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Report: #349421

Complaint Review: Wells Fargo Bank Nevada, NA - Reno Nevada

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  • Reported By: Reno Nevada
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  • Wells Fargo Bank Nevada, NA www.wellsfargo.com Reno, Nevada U.S.A.
  • Phone: 800-225-5935
  • Web:
  • Category: Banks

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Wells Fargo, Reno, NV has recently charged our small business checking account thirty (30) overdraft fees of $34-$35 (they just increased their fee) for a total amount of $1050.00. As of tomorrow, we will be charged another $35.00 on each of 8 debit card transactions that we used yesterday, the same day we made a large deposit. Each of yesterday's eight (8) transactions were under their $35.00 overdraft fee - one was for $3.10!). We mistakenly thought we could transfer money on-line from one account to the other the same day we made a deposit. (Otherwise, we could have made the deposits into the separate accounts had we known). Wells Fargo's "system" will consider these charges to be "overdraft" despite the fact that they have all of our money, and we have no "overdraft protection". If we have no overdraft protection and I am using a DEBIT card (which means I am drawing against the funds in my account- intentionally not using a CREDIT card that incurs interest), and the cashier were to tell me no funds were available, I would have just paid with cash, or waited a day to make purchases, or "borrowed" once (one $35.00 fee) for an amount large enough to cover all eight transactions. When you go through the Wells Fargo drive-through ATM and there are no funds in your account to withdraw, you receive a warning message and are advised that if you continue to proceed with the transaction to withdraw monies you do not have, you will be charged a $35.00 fee. When I use my debit card at other locations and I am not advised of the outrageous "loan" I am taking out, (a $35 bank charge fee for a cup of coffee, plus the coffee charge) then this practice is completely unfair and deceptive. They could very easily make that same warning message available or not allow the funds to be drawn against a negative balance.

Another deceptive practice that the Wells Fargo bank "system" will not allow is to be able to transfer funds from one account to the other, until they become "hard-posted". We have two business accounts with Wells Fargo that are "linked". Although there is plenty of money to transfer to cover the overdraft on the other linked account, their "system" will not allow us to make that transfer. Since we made the deposit at 4:15 pm yesterday evening at a local grocery store branch, and missed their cut-off day end posting of 4p.m. for that deposit to be "hard posted", our funds will not be available to transfer to the "overdrawn" account until tomorrow when each of the 8 debit transactions will each incur another $35.00 overdraft fee EACH.

According to an online article from Wells Fargo CEO, Richard Kovacevich, Wells Fargo Vision Statement reads: "We want to satisfy all our customers financial needs, help them succeed financially, be the premier provider of financial services in every one of our markets, and be known as one of America's great companies." He continues to state "We make decisions from the customers' perspective". A Wells Fargo banker today offered to reverse "as a courtesy" five of the 30 over draft charges, and this doesn't count the 8 more overdraft charges that will be posted to my account tomorrow! He told me that five reversals was the maximum their "system" would allow. He told me his supervisor had only the authority to reverse five also, and that all the supervisors there did not have anyone above them (no other higher authority that could over-ride the Wells Fargo "system"....oh so sorry.

As a side note, we have been with Wells Fargo for over 20 years now....when we had lots of money, that was always deposited into their bank, they scrambled to cater to our every need when we didnt need anything from them. When we first opened our account with Wells Fargo and requested a loan to start our new business, we were actually told by our Wells Fargo Banker ,who turned down our loan request, that the bank would not take a chance on us because a Chiropractic business would never make any money. Five years ago we were embezzled for our entire life savings of $500,000, every cent of which was deposited through Wells Fargo over a 20 year period. This embezzlement has left us back in the same position with Wells Fargo as we were in 20 years prior..we can't even get overdraft protection. and they are killing our business with overdraft fees while we struggle to make rent. I believe the mission or vision statement of Wells Fargo has not been communicated to their managers. A bank manager did us the tremendous favor of reversing five of the thirty eight (38 ) overdraft fees.
Feel free to contact me through our URL: Reno-Chiro.com if Wells Fargo is using deceptive and unfair acts and practices with your business also. Diane

Diane
Reno, Nevada
U.S.A.

Click here to read other Rip Off Reports on Wells Fargo Bank

This report was posted on Ripoff Report on 07/09/2008 07:40 PM and is a permanent record located here: https://www.ripoffreport.com/reports/wells-fargo-bank-nevada-na/reno-nevada-89509/wells-fargo-bank-nevada-na-overdraft-scams-wells-fargo-practices-unfair-deceptive-trad-349421. 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. READ: Foreign websites steal our content

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Updates & Rebuttals

REBUTTALS & REPLIES:
0Author
5Consumer
0Employee/Owner

#5 UPDATE Employee

Read your Business Account Fee and Information Schedule and Business Account Agreement.

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

POSTED: Tuesday, September 09, 2008

It's all disclosed in the disclosures the bank gives you when you opened your business account. The bank has different ways of you to be able to see what your available balance is on your account. You can go to an ATM to check your balance. You also have online banking, mobile banking, and even text banking available 24/7 for your convenience. You can also make your business deposit through their envelope free ATM's if they are available in your area. You can ask at your local branch what the cut-off time for the ATM is in your area. Here in California the cut-off time is at 8pm. So anything deposited through our ATM before 8pm is available the next day. Meaning that if anything posted on your account that day and it sent it overdrawn you will be ok because the deposit will post on the same business day. In order to avoid future overdraft charges you can always get a business savings account linked to your business checking to cover and overdraft just in case it ever happens again in the future. You can always apply for a credit card and just use it for overdraft protection for you business checking account. The bank will let you borrow money because the bank figured it would benefit you just in case of an emergency. You will pay dearly for it though. But your account is your responsibility. There is plenty of methods available to keep you updated any where in the world.

