Wells Fargo has done it again, taking deposits on one date, and counting them as happening a day later because of a deceptive (ought-to-be-illegal) date change that occurs after 4pm. I'm sorry, but if the bank has my money at 4:30pm, then a transaction goes through at 11:59pm, they cannot then say at 10am the following morning that I have to pay them an overdraft fee of $34. Here's the scam: you deposit money after 4pm on a certain date. The bank counts it as occurring on the following business day. You buy something on a debit card or something that evening, and it counts as that exact date. A purchase made after 4pm counts as the exact date, while a deposit made after 4pm does not get processed until the following day. This way, they take your money (in advance) then lie about when they received it so they can extract an overdraft fee from your account. In many cases, the overdraft itself (since it is a whopping $34) will cause another overdraft and so on and so on. Even though the date is CLEARLY wrong on the deposit, Wells Fargo refuses to waive the overdraft, claiming that it was not a bank error. Well, I say that no matter what their "account contract" states, a date cannot be legally changed to another date. I specifically asked Tammy Phan, of Orange Phone Bank, "what do *you* think would make my bank pay, rather than return unpaid, a $734 check that would cause my bank to go hundreds of dollars in the negative?" She would not answer the question. She dodged, stating the corporate bank policy that "because we can choose to do so." I didn't ask whether they could choose to do so or not, I asked why they would choose to do so. The answer is that they KNEW they had already collected my deposit to cover the item. They collected the money, but counted it as having been collected the following day in order to collect an additional overdraft fee.
They do not call the changing of a date a "bank error" because of some legal technicality that they have in their contract with the consumer, and they will only refund dollars due to "bank errors." Your error, and mine, is banking with Wells Fargo, a corrupt, money-thieving scam of a bank that should be run out of business.