• Report: #173986

Complaint Review: Wells Fargo Bank

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  • Submitted: Mon, January 30, 2006
  • Updated: Fri, March 02, 2007

  • Reported By:Weiser Idaho
Wells Fargo Bank
Nationwide U.S.A.
  • Phone:
  • Web:
  • Category: Banks

Wells Fargo ripoff DISAPPEARING DEBIT CHARGES AND DEPOSITS They are possibly doing some "fishy stuff" Nationwide

*Consumer Comment: Debit payments not applied to account balance, held in Wells Fargo " suspense" account

*Consumer Suggestion: One Solution for It All!

*Consumer Suggestion: Has anyone ever seen this happen?

*Consumer Comment: I can hardly believe the garbage I'm hearing...

*Consumer Comment: Is this issue common to random banks only?

*Consumer Comment: Sorry Chip I agree with Aafes

*Consumer Comment: For Nikki

*Consumer Comment: To Aefas

*Consumer Suggestion: Does anyone else have this problem?

*Consumer Suggestion: Does anyone else have this problem?

*Consumer Suggestion: Does anyone else have this problem?

*Consumer Suggestion: Does anyone else have this problem?

*UPDATE Employee: If you don't spend more than you have...

*Consumer Suggestion: Chip is right. Holds come off faster these days.

*Consumer Comment: This is too easy

*Consumer Comment: common sense & check registers

*Consumer Comment: common sense & check registers

*Consumer Comment: common sense & check registers

*Consumer Comment: common sense & check registers

*Consumer Comment: I don't know which bank you use...

*Consumer Comment: I don't know which bank you use...

*Consumer Comment: I don't know which bank you use...

*Consumer Comment: Accurate bank's computer ledger

*Consumer Comment: They perform two entirely different tasks.

*Consumer Comment: The tiresome use a register response

*Consumer Comment: Don't 'bank' on a paper trail.

*Consumer Comment: Debit cards and how they work.

*Consumer Suggestion: Called Verifying Funds ---NEVER rely on your online statement

*Consumer Comment: its too easy for human error........

*Consumer Suggestion: I KNOW IS IS OLD-FASHIONED AND ALL..

*Consumer Comment: Quote, "Why do the debits appear and then disappear until conviently applied???"

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I filed a totally different complaint against Wells Fargo today .......but I started thinking about it and they have made me so angry Im going to complain about everything I find wrong or possibly illegal practices with Wells FARCEgo.

Has anyone who checks their account online daily notice that debit transactions and/or deposits appear and then disappear for sometimes; up to sometimes 5 business days? I think this is a trap for those of us who primary rely on our online account balances/statement by checking our transactions online.

For example......Three days ago, I purchased an item costing 99.00 online. The next day I checked my account to make sure the transaction posted and cleared. Sure enough there it was. But the next day my balance was higher than the day before (even though I hadn't made any deposits).....so I was like "HUH....what". Seems that debit transaction disappeared without a trace. Then I started wondering cuz Musicanfriend sent me an email stating my item had shipped ......and a company doesn't ship unless they got their money. Still......four days later its not there but the money to clear it is still there ........huh, scratch my head

Thinking about it.....and in the past. This sure would be a good way for Wells Fargo to trick someone into thinking they got money in their account that they really dont have .....cuz remember we rely on their statements to know our balances (for those of us who refuse to add and subtract on our little check book ledger ....i dont do that cuz my adding and substracting skills lack perfection)........so anyways, that sure seems to be a sneaking way for Wells to charge an overdraft fee cuz as soon as u make another debit .......boom, the other one posts back immediately and then your auto zapped a overdraft FEE. I seen it b4 ........I just finally realized it.

Why do the debits appear and then disappear until conviently applied??? Don't you think that is very misleading for those who rely on online banking? Can anyone explain?

Bob
Weiser, Idaho
U.S.A.

This report was posted on Ripoff Report on 01/30/2006 07:33 PM and is a permanent record located here: http://www.ripoffreport.com/r/Wells-Fargo-Bank/nationwide/Wells-Fargo-ripoff-DISAPPEARING-DEBIT-CHARGES-AND-DEPOSITS-They-are-possibly-doing-some-173986. 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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#1 Consumer Comment

Debit payments not applied to account balance, held in Wells Fargo " suspense" account

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

I am an attorney in Old Hickory / Nashville Tennessee. In November, 2006, a jury awarded damages against Wells Fargo Home Mortgage, Inc, in favor of my clients for breach of contract. The litigation has lasted 5 years and is not finished yet.

