Complaint Review: Wells Fargo Bank - Sioux Falls, South Dakota
- Wells Fargo Bank 3401 N. 4th Ave., Sioux Falls, PO Box 5100, SD 57117-5700 Sioux Falls,, South Dakota U.S.A.
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- Category: Banks
Wells Fargo Bank Froudulent bounced check policy, Centered In Sioux Falls but located Nationwide
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Wells fargo has a policy designed to bilk its customers out of their money by charging exessive fees for Bounced checks or Point-of-purchase charges.
If a check is returned for inssuficient funds, the bank locks down the funds in it's customer's account for seven business days (They send a warning of this by snail mail--so you are informed after making more purchases) Then, instead of denying purchases and P.O.P. charges the bank grants them, then bills the customer for the fee of $33. for each purchase. This drains the customer's account, leading to more bounced checks and more fees.
They bilked me out of more than four hundred dollars in less than two weeks using this plan.
I understand that bouncing a check should have some fee attached, but designing the system so that it creates a domino effect of more bank fees preys on the customer, making their problems worse.
I also know that this policy reaches to every aspect of banking. For example, it is their policy that if more than one check comes in they will always honor the larger check first. That way, if there are three checks written, but only enough mony for two smaller amounts, or one larger amount, they will honor the larger amount so as to be able to bounce two checks, instead of only one. It would be easy to have the reverse policy, and save the customer some money, but that isn't the way they operate.
Poor people, of course, are the typical victims of this, and if they don't pay up? Well, Wells Fargo ruins their credit.
I am definitely willing to spearhead a class action suit against this company.
Kerry
Vally Village, California
U.S.A.
This report was posted on Ripoff Report on 04/06/2004 03:38 PM and is a permanent record located here: https://www.ripoffreport.com/reports/wells-fargo-bank/sioux-falls-south-dakota-57117-5100/wells-fargo-bank-froudulent-bounced-check-policy-centered-in-sioux-falls-but-located-nati-86820. 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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