ED Magedson – Founder
American Servicing Company - Wells Fargo Bank2355 Huntington Drive San Marino, California United States of America
I run a small business in San Marino, CA. I was charged 9 overdraft fee for $315 by Wells Fargo on 3/11/2010. The next day, I was charged 10 overdraft fee for $350 by Wells Fargo again, with 3 checks bounced.
Wells Fargo has announced to the world that they will not charge more than four overdrafts per day. Please see: https://www.wellsfargo.com/press/2009/20090923_overdraft
It is a lie. They did it to me.
My other question is, how can you bounce my check and still charge me overdraft fee? Wells Fargo did not bounce the biggest check on that day because if they did, it would bring the account to positive balance. That way they can only charge $35 for each bounced check, not for my others $6 and $15 transactions the have now also charged on.
I went to Wells Fargo San Marino branch. The manager Mr. Wong told me, "If you cannot manage your cash, use savings acoount for your business, so you cannot write a check". As a customer of Wells Fargo for over 15 years, this is the biggest insult that have ever happened to me.
I told people the story and we are closing all the accounts we have. If you happened to have a Wells Fargo account too, please be advised that one day when you are short of cash, they will find the way to MAX your fee. Beside the personal insult against me, The news published by Wells Fargo is a lie. Wells Fargo is NOT honoring the promise. I really do not understand how can a company cheat the public like this.
This report was posted on Ripoff Report on 03/18/2010 10:09 PM and is a permanent record located here: http://www.ripoffreport.com/r/American-Servicing-Company-Wells-Fargo-Bank/San-Marino-California-91108/American-Servicing-Company-Wells-Fargo-Bank-Wells-Fargo-Bank-Overdraft-Fee-Rip-Off-San-582805. 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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