My clients complained that Wells Fargo mismanaged their account and did not apply Automatic Debit payments Correctly. The proof at trial indicated that Wells Fargo received a mortgage payment by automatic debit and did not apply the full amount to the mortgage balance, the rest ($900+) was held in "suspense" and never applied to the account.

This is all public record in Davidson County, Tennessee, Chancery Court, including a full trial transcript.

If you are having concerns about "missing" payments or debits, ask Wells customer service if you have a "suspense" balance. Your contract with Wells Fargo will govern your rights, which may, or may-not, allow holding your money in "suspense"

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#2 Consumer Suggestion

One Solution for It All!

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

I will never use Wells Fargo ever do to the fact they cashed a pay check to an X room-mate a few years back over the counter. My name, asked for not ID, just cashed it. But this is here nor there. Here is a solution that is easier said than always done.

Other than the fact everyone should take a day and walk in the same day and empty our accounts to show these banks. We do have the power.

But everyone never pulls together anyway. So, they get away with all the fun and games.

Here is antoher thing we can do and I use to practice until the last 7 yrs due to personal situations.

First of all I found a bank that does not deal with Credit Checks, Chex Systems, or any of the other game playing tactics. If you are on Chex Systems or one of those bank reporters.

Here is a way to get off them that is not told to you by these banks. You do not have to wait 5 years. If you can, pay off the debt to the bank. Have them give you a receipt of payment. Send a copy to the place that is reporting you by certified check and have it signed for.

You will be taking off within 30 days. You are clear to open an account.

Then when or if you already have an account. When you make a deposit. Lets say for arguments sake, you get a check for lets say $351.80, report in your check book that you make lets say that you put in $349.00. This will leave you $2.80 in the bank. Don't touch it.

Now when you write a check, lets say it is for $35.39 round that up to lets say $35.50 that is a diffenence of .11 cents. If you can round it up to the next $1.00 That will give you .61 cents. But only work with what you have left in your account.

Also if you have any change laying around, throw it in and never put it in your deposit at all. Trust me, you will be suprised how much you will have in as little as 6 months.

Never mind your statement from the bank. Also drop them debit cards. Use the only to make a deposit, or take out cash from an ATM. Lets say you pull out $20.00 from the ATM. add a $1.00 or $1.50 more like it cost you to use the ATM in your register. If you are charged to do this at another ATM, go ahead and add this plus another $1.00 to $1.50 more. Or what ever the prices are.

Also look for banks, That if you do bounce. They will only charge a fee and stop at that fee and not go onto adding more fees daily. Bank of America will only charge a fee and leave it there. They are on a sliding scale. They will pay the first couple without any charges and progress up.

Then the anniversary of your account. Will go back to zero again. But whatever bank you use. Start doing this and you should have no problems.

Sometimes it's easier said than done. But shoot for the stars and see what happens.
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#3 Consumer Suggestion

Has anyone ever seen this happen?

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

Bob, sorry to interject on your post since this problem may not help you. I recently had to switch banks from a credit union I had in another city to a credit union close to home because my CU dropped out of the shared credit union network and I was unable to make deposits locally.

Anyway, the new CU does what I'm showing below (numbers changed to not show my true bank balance). Hopefully maybe Ken can help with this since you seem to have knowledge. Even though new CU does not "hard post" on weekends, it looks as though they "soft post".

Transaction: Amt: Balance
Grocery $20.00 $100.00
Memo - Pending W/D $5.61
Memo - Pending W/D $30.92

Account Balance: $63.47
Available Balance: $26.94

As you can see, the account balance listed shows these "Memo - Pending W/D" subtracted from my balance, but then the account balance is reduced by those charges again to reach the available balance. It gets fixed on Monday, but really keeps me from spending money that is rightfully mine on the weekends. Since I have money in my savings account, I don't know if NSF fees can be incurred by this.