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#4 Consumer Suggestion

STOP using your debit card

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

POSTED: Wednesday, July 30, 2008

PAY cash for small purchases. It is STUPID to use a debit card for a $3.10 purchase. I would also hire a bookkeeper or accountant, it would be cheaper than paying all thsoe fees. If you keep operating your business that way, you won't have one for very long.

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#3 Consumer Comment

a little help

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

POSTED: Wednesday, July 30, 2008

Honestly overdraft fees all boil down to one thing, "money management".

We have all had to pay our fair share of overdraft fees and lets be honest, it is NOT the banks fault that we overdraw our account.

"Why would Wells Fargo let me use my card when there is not money in my account???"

Um, WHY are you TRYING to use your card when funds are OBVIOUSLY not available.

"Well then Wells Fargo should deny my card when I try to buy something!"

Oh-okay...so that is going to go over REAL well when you are standing in line at the grocery store and TRYING to overdraw your account but the bank declines your card. Then someone is mad because Wells Fargo does NOT let you overdraw your account.

You can't make anyone happy. At the bank yesterday someone was actually complaining that her card got declined and said she was so embarrassed she was going to close her account! Okay, so you would have been happy if the transaction went through and caused overdraft fees?

We know how much money is in our accounts, the bank provides us FREE bank ledgers to write ALL of our transactions down ourselves. I don't work for the bank, but I DO know how to take responsibility for my actions...

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#2 UPDATE EX-employee responds

If only customers would take the time to read......

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

POSTED: Thursday, July 10, 2008

As an ex-employee of Wells Fargo Bank here in the Reno area, I can start by saying that yes, a lot of these procedures do not make sense to the regular customers and leads a lot to be desired from the customer service stand point. We would all love to think that money goes in and you can spend, transfer, or take money out immediatly. The truth is, there is not yet a bank that has an "online system" meaning that things are posted the very second that they are deposited at the bank (except cash deposits to a teller). If you think about this, it also can work in your favor with debits as well. People "float" checks all the time knowing that they will be making a deposit or you may want to go and do a little shopping before going to the bank and as a couresty, if there is no money in your account, they may approve your debit card purchases in some instances, and then you can go to the bank later and make your deposit and as long as it is before the cut-off time, everything will fall into place with deposits first, and debits second. This information is all available at the bank as well as the deposit cut-off times written on atms and at branch locations. The bank has to set a specific time during the day to tell the computer that the business day is over. These transactions are then taken and posted overnight (on business days) with deposits always posting first and any debits and checks posting thereafter. Assuming you made your deposit by the 4pm cut off time (6pm on fridays) it would post and cover any debits you have coming through that day untill the cut-off time as well.

Another issue is that the bank has no idea what oustanding checks and debits you may have out until they are posted that evening. You may get a debit card purchase approved at 8pm in the evening and think everything is okay, but when the bank goes to post everything bewteen the hours of midnight and 6am that came in on your account before the close of business cut-off, your debits may exceed the balance that you had after your debit was approved. The bank has no way of knowing this untill it happens and therefore the responsibility lies with the customer to keep a register and know how much money they have at all times. These large corporate banks have millions of consumer and business accounts in there systems. Customers are responsible for their own accounts.

I spent 5 miserable years of my life working here in Reno at a Wells Fargo and I can't stand the place! They do take advatage of the little guys and completely cater to those who have more money in an effort to keep their accounts from being closed and moved somewhere else. It's a shame but if you have no money, they will tell you sorry no fee reversals or you may get a "courtesy" once a year and that's about it. As a supervisor, I spoke to plenty of people who were seniors on fixed incomes or single mothers who had nothing and they were charge massive amounts of overdrafts. I did have a lot of authority and used it liberally. My thinking was that it wasn't my money so why has I going to fight with customers in an effort to hoard it. And the fees are way too high. You know they charge the most in the state of Nevada because of the gambling. It's ridiculous but it is a business and I understand why they are doing it.

With all that being said, everyone should take the time either at your local branch, on the phone or just by reading material to inquire or talk to someone in length about all of these issues. Make sure you understand what your banks policies are and what is happening with your account. Even if you don't bank here, ALL banks have similar policies like this and it pays to understand what these are. I have had my current account with wells fargo for 20 years. Fifteen of which was after I worked for them. I have never had a bounced check or an overfraft charge and I float checks and make after purchase deposits all the time. You just need to be aware. It always amazed me that we care more to investigate a car or a home that we are buying more than we care to investigate our bank policies and the inner working of our accounts and THIS IS OUR MONEY!!!!!!!

Sorry to hear about what has happened to you. Stick with them though because the longevity of your account can go a long way in credit situations of if ypu may need fee reversals in the future. Hope some of this information helps.....

Tiffany

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#1 Consumer Suggestion

A couple things...

AUTHOR: J G Shrugged - (U.S.A.)

POSTED: Thursday, July 10, 2008

1) What happened to the $500k? What did the police say? There has to have been some kind of trail.

2) It's not the bank's responsibility to inform you of the funds availability policy. That was given to you when the acct was opened and whenever they changed it. Deposits will always go in AFTER debits that come out for that day.

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