- Report: #505827
Report - Rebuttal - Arbitrate
Complaint Review: Berkshire Hathaway
Berkshire HathawayWells Fargo PO Box 6995 Portland, Oregon United States of America
Berkshire Hathaway Berkshire Hathaway BANK FEE FRAUD, LOAN SHARKING, RACKETEERING, USERY VIOLATIONS, EMBEZZELMENT Portland , Oregon
*Consumer Comment: "WARREN BUTTHEAD POEM".....
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Today I looked at my Wells fargo checking account on line to find about 250.00 in overdraft fees on 5 packs of cigarettes and a cup of coffee. This was caused by a check that was thought to be lost in the mail clearing over a month after it was written.
I called the bank to clear it up. In the past the bank always worked with me on overdraft fees if there was some sort of unusual circumstance. Not this time! The first overdraft fee over the account by 15.00 and the cigarettes and coffee ATM purchases were all then feed at 35.00 per transaction and the bank refused to revert any of these fees.
So thats 250.00 in fees for like 34.00 of purchases. Wells Fargo Bank owned by Berkshire Hathaway AKA Warren Buffett senior Economics advisor to the President of the United States, Recently spoke on CNN stating there were all kinds of ways banks can make lots of money!
Wells Fargo and probably other banks have taken on the policy of manipulation deposits and purchases in such a way as to generate overdrafts for outragous fees. It is complex how this is done but the primary angle is to put short term holds on deposits while imediate purchases are processed to generate overdrafts that they can fee for.
These banks will not allow you to have them decline these transactions as insufficient funds but in fact mandate that to have the account there you must accept thier courtesey "honoring" of the transaction and acceptance of the fees to do so.
What this really is, is an illegal loan sharking tactic where the usery laws are bypassed by loopholes in the law. The bank loans you 5.00 for a pack of smokes and then charges a 700% interest rate on a one day basis (or until your next deposit which covers the overdraft. Then if the overdraft fee overdrafts the account again, (since you cant see these fees for 3 days as they dont instantly post them) they just continue charging fees for the fees!
If you figure this uot on an anual basis the interest rates on these recurring 5.00 loans is in the millions of percent interest! This is fraud at the highest level (as usual) as you do not have the option not to accept the loan or not pay the fees. Not only that you dont have any way of knowing how the bank will manipulate the depostis you make as the computer programs are set up to actually cause as much overdraft as possible to generate fees!
This little loan sharking set up is screwing Americans for 10s of BILLIONS in illicit loan sharking interest and by design is a racketeerring violation of the Ricoh statues under federal law!
Also if you look at what Berkshire Hathaway is doing with its investing is undermining American jobs and shipping them overseas through divestment of energy stocks and diverting to drug companies and other non-manufacturing interests losing American jobs and bolstering assets in China slave labor markets instead while UNDERMINING the US citizen with not so nickel and dime loanshark scams through your personal banking with fraudulent loans.
AND THIS MAN (Warren Buffet) IS ADVISING OUR PRESIDENT AS THE TOP ECONOMIC ADVISOR!
A resignation is in order here as this man is not only diverting US jobs but also undermining the US economy through loan sharking which is directly contrary to the programs the President is trying to impliment in the recovery of the US Economy.
CAN ANYONE BESIDES ME SCREAM OUT TREASON!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
This report was posted on Ripoff Report on 10/07/2009 01:18 PM and is a permanent record located here: http://www.ripoffreport.com/r/Berkshire-Hathaway/Portland-Oregon-972286995/Berkshire-Hathaway-Berkshire-Hathaway-BANK-FEE-FRAUD-LOAN-SHARKING-RACKETEERING-USERY-V-505827. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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