Has anyone else seen this? Should I think about switching banks again or do the banks do this these days? I have given the paperwork to my CU on numerous occasions, but have gotten no answer other than "we do not double hold transactions". Clearly they do, but may not call it that.
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#4 Consumer Comment

I can hardly believe the garbage I'm hearing...

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

I have banked with (((competitor's name redacted))) for some time now, but I have friends who bank with Wells Fargo and they report the following (as I do): EVERY debit card transaction (PIN used or not), ATM withdrawal, deposit, and cleared check ALWAYS shows up immediately online and stays there for future reference. To be completely frank with you, although we DO keep financial records we don't really NEED to because:

1. We do not use "pay at the pump", which as we all know takes the LONNNNGGGGG road to posting to an account

2. We NEVER add any tips to debit card purchases at restaurants because such additions tend to add many, many days to the posting time of the aggregate debit amount. We tip in cash, which servers prefer anyway

3. Although I rarely allow my checking account to dip below $500.00, I have overdraft protection via my savings account. Nearly all banks make this available at no additional charge. So they charge you $10 to automatically transfer funds to cover your overdraft...which is worse - to pay $19.00 and have an overdraft on your record or to pay $10.00 and have the check/debit paid? Besides, if you catch it beforehand you don't even have to utilize the service. Simply transferring the money manually online does the trick

I honestly do not understand people who post on this website complaining about banks' payment posting/record-keeping policies. I keep a financial ledger and track ALL of my expenses throughout the course of a day, but this is more for my own peace of mind than any practical application purpose. Debit card transactions, made at the point-of-sale or via using a PIN, show up online almost instantly. This makes up-to-date account management even more convenient.

Sadly, most Americans cannot conquer elementary-school mathematics let alone a check register day-to-day. If your responsibility level does not dictate accurate record-keeping, then pick a bank or credit union that aids you in this process. Take some responsibility for your careless record-keeping for once.

For all the bank-bashing I see on this website, I rarely see folks pointing out that banks really do provide numerous pre-emptive remedies for accounts BEFORE they are overdrawn. Instead of using your tax return to buy garbage you didn't have and don't need, try using that money to start a savings account so you will not live dangerously low to the red-line. If a $99.00 online purchase takes you to the brink of financial disaster, should you be making it in the first place? In this country, you do have RIGHTS - but those rights are not without that other "R" word...RESPONSIBILITY.

Here endeth the lesson...

sorry, allowing you to give a competitors name would instigate others to just file against their competition, to only come back later to suggest their company your comments on this policy are welcome! CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
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#5 Consumer Comment

Is this issue common to random banks only?

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

I have banked with Bank of America for some time now, but I have friends who bank with Wells Fargo and they report the following (as I do): EVERY debit card transaction (PIN used or not), ATM withdrawal, deposit, and cleared check ALWAYS shows up immediately online and stays there for future reference. To be completely frank with you, although we DO keep financial records we don't really NEED to because:

1. We do not use "pay at the pump", which as we all know takes the LONNNNGGGGG road to posting to an account

2. We NEVER add any tips to debit card purchases at restaurants because such additions tend to add many, many days to the posting time of the aggregate debit amount. We tip in cash, which servers prefer anyway

3. Although I rarely allow my checking account to dip below $500.00, I have overdraft protection via my savings account. Nearly all banks make this available at no additional charge. So they charge you $10 to automatically transfer funds to cover your overdraft...which is worse - to pay $19.00 and have an overdraft on your record or to pay $10.00 and have the check/debit paid? Besides, if you catch it beforehand you don't even have to utilize the service. Simply transferring the money manually online does the trick

I honestly do not understand people who post on this website complaining about banks' payment posting/record-keeping policies. I keep a financial ledger and track ALL of my expenses throughout the course of a day, but this is more for my own peace of mind than any practical application purpose. Debit card transactions, made at the point-of-sale or via using a PIN, show up online almost instantly. This makes up-to-date account management even more convenient.

Sadly, most Americans cannot conquer elementary-school mathematics let alone a check register day-to-day. If your responsibility level does not dictate accurate record-keeping, then pick a bank or credit union that aids you in this process. Take some responsibility for your careless record-keeping for once in your life and stop blaming others for your mistakes.

