.

My in laws have 5 accounts with Wells Fargo for 20+years. They went down to the bank and talked to the same manager. After explaining to them that I had a + balance, that the deductions were taken AFTER my DD was in for 24 hours and hat I still had to pay because "This is normal banking practices" he removed more then $200,000.00 that day and put it into another bank.

NOW, that seemed to get the attention of some high up executive who appoligized profusley for the "mixup" and stated the manager had it wrong. The fees were waived and I was made happy again, until 2 months later when the EXACT same thing happened again! The manager told me outside that this was out of her hands, that ALL banks practice this type of fund raising as they are in the business to MAKE MONEY. The US banks make BILLIONS in overdraft fees and need to be stopped. My money was there, I had money to spend and they took it anyways. Only when you remove lots of money do you get their attenton, dont you see something wrong with this!

Consumer Comment

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Military pay direct deposits.

Robert - Buffalo (U.S.A.)

SUBMITTED: Thursday, June 05, 2008 POSTED: Thursday, June 05, 2008

Financial institutions MUST conform to the DOD when accepting direct deposits from the DoD. They are NOT allowed to put a hold on DoD direct deposits-this is a stipulation in the DoD direct deposit agreements.

Here's how it is supposed to work. Payday is the 15th of the month. Let's say DoD performs a bulk DD on the 14th (or the 12th or13th for that matter) - your funds MUST BE MADE AVAILABLE TO YOU by a certain time ON THE 15th! NO EXCEPTIONS. If they assess charges because they "hold" the funds to the 16th or longer, they are violating the dd agreement and must refund the additional charges. This applies to all DoD dd, active military, pensions, reserves, etc.

If they violated this aggreement, you should report this bank to the DoD. If enough violations are accrued, they can face rather severe penalties.

Good luck.