Report: #1353247

Complaint Review: Wells Fargo Bank

  • Submitted: Wed, February 01, 2017
  • Updated: Wed, February 01, 2017
  • Reported By: Lynette — SEDRO WOOLLEY Washington USA
  • Wells Fargo Bank


Wells Fargo Bank Another scheme from Wells Fargo's big bag of dirty little banking tricks Nationwide

*Consumer Comment: You are right...

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  The Wells Fargo ad said,  " For only  $12.00 you can protect your checking account from embarrassing overdrafts."  I'm a procrastinator.  I can never remember to transfer money from Savings or Credit Card, into my bank account in time so Overdraft  Protection looked like a great idea.  Here is what using Wells Fargo Overdraft Protection actually cost me  per each use.  $12.00 fee for using Overdraft protection.  $35.00 fee for being overdrawn.  $25-35.00 fee for getting a cash withdrawal.   (Getting a cash withdrawal is what Wells Fargo says you are doing when they take money out of one of your  accounts and put it into another account for you.)  A total of $82.00 in fees per transaction.

I in hi The first month that I signed up for Overdraft Protection, I paid over $500 in banking fees alone.   With no notification that I was overdrawn or that I was now using Overdraft protection, I continued to be overdrawn every single time I made a transaction until my social security was automatically deposited into my account. There is nobody to blame but me.  I wasnt regularly checking my bank statements and worse, I hadnt thoroughly checked out how Overdraft Protection would work.  I'm sure somewhere in all the fine print, if I had taken the time to read it carefully, there was something about  "the fee for Overdraft protection is only $12.00 but it will cost you at least a total of $82.00 each time you use it."  

They cleaned me out before I discovered it was happening.    When I went into Wells Fargo and asked a  supervisor what all the fees were for,  she was just as confounded as I.  A call to her equally baffled support person resulted in her finally figuring  out that the 8 - $25 fees on my Savings account were  for making cash withdrawals.  (See definition of cash withdrawal above). Bottom line, even though their own people couldnt figure out what the $500 worth of fees that first month were being deducted for, I was supposed to have known about them and agreed to them when I agreed to use Overdraft Protection.   I'm 72 years old, living on Social Security. 

I will never recuperate what they sucked out of my buffer accounts in such an incredibly short period of time.    I am so angry with me for not researching the actual cost of using their Overdraft Protection scam.    But then, one doesn't expect to be beaten up and robbed by one's  bank.  My fault.  I should have paid more attention.  At least I dont procrastinate about financial matters anymore and I did learn to check my bank statement every single day.  I'm working on getting a new small Credit Union account because I really hate feeling that I must be ever watchful for the next scheme Wells Fargo will pull out of their big bad bag of dirty little banking tricks.  And from the other reports I'm reading on RIPOFF REPORT, they do have a BIG BAG of tricks.

This report was posted on Ripoff Report on 02/01/2017 04:34 AM and is a permanent record located here: 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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#1 Consumer Comment

You are right...

AUTHOR: Robert - (USA)

You made a few truthful statements...

"There is nobody to blame but me"
"My fault. I should have paid more attention."

You are right on BOTH counts

But then this statement gave me hope....
"At least I dont procrastinate about financial matters anymore"

Until you stated this....
"and I did learn to check my bank statement every single day."

Just out of curiosity, what did you do to manage your bank account before computers and on-line banking? Did you go into the bank every day and ask "Hey what's my balance"? Did you do the same thing and write out checks without knowing how much you had just hoping it was enough?

Of course not(or at least I hope not), you most likely kept a written register. So if that (presumably) worked for many decades why would you change now?

I will admit that checking your account every day is a step up from what you were doing, but that only shows what the bank has received. If you have made any transactions (such as checks, ACH transactions, or even debits that didn't get submitted to the bank yet) the bank doesn't know about it and it will not show you what you really have available. This is why a Written Register where you write down every transaction as you make it is the best way to go.

Even if you switch to a "small credit union" they will charge you fees for Overdrafts, yes it may be less. But if it is only $1 is too much if you can avoid it by just managing your account.

As for the fees...

It is impossible to tell you exactly what these fees are as we do not have access to your statements, but I can just about guarantee you that it does show exactly what these fees are and if you have someone at the bank claiming they don't know what they are...ask to talk to a manager.

However, I can give you an idea of what the fees MAY be.

First the $12 OD fee is most likely the transfer fee from your savings to cover the Overdraft. Now, they charge this per transfer and they transfer once a day to cover all of the overdrafts for that day. So if you have 3 overdrafts on 1 day they charge $12 if you have 1 overdraft a day for 3 days you get charged $12 a day for a total of $36 in fees.

You stated you had 8 withdraws from your savings for $25 each. In looking at their terms, $25 is the MINIMUM they will transfer from Savings each time, so this tells us another thing. That most of your overdrafts were small, and you had at least 8 of them. Where at $12 a piece that comes to around $96. As for the $35 for overdrafts, based on what I think you have, that should not be charged UNLESS you don't have enough money in your backup account to cover the overdraft. Or these were fees that were in place before you started with the OD protection.

But the key here that this is nothing "special" WF is doing, just about every bank has basically the same processes and terms.  They didn't force you to spend more than you had available.   Had you not overdrafted then they wouldn't have taken any fees.  You will also find that most of the other reports about WF and many other banks are from people who have FAILED to manage their account.   In fact if people would actually take the responsibility and minimal time to manage their accounts probably 75% of the reports on this site would be gone.

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