For all the bank-bashing I see on this website, I rarely see folks pointing out that banks really do provide numerous pre-emptive remedies for accounts BEFORE they are overdrawn. Instead of using your tax return to buy garbage you didn't have and don't need, try using that money to start a savings account so you will not live dangerously low to the red-line. If a $99.00 online purchase takes you to the brink of financial disaster, should you be making it in the first place? In this country, you do have RIGHTS - but those rights are not without that other "R" word...RESPONSIBILITY.

Here endeth the lesson...
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#6 Consumer Comment

Sorry Chip I agree with Aafes

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

His post was right on the money (no pun intended).

Does a bank REALLY expect us to believe that a high tech computer system, which can do millions of mathematical calculations in seconds, cannot keep a balance as accurately as a person.

I think, you probably work for a bank or you are simply living in a dreamworld.
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#7 Consumer Comment

For Nikki

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

The majority of banks process 5 nights a week, some 6 nights a week. Only a handful process 7 nights a week. During nightly updates, a program matches holds against incoming electronic debit transactions, and when a match is made, the hold drops.

So, if a hold has been placed, and the bank doesn't process on Saturday night, you won't see it drop until Monday. This shouldn't be a problem, since no items are being hard-posted against the accounts either, but as youy say, it will drive you nuts if you are trying to track you balance online.
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#8 Consumer Comment

To Aefas

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

C'mon...you aren't really asking such a ridiculous question, are you?

You expect bank employees to keep hand ledgers for thousands, no, wait, tens of thousands, no, hundreds of thousands of accounts? Are you kidding me?

Consumers have one, two, or MAYBE three active (by active I mean daily, weekly or monthly use) accounts to keep track of. It's simple math, and takes minutes per day.

I personally would not want a bank to manually keep track of my balnace. The sheer volume would mean a greater risk of human error.

C'mon. If you're making an argument, be siure it's reasonable. YOUR balance is YOUR responsibility. Banks are not in the business of babysitting their customers. Keeping a register and maintaining your own balance is simple...we're not talking about finding a cure for cancer here.

The only thing I conclude when people don't keep a register is that they're just too lazy...and for that, they pay.
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#9 Consumer Suggestion

Does anyone else have this problem?

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

I keep a meticulous register so when my available balance goes way down, almost every weekend, it has been driving me nuts. So, I went to my bank (opened account at this new bank recently), this is what they told me.

They hold my money for 24 hours after every charge. However, on the weekends, the hold does not come off until the 24 hours are up, even if the merchant runs the batch. If I go buy something at say 5:00 pm on Saturday, and the merchant runs their batch at 10:00 pm Saturday, my bank will deduct the charge from the balance, but also keep the hold against the balance to reach the available balance. They do not take off the hold against the available balance because on the weekends, no one is available to do that. This actually results in a double hold of my money until the 24 hours is up. Really bad on Christmas weekend because according to me I had over $400 left in checking account, but according to bank, I had $0 available and could not make any additional charges without transferring money from savings. However, they did not charge me any fees.

Does anyone else have this problem?
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#10 Consumer Suggestion

Does anyone else have this problem?

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

I keep a meticulous register so when my available balance goes way down, almost every weekend, it has been driving me nuts. So, I went to my bank (opened account at this new bank recently), this is what they told me.

They hold my money for 24 hours after every charge. However, on the weekends, the hold does not come off until the 24 hours are up, even if the merchant runs the batch. If I go buy something at say 5:00 pm on Saturday, and the merchant runs their batch at 10:00 pm Saturday, my bank will deduct the charge from the balance, but also keep the hold against the balance to reach the available balance. They do not take off the hold against the available balance because on the weekends, no one is available to do that. This actually results in a double hold of my money until the 24 hours is up. Really bad on Christmas weekend because according to me I had over $400 left in checking account, but according to bank, I had $0 available and could not make any additional charges without transferring money from savings. However, they did not charge me any fees.

Does anyone else have this problem?
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#11 Consumer Suggestion

Does anyone else have this problem?

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

I keep a meticulous register so when my available balance goes way down, almost every weekend, it has been driving me nuts. So, I went to my bank (opened account at this new bank recently), this is what they told me.

