• Report: #1067202

Complaint Review: wells fargo

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  • Submitted: Mon, July 15, 2013
  • Updated: Mon, July 15, 2013

  • Reported By: wrights1 — fredericskburg Virginia
wells fargo
Internet USA

wells fargo REARRANGE YOUR PURHCASES AND PAYMENTS TO MAXIMIZE THE MONEY THEY EARN OFF YOUR NOT SUFFICIENT FUNDS FEED Internet

*Consumer Comment: They change dates now too

*Consumer Comment: I Hate To Break This To You...But....

*Consumer Comment: Nope!

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Wells Fargo is a complete rip off. They rerrange your purchases and bill payments to make sure that the bill payments get post last, as to maximize their earnings of non sufficient funds fees. I have debit transactions that always take 5+ days to post just so that they can give me a NSF fee! They were so much better as Wachovia, and they never ever did this! Even if you bring account current before the amount posts, then they still give you the fee. I miscalculated and my account was pending negative of -$1.32 . I put money in it to cover the amount and it was positive for two days. Then they went and charged us a $35 NSF fee for covering $1.32!!!! RIP OFF DO YOURSELF A FAVOR DON'T USE THIS BANK! STAY CLEAR!


This report was posted on Ripoff Report on 07/15/2013 02:08 PM and is a permanent record located here: http://www.ripoffreport.com/r/wells-fargo-/internet/wells-fargo-REARRANGE-YOUR-PURHCASES-AND-PAYMENTS-TO-MAXIMIZE-THE-MONEY-THEY-EARN-OFF-YOU-1067202. 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

They change dates now too

AUTHOR: anonymous - ()

 My issue is now Wells Fargo goes as far as to back date payments, deposits, and anything coming through your account. What I have learned is to alway get a reciept and keep it.On three seperate occasions wells fargo has posted my CASH deposits three days after the initial deposit was made; but back dated purchases to ensure they recieved overdraft payments.On the three occasions Wells Fargo has had had to return those overdrafts because I had deposit receipts and purchase receipts.They claim it is just banking errors.I believe it is a scam.

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#2 Consumer Comment

I Hate To Break This To You...But....

AUTHOR: Jim - ()

The only part of this that's on the bank is they post payments/debits first and deposits/credits last.  Since this is pretty universal throughout the industry and is part of the account agreement you signed when you were with Wachova (yes, it's also a fact Wachovia processed transactions this way as well - just read the ROR reports on Wachovia if you don't believe me), it's tough to label as a ripoff when you knew about it, and that you were negative in your account.  The problem is that you cannot race money to the bank if you use a debit card; debit transactions post instantaneously to your account.

 As far as pending transactions, the bank has no control over these as well.  The reason some of your transactions have delays of this nature is due to the merchant (you know, the person you bought stuff from) not verifying transactions with the bank.  Once the merchant verifies the transaction as accurate, then the bank posts the money from pending to your account.

 There are a couple of things you can do to avoid this sort of thing for the future:

  • Don't use your debit card for anything other than in an ATM if your balance drops below $200.  This will prevent the biggest drain on your money (cascading overdrafts).  Accordingly, it isn't this rearranging of transactions that makes the bank the most money - it's people using debit cards that makes the bank the most money.  Use cash instead.  It may be more inconvenient to manage your finances this way - however you will save on overdrafts.  The fact you were overdrawn by $1.32 was due to debit card usage; if you had used cash and was $1.32 short....then there's a decision you make as to whether you will buy something in that moment.  At the same time, you end up saving the overdraft fee.  If you manage your finances this way, then it really doesn't matter when transactions post or in which type of order.

 Move to a credit union - not another bank.  You may sacrifice SOME services depending on the CU you choose, however CU's generally are more forgiving when you accidentally overdraft.  All banks are pretty much th same and if you find a regional bank that doesn't rearrange transactions...they will eventually do so.

 

Best of luck to you....

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#3 Consumer Comment

Nope!

AUTHOR: Jim - ()

You clearly used money you don't have.  You did this because YOU don't keep written records of each card usage/check written and YOU don't keep a running balance, then check that balance to see if there is enough money in the account BEFORE you use the account!  There's no scheme, ripoff or grand conspiracy to get you.  YOU gave yourself overdraft fees.  Next time, learn how to manage the account and balance your check book. Sorry, I don't work for them.

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