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  • Report: #379797

Complaint Review: WELLS FARGO BANK

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  • Submitted: Thu, October 09, 2008
  • Updated: Wed, October 22, 2008

  • Reported By:Pleasant Hill California
WELLS FARGO BANK
1978 Contra Costa Blvd Pleasant Hill, California U.S.A.

WELLS FARGO BANK CLASS ACTION SUIT CALLED FOR PREDATORY OVERDRAFTS FEES-CLIENT LOSES HOME Pleasant Hill California

*Consumer Suggestion: Not a ripoff

*Consumer Suggestion: Not a ripoff

*Consumer Suggestion: Not a ripoff

*Consumer Suggestion: Not a ripoff

*Consumer Comment: You're In No Position At All To Make Demands

*Consumer Comment: You're In No Position At All To Make Demands

*Consumer Comment: You're In No Position At All To Make Demands

*Consumer Comment: You're In No Position At All To Make Demands

*Consumer Comment: Ummm, a few things about your list...

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We must file a class action suit and change banking laws. People are losing their home and jobs and the banks are pushing them all the way there. I am a small business woman trying to survive during uncertain times. I have personally lost 1000's of dollars due to predatory overdraft fees.

They love me because i make electronic deposits 7 nights a week so they always get their money! My receipts show that the deposits posted but the bank doesnt honor them until the next day. meanwhile if checks are coming in they conveniently post the debits before the credits. Thats illegal and unethical. They also will take your largest check, out of order, to insure their nsf fees!. Then they reverse the check and redeposit it and since your negative now they get to repeat this process all over again!

This week it cost me over 600 in fees because of that. Grant it, in this case, i made the mistake of post dating a check and they mistakingly deposited the check early. Fine, ill accept the responsibility and pay a fee , ONCE. They fair and ethical way for the bank to do business in these cases after the 35.00 fee should be:
1. the check must be cleared
2. the check can not be smaller than the fee
3. there should be a daily limit
4. they must not deposit the largest checks first unless you sign a waiver that authorizes them to do so, ie: loan payment etc.
5. they may not charge you twice for the same check
6.they must post credits before debits
7.they may not hold checks or deposits once they have accepted them. (technology guarantees these checks now a days)
8.assign a dpartment to oversee and keep them straight
9. they must notify you PRIOR to charging you these fees

SOMEBODY PLEASE HELP!

Ang
Pleasant Hill, California
U.S.A.

This report was posted on Ripoff Report on 10/09/2008 02:20 PM and is a permanent record located here: http://www.ripoffreport.com/r/WELLS-FARGO-BANK/Pleasant-Hill-California-94523/WELLS-FARGO-BANK-CLASS-ACTION-SUIT-CALLED-FOR-PREDATORY-OVERDRAFTS-FEES-CLIENT-LOSES-HOME-379797. 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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

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REBUTTALS & REPLIES:
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Updates & Rebuttals

#1 Consumer Suggestion

Not a ripoff

AUTHOR: Enjoying Laughing - (U.S.A.)

The number one culprit in situations like this is not balancing your check book. Do not rely on anything else except a register. Do not write checks on money that has not hard posted to your account. Plain and simple.
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#2 Consumer Suggestion

Not a ripoff

AUTHOR: Enjoying Laughing - (U.S.A.)

The number one culprit in situations like this is not balancing your check book. Do not rely on anything else except a register. Do not write checks on money that has not hard posted to your account. Plain and simple.
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#3 Consumer Suggestion

Not a ripoff

AUTHOR: Enjoying Laughing - (U.S.A.)

The number one culprit in situations like this is not balancing your check book. Do not rely on anything else except a register. Do not write checks on money that has not hard posted to your account. Plain and simple.
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What's this?

#4 Consumer Suggestion

Not a ripoff

AUTHOR: Enjoying Laughing - (U.S.A.)

The number one culprit in situations like this is not balancing your check book. Do not rely on anything else except a register. Do not write checks on money that has not hard posted to your account. Plain and simple.
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#5 Consumer Comment

You're In No Position At All To Make Demands

AUTHOR: Jim - (U.S.A.)

It was your choice to open an account there at that bank and your choice to sign the account agreement. You can choose to close the account and move the account elsewhere, but it is the bank that dictates terms to its customers, not the other way around. Banks have already been sued for what it is your claiming and the banks won the case, based on the fact that they have account agreements and the agreements were not found to be egregious in any possible way. The last case regarding insufficiency of disclosure even had the prosecuting attorney telling the court, "...we know that banks have the right to make whatever agreements they wish and that account holders need to comply with those agreements..." and then went on to say that the disclosures to the account holder were insufficient. Needless to say, no attorney is going to take on a bank for a case in which there are already many established precedents for the bank.

As a business person with a small business, cash management is likely to be one of the more important administrative aspects of your business. What you need to do is implement better cash management; I understand the need to pay suppliers on time, but if you're paying suppliers faster than you're collecting money from clients, then that's a problem from a business perspective, not the bank. I would talk to your bank about obtaining cash management solutions to some of the problems you have. You might also want to discuss a receivable line with the bank so that your not so hamstrung by your customers - who are causing your problems by failing to pay timely.