They hold my money for 24 hours after every charge. However, on the weekends, the hold does not come off until the 24 hours are up, even if the merchant runs the batch. If I go buy something at say 5:00 pm on Saturday, and the merchant runs their batch at 10:00 pm Saturday, my bank will deduct the charge from the balance, but also keep the hold against the balance to reach the available balance. They do not take off the hold against the available balance because on the weekends, no one is available to do that. This actually results in a double hold of my money until the 24 hours is up. Really bad on Christmas weekend because according to me I had over $400 left in checking account, but according to bank, I had $0 available and could not make any additional charges without transferring money from savings. However, they did not charge me any fees.

Does anyone else have this problem?
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#12 Consumer Suggestion

Does anyone else have this problem?

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

I keep a meticulous register so when my available balance goes way down, almost every weekend, it has been driving me nuts. So, I went to my bank (opened account at this new bank recently), this is what they told me.

They hold my money for 24 hours after every charge. However, on the weekends, the hold does not come off until the 24 hours are up, even if the merchant runs the batch. If I go buy something at say 5:00 pm on Saturday, and the merchant runs their batch at 10:00 pm Saturday, my bank will deduct the charge from the balance, but also keep the hold against the balance to reach the available balance. They do not take off the hold against the available balance because on the weekends, no one is available to do that. This actually results in a double hold of my money until the 24 hours is up. Really bad on Christmas weekend because according to me I had over $400 left in checking account, but according to bank, I had $0 available and could not make any additional charges without transferring money from savings. However, they did not charge me any fees.

Does anyone else have this problem?
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#13 UPDATE Employee

If you don't spend more than you have...

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

Wells Fargo is not responsible for what is in your account, or for managing the account. That is still your responsibility. Simply this, if you don't spend what you do not have, you will be fine. If you spend more than you have, you will encounter an overdraft fee of $34. Working for the phone bank, I encounter many people that belive that Wells Fargo is "screwing them over." I have been a customer there since 1994 (when it was Norwest), and have never had an overdraft fee, serivce fee or any charge. It's not Wells Fargo screwing you over. It's you screwing you over.

The bank is not there to baby your account. The bank is a business, and it provides a service. That service is to place your funds into an account, and allow you to have access to those funds at your will. Those means include cash withdrawls, money orders, check card, ATM, and paper draft and electronic debit transactions (ACH).

If you spend more than what is placed in the account, you are stealing money. Wells Fargo has given you an unauthorized loan, and instead of sending a team of lawyers after you, they assess an overdraft fee. Checks and ACH transactions can be returned. But once authorized, a check card purchase is for sure payment to the merchant. This is a rule set by Visa. Simple as this, keep a register. It's not that hard. I'm 19 years old and am able to do it. It takes two seconds to record a transaction, and it can save you a lot of money.
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#14 Consumer Suggestion

Chip is right. Holds come off faster these days.

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

When checkcards first came out, the banks used to hold the pending amounts off your available balance for about 4 days or until the merchant runs their batch. Many people complained about this because charges that were run incorrectly were held for 4 days, as well as hotels running your card for more money than your stay costs, gas stations that may hold $50 on a $30 charge, restaurants that over-add a tip, etc.

So, the banks started shortening their hold on your money. Not for us and our complaints, but because they realized people weren't keeping checkbook registers anymore and they could probably rack up more NSF fees. They were right.

Now, your bank probably holds the amount off your balance (hence the available balance) for only 1-2 days. If the merchant waits more than 1-2 days to actually run their batch, the bank's hold will come off and your available balance will go up again. But, you have to remember you made that charge so when the merchant runs their batch and the charge posts, you have enough money to cover.

That's why your available balance keeps fluctuating.
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#15 Consumer Comment

This is too easy

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

Here's how it works (and I am way over simplifying):

You use your debit card for $99. The amount is authorized by your bank and a "hold" for that amount is placed -- normally for ONLY 24 hours. Because of this, online balances are not reliable.

The $99 isn't debited from your account until the merchant batches. This can take 2+ days depending on their equipment.

But NONE of this should matter. The MINUTE you use/swipe your debit card, deduct that amount from your balance in your R-E-G-I-S-T-E-R -- that money is GONE. Do this and you will avoid NSFs. End of story.
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#16 Consumer Comment

common sense & check registers

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

I'm not siding with any banks or person(s) for that matter.

