I went into a local Wells Fargo Branch to open a checking and savings account. I was surprise they allowed me to open account being my credit is not the best. I was thrilled they opened an account for me for this reason.
A few days later, I drove my boyfriend to a local Wells fargo to open him an account. They ran his credit, and denied him a standard checking but informed him they could open a "2nd chance checking account". This was a useless option being that with this account, you could not make deposits at the ATM, you could no sign up for overdraft protection. Did quite understand why you could not deposit CASH into your account at the ATM. Cash is cash!!!!! Not to mention, his credit, while not the greatest, is 60pts higher than mine. We brought this to the Reps attention that I was able to open a full account with worse credit than my boyfriends and this did not make sense. The rep informed us, "each rep has their discretion to push it through, but im not able to". So we just added him as a second person to my account.
The lady whom signed me up an account failed to inform me about a few important pointers. To which, i later found out the hard way. If you go online to transfer money from your savings to your checking or vise verse more than 3 times in a month, you are charged a whopping $15 penalty. The only time you can transfer for free is at an ATM. However, this is a $15 fee once a month "if" you go ver 3 transfers via phone or online. I recieved 2 $15 fees in a few days of one another.
I called my local branch to vent about this informing them they rep who signed me up did NOT state anything about these fees and I wanted to speak to her. However, that rep was no longer employed with Wells Fargo so im assuming she had screwed up a few other times, if that being the case, they should reverse the fees for me being I wasnt told, especially the fact I was charged $15 twice in a few days period.
The rep stated that information is on the terms of service agreement and I should have read it. YES I KNOW the "fine print" hidden on page 200 ( a little humor ) however, the terms state a $15 fee would apply once per month if you do more that 3 transfers, not $30 a month. She agreed, but informed me after reviewing my account they could not reverse the fees even though she agreed I shouldnt have been charged twice.
They push realy hard to get you to sign up for the overdraft protection. And they will tell you, "its good to have. if you are short on money and need to go to ATM to get money to pay an emergency bill, withdraw the maximum you can. yes you will be charged a fee, but this is why we say take out the most you can versus $20 being the fee will be more than that."
I have had the account 4 months now and can say that not ONCE has an atm, gas station, grocer store, retail store, allowed me to overdraft. It's always declined. HOWEVER, They are sneaky, if you buy a .50 cent candy bar and have a $0 balance, IT WILL go through then. They will get the $35 for the .50Cent candybar but should you need to withdraw more than $35, IT WONT HAPPEN. at least it hasnt for me. Again, that seems to be a great deal of BS on their part.
They will lie to you, give false promises, exclude important facts to "help" you just to benefit them. Banks are becoming more ruthless, and appearing more and more to be inline with those "payday lenders" when hiding facts and hidden fees.
Consumer beware: ASK THEM ALL QUESTION when opening an account, and if need be, GET IT IN WRITING or take your smart phone in the office with you and record the entire meeting. Dont worry, you do not need their permission to record. They have cameras all in the bank/building so the assumption is their that everyone realizes they maybe recorded during their visit.
From this point forward, im REALY going to start using my smart phone more often to record conversations.