Full Disclosure: I don't work for this or any bank. I have managed finances for small businesses in the past.....
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#6 Consumer Comment

You're In No Position At All To Make Demands

AUTHOR: Jim - (U.S.A.)

It was your choice to open an account there at that bank and your choice to sign the account agreement. You can choose to close the account and move the account elsewhere, but it is the bank that dictates terms to its customers, not the other way around. Banks have already been sued for what it is your claiming and the banks won the case, based on the fact that they have account agreements and the agreements were not found to be egregious in any possible way. The last case regarding insufficiency of disclosure even had the prosecuting attorney telling the court, "...we know that banks have the right to make whatever agreements they wish and that account holders need to comply with those agreements..." and then went on to say that the disclosures to the account holder were insufficient. Needless to say, no attorney is going to take on a bank for a case in which there are already many established precedents for the bank.

As a business person with a small business, cash management is likely to be one of the more important administrative aspects of your business. What you need to do is implement better cash management; I understand the need to pay suppliers on time, but if you're paying suppliers faster than you're collecting money from clients, then that's a problem from a business perspective, not the bank. I would talk to your bank about obtaining cash management solutions to some of the problems you have. You might also want to discuss a receivable line with the bank so that your not so hamstrung by your customers - who are causing your problems by failing to pay timely.

Full Disclosure: I don't work for this or any bank. I have managed finances for small businesses in the past.....
Respond to this report!
What's this?

#7 Consumer Comment

You're In No Position At All To Make Demands

AUTHOR: Jim - (U.S.A.)

It was your choice to open an account there at that bank and your choice to sign the account agreement. You can choose to close the account and move the account elsewhere, but it is the bank that dictates terms to its customers, not the other way around. Banks have already been sued for what it is your claiming and the banks won the case, based on the fact that they have account agreements and the agreements were not found to be egregious in any possible way. The last case regarding insufficiency of disclosure even had the prosecuting attorney telling the court, "...we know that banks have the right to make whatever agreements they wish and that account holders need to comply with those agreements..." and then went on to say that the disclosures to the account holder were insufficient. Needless to say, no attorney is going to take on a bank for a case in which there are already many established precedents for the bank.

As a business person with a small business, cash management is likely to be one of the more important administrative aspects of your business. What you need to do is implement better cash management; I understand the need to pay suppliers on time, but if you're paying suppliers faster than you're collecting money from clients, then that's a problem from a business perspective, not the bank. I would talk to your bank about obtaining cash management solutions to some of the problems you have. You might also want to discuss a receivable line with the bank so that your not so hamstrung by your customers - who are causing your problems by failing to pay timely.

Full Disclosure: I don't work for this or any bank. I have managed finances for small businesses in the past.....
Respond to this report!
What's this?

#8 Consumer Comment

You're In No Position At All To Make Demands

AUTHOR: Jim - (U.S.A.)

It was your choice to open an account there at that bank and your choice to sign the account agreement. You can choose to close the account and move the account elsewhere, but it is the bank that dictates terms to its customers, not the other way around. Banks have already been sued for what it is your claiming and the banks won the case, based on the fact that they have account agreements and the agreements were not found to be egregious in any possible way. The last case regarding insufficiency of disclosure even had the prosecuting attorney telling the court, "...we know that banks have the right to make whatever agreements they wish and that account holders need to comply with those agreements..." and then went on to say that the disclosures to the account holder were insufficient. Needless to say, no attorney is going to take on a bank for a case in which there are already many established precedents for the bank.

As a business person with a small business, cash management is likely to be one of the more important administrative aspects of your business. What you need to do is implement better cash management; I understand the need to pay suppliers on time, but if you're paying suppliers faster than you're collecting money from clients, then that's a problem from a business perspective, not the bank. I would talk to your bank about obtaining cash management solutions to some of the problems you have. You might also want to discuss a receivable line with the bank so that your not so hamstrung by your customers - who are causing your problems by failing to pay timely.

Full Disclosure: I don't work for this or any bank. I have managed finances for small businesses in the past.....
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#9 Consumer Comment

Ummm, a few things about your list...

AUTHOR: Striderq - (U.S.A.)

1. If the money is not available the check will not be cleared. Don't spend nthe money until it's available.

2. Doesn't matter the size of the overdraft, the fee is imposed for any and all overdrafts.

3. The limit is controlled by the customer by not overspending their account.

4. You signed a waiver by accepting the posting order disclosed in the terms & conditions of your account.

5. Then have the money to cover the check the first time it's presented against your account.

6. Again, see your terms & conditions. Ask your bank how they post. Some post deposits first, some post debits first. Don't try to live off the float and try to beat the check to the bank with a deposit, you'll lose more times than you win.

7. No technology can not guarantee the check. I have seen several times that a "good" check is returned due to stop payment, nonsufficient funds, closed account, etc. Would you rather have that check for $4000 held until the money is paid or have it available in your account and then removed when the check is returned unpaid? Causing overdrafts because you've spent the money?

8. Banks are already regulated. They have rules they have to obey. If not they will get fined. The bank is not going to face a $10,000 fine to take a $35 OD fee from you.

9. Again see your terms & conditions. They say when you overspend you will get a fee. There's your notification.
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