The only thing I'll hand them is that when you order a box of checks, they usually send a check register. It's this little booklet that you use to mark all transactions that are related to your checking account. Whether it be a check you write or the checkcard/ATM card you use, it's the one book that will save you a headache. I have been with 2 banks. I returned to my small bank only because of the purpose of saving on the monthly service charge.

Anyways, back to the topic. If you make a purchase, no matter how, and it comes by way of a check or checkcard, then rely on your check register and not the online banking. Remember, that once you make a purchase by check, only you and the merchant know about the transaction until your check has cleared. So of course, the bank will not know that and your balance will remain the same as before you made the transactions.

Now, for the checkcard issue. The checkcard, unless using your pin, will only be a pending/authorized debit, until a receipt is turned in by the merchant (whether online or in person). So that's how it works. Take responsibility for your actions and just a few minutes to record your transactions and you too, can save $$$.

Have a great day.
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#17 Consumer Comment

common sense & check registers

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

I'm not siding with any banks or person(s) for that matter.

The only thing I'll hand them is that when you order a box of checks, they usually send a check register. It's this little booklet that you use to mark all transactions that are related to your checking account. Whether it be a check you write or the checkcard/ATM card you use, it's the one book that will save you a headache. I have been with 2 banks. I returned to my small bank only because of the purpose of saving on the monthly service charge.

Anyways, back to the topic. If you make a purchase, no matter how, and it comes by way of a check or checkcard, then rely on your check register and not the online banking. Remember, that once you make a purchase by check, only you and the merchant know about the transaction until your check has cleared. So of course, the bank will not know that and your balance will remain the same as before you made the transactions.

Now, for the checkcard issue. The checkcard, unless using your pin, will only be a pending/authorized debit, until a receipt is turned in by the merchant (whether online or in person). So that's how it works. Take responsibility for your actions and just a few minutes to record your transactions and you too, can save $$$.

Have a great day.
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#18 Consumer Comment

common sense & check registers

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

I'm not siding with any banks or person(s) for that matter.

The only thing I'll hand them is that when you order a box of checks, they usually send a check register. It's this little booklet that you use to mark all transactions that are related to your checking account. Whether it be a check you write or the checkcard/ATM card you use, it's the one book that will save you a headache. I have been with 2 banks. I returned to my small bank only because of the purpose of saving on the monthly service charge.

Anyways, back to the topic. If you make a purchase, no matter how, and it comes by way of a check or checkcard, then rely on your check register and not the online banking. Remember, that once you make a purchase by check, only you and the merchant know about the transaction until your check has cleared. So of course, the bank will not know that and your balance will remain the same as before you made the transactions.

Now, for the checkcard issue. The checkcard, unless using your pin, will only be a pending/authorized debit, until a receipt is turned in by the merchant (whether online or in person). So that's how it works. Take responsibility for your actions and just a few minutes to record your transactions and you too, can save $$$.

Have a great day.
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#19 Consumer Comment

common sense & check registers

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

I'm not siding with any banks or person(s) for that matter.

The only thing I'll hand them is that when you order a box of checks, they usually send a check register. It's this little booklet that you use to mark all transactions that are related to your checking account. Whether it be a check you write or the checkcard/ATM card you use, it's the one book that will save you a headache. I have been with 2 banks. I returned to my small bank only because of the purpose of saving on the monthly service charge.

Anyways, back to the topic. If you make a purchase, no matter how, and it comes by way of a check or checkcard, then rely on your check register and not the online banking. Remember, that once you make a purchase by check, only you and the merchant know about the transaction until your check has cleared. So of course, the bank will not know that and your balance will remain the same as before you made the transactions.

Now, for the checkcard issue. The checkcard, unless using your pin, will only be a pending/authorized debit, until a receipt is turned in by the merchant (whether online or in person). So that's how it works. Take responsibility for your actions and just a few minutes to record your transactions and you too, can save $$$.

Have a great day.
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#20 Consumer Comment

I don't know which bank you use...

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

however, mine does. My account balance as displayed on my banks online account information less any outstanding transactions that have not posted match exactly.

I still don't see the problem. In the thirty years I've held a checking account and used an account register, the one time I did have any NSF fees was due to a fraudulent charge using my check card. The fees were reimbursed and I dumped the check card. Maybe I am just stupid or lucky.
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#21 Consumer Comment

I don't know which bank you use...

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

however, mine does. My account balance as displayed on my banks online account information less any outstanding transactions that have not posted match exactly.

I still don't see the problem. In the thirty years I've held a checking account and used an account register, the one time I did have any NSF fees was due to a fraudulent charge using my check card. The fees were reimbursed and I dumped the check card. Maybe I am just stupid or lucky.
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#22 Consumer Comment

I don't know which bank you use...

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

however, mine does. My account balance as displayed on my banks online account information less any outstanding transactions that have not posted match exactly.

I still don't see the problem. In the thirty years I've held a checking account and used an account register, the one time I did have any NSF fees was due to a fraudulent charge using my check card. The fees were reimbursed and I dumped the check card. Maybe I am just stupid or lucky.
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#23 Consumer Comment

Accurate bank's computer ledger

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

"The bank's computer ledger information is accurate for what customer's transactions have been processed."

If this statement is correct, then the resulting online balance can also be considered accurate. The balances come from the same computer. YET - the bank will post an amount as "available" online following a deposit, often (sometimes less than a day later) the availability will later show as a smaller balance. Deposits appear as posted and disappear online on the same day regularly with some banks.

Either the bank's computer ledger is ACCURATE or it is not. It remains hypocritical for the bank to say that only a checkbook register with no mathematical errors is accurate and a check of the balance on the BANK'S own computer is not. They can't have both.

And no, they are not two different things. If the bank's computerized transaction ledger is accurate then the online balance should match EXACTLY minus any transactions not shown as posted.
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#24 Consumer Comment

They perform two entirely different tasks.

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

The bank's computer ledger information is accurate for what customer's transactions have been processed.

The customer's account register is accurate for managing their funds, what has been allocated and what is available to draw against.

They are two entirely different and separate records. One can not be used to perform the task of the other. You wouldn't use your stove to store you ice cream?
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#25 Consumer Comment

The tiresome use a register response

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

I personally use a register, simply out of not trusting financial institutions.

I read most banking posts here and find it tiresome to see excuses made for the bank by saying "use a register".

What I find odd, is that the bank, will also tell you to do this as it is the most accurate method of tracking your balance. However, does it strike anyone else as hypocritical that banks track their transactions with the computer from ATM deposits/withdrawals to teller transactions all are entered into the computer. If the bank believes that a register is the most accurate accounting method why don't I see every teller entering every transaction by hand into a ledger of some type???

No, the banks, hypocritically, will tell you their statement, generated from computer entries is correct - yet - YOU as a consumer must rely on hand written entries in a register to have accuracy.

Okay banking supporters - WHICH IS IT?
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#26 Consumer Comment

Don't 'bank' on a paper trail.

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

I had an identical experience with Wells Fargo and their "Now-You-See-It, Now-You-Don't" method of listing online statements. I kept my checking account ledger, my printed online statements, AND my monthly statements as well. NONE of them matched any other.

I talked to Wells Fargo about it and was told that "Their" statements were the correct ones. I asked WHICH of their statements that was since their online statements and printed end-of-month statements didn't jive. They told me that it was "safest to assume that the statement reflecting the lowest balance is the correct one." I asked them how that could be when two statements printed on the same day-both after the closing time of allowable account activity-reflected different things.

I was referred to their 'corporate' office.

The bottom line is, Wells Fargo will dismiss or outright reject your personal records, and even their own, in whatever way best suits them.
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#27 Consumer Comment

Debit cards and how they work.

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

I use to work on debit card software. NORMALLY this is how they work. (at least this is how the software I worked on ran)

Anyway. When you make a purchase with your debit card how long it takes for it to post to your account depends on a couple of things.
1. Debit card transaction and use of a pin number (like at walmart) Usually those types of transactions are posted during the next processing of your financial institution and should be memoposted to your account until that time.

2. If you signed for the item, or made the purchase online with a debit card then you should have a memopost on your account, but how long it stays there and when the item posts will be different. Most of the banks that I worked with would apply the memopost for 3 business days. The actual debit to your account comes in separately (I will refer to this transaction as a settlement). MOST merchants will have sent the settlement in within that 3 days, but I have seen others that have taken more than 30 days to send in the settlement. The number of days that the bank holds the funds waiting for the settlement is entirely up to them.

I would ask Wells Fargo how many days they memopost a debit card transaction for.
It may be that the merchant/cc company did not send in the settlement for 4 or 5 days

The number of days that your financial institution memoposts a debit card transaction is up to them but when the settlement is received is completely out of their hands.

Sounds like what happened is the settlement transaction was not received prior to the memopost being removed from your account. That's why it still pays to record your debit card/atm card transactions and use the tried and true method of using your own running balance online balance does not mean realtime balance, it is possible to call a bank and check your balance online and find that what they show is different than what is showing online, for example they may have checks that have come in for posting that will not show in the online banking environment.
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#28 Consumer Suggestion

Called Verifying Funds ---NEVER rely on your online statement

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

The $99 dollars that showed posted to your account probably was not actually posted. More than likely, it was a pending transaction. This means that you have purchased something with your card and that vendor is holding the money on your account without actually taking it. They want to make sure it's there when the item actually ships. At my bank, this pending transaction can stay for 5 days-if the vendor does not charge the item by then, it removes itself from pending status and my available balance goes up. However, at any given time, the vendor can go in and clear that money from my account---it isn't the banks fault that the vendor took their money---NEVER rely on your online statement---even if you don't like to add and subtract in a ledger, get a calculator and do it anyway. For instance, my ledger right now shows I have $300 less than what my online statement says. You know why? Because I have $300 in outstanding checks that the bank has no idea exist. If you knew that money was going to be taken out and you saw your balance was higher than it should be, you should have investigated a little more before you just assumed that $99 magically appeared in your account. I am not advocating for banks--their practices are typically very shady about what and when they post transactions...however, in this case-it is clearly your fault.
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#29 Consumer Comment

its too easy for human error........

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

In response to above. I use to keep track on paper with a calculator but its just way too easy for error .....and way to time consuming for a person like me. Single Dad with five kids and a job making 10 or more transactions a day (with debit cards, paper checks and direct monthly withdrawls).

All you have to do is push one wrong button on the calculator or carry over the wrong number and then all of a sudden your stuck with an overdraft fee. It's just very hard to keep track when you use both paper checks and debit card, especially between two people. Sure a responsible person now days should spend an hour or two a day triple checking their math and then compare it too what their account says online. But most people dont have time for that.

My point is, if the banks are going more towards getting people to rely on online banking then they should have a system that people can depend on. I noticed by checking my account that debit transactions and even paper checks are done differently depending on so many factors that i just don't even know about. Some say "Pending" for days and days. Some just come thru without going thru the "Pending" stage. Some charge you $1.00 to $10.00 pending until the transaction clears for an unknown amount. Some say "Pending" along with a + "Pending" for the same amount. Some show up and then disappear totally for two, three upto five days. How is a person expected to keep up with that.

If you have a Wells Fargo account and you also make a lot of transactions.......check your account daily for a week or two and you'll see what i mean. It's just impossible to verify your real balance that way.

Im just saying the banks make it real easy to mess up your balance ....... but im sure they don't do it on purpose........ha
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#30 Consumer Suggestion

I KNOW IS IS OLD-FASHIONED AND ALL..

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

But this is why it is imperative to use a check register.

When you use your check card, an authorization hold is placed on the funds you spent. This hold is in place for 2-5 days on the average and if the actual charge isn't presented, then the hold comes off. I have used my debit card and not had the actual charge come through for nearly 30 days. If you make a purchase, write it down in the check register and subtract from your balance. That way, you consider the money spent, even if it reappears online. You cannot rely on what shows online to be an accurate balance.

Simple concept will save you lots of headaches and money.
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#31 Consumer Comment

Quote, "Why do the debits appear and then disappear until conviently applied???"

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

I don't pretend to know how banks withdraw money when you pay for something electronically.

However, it does seem that a responsible account holder would use the old paper ledger and keep track of where their money goes, and then compare it to what your online ledger says.

If your math skills are lacking, use a calculator. I frequently look at my online account....and it usually looks nothing like what I have on paper.

Have you contacted the branch to see how they deduct electronic withdrawls/payments? I'm interested to see how it works.
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