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Report: #270348

Complaint Review: Wells Fargo Bank - San Francisco California

  • Submitted:
  • Updated:
  • Reported By: Los Angeles California
  • Author Confirmed What's this?
  • Why?
  • Wells Fargo Bank 420 Montgomery Street San Francisco, California U.S.A.
  • Phone: 800-869-3557
  • Web:
  • Category: Banks

Wells Fargo Bank The Overdraft Rape Plan ripoff San Francisco California

*Consumer Comment: huh?

*Consumer Comment: Good Luck, and HURRY!

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I recently made a banking error. Apparently when paying my bills and tabulating by hand the funds in my account I transposed a number or did the math incorrectly. It happens, I'm not perfect, I'm dyslexic.

I don't get overdrawn very often at all on this account. I have a savings account attached for savings and overdraft. My husband and I deposit thousands of dollars per month into this account and we do so regularly.

Been a customer for years, many many years. Have a good track record. You'd think that would count for something. It really doesn't. Banking is a numbers game and like a casino the odds are set up in favor of the house.

I had paid out, electronically, our monthly bills under the assumption that I had enough to cover. It was the weekend, this is important to not.

I was amazed to find three days later, that my account was overdrawn by 500 dollars. Thankfully, my husband gets paid on Tuesdays. We deposited funds at the end of business on Tuesday. Wednesday morning we were in arrears aproximately 1000 dollars. The fees had gone from the standard 16 dollars per item to 34 dollars per item.

Not once were we notified by the bank that the account was overdrawn to such extent.

I had to call the bank to put a stop to the insane rape of all my funds. I learned that they do not pay out in order of sequence of transaction, but pay the largest item first and work down in descending order of payment. This allows them more items to charge outrageous overdraft fees.

I asked the banker if there was any way they would be willing to work with me. If they continued to increase their fees on the clock or based on the race against my checks clearing, I'd never get out from underneath this mess. They would simply eat up the 1900 dollars we had deposited and transferred to the account.

The banker said he could return 100 dollars plus he wouldn't charge me for the two pending items (a grocery purchase and cash back against the atm deposit of the check --it's an atm checking account, we aren't allowed to bank a the window or they charge for it.)

The banker did not return the 100 dollars. He used double speak to say that by the end of the day the account balance would be 163 dollars. I made the mistake of assuming he would reverse 100 dollars in fees and that this would contribute to my $163 balance. Nope. Not true.

What he reversed was 35 dollars.

Wells Fargo made 340 dollars in overdraft because of this practice of paying the largest item first. They also did not live up to what they promised over the phone.

When they decided to contact us, via snail mail, it was 5 days later.

At the time of my phone call, the banker attempted to sell me more debt. He asked if I'd like a personal loan with the bank. I said no. He then said I could apply for a credit card at 21 per cent interest. I said I have a credit card with Wells for my business and it's only 8 percent. He then recanted and said he'd give me a card for 11 or 12 percent. I said no. He then said I could also do a Home Equity loan. I laughed and said, no. Not for the interest they charge.

Wells Fargo has my email address, they could have contacted me via email. They do for all sorts of product promotions. They have my phone number, they could have called me when the account became so blatantly in arrears.

They should have served me, had my interest at heart. They didn't.

I have contacted them regarding the reversal of 100 dollars in fees. They have refused to reply to my requests.

At this time, I am searching for a more ethical bank.

Terri
Los Angeles, California
U.S.A.

This report was posted on Ripoff Report on 08/26/2007 08:55 AM and is a permanent record located here: https://www.ripoffreport.com/reports/wells-fargo-bank/san-francisco-california-94104/wells-fargo-bank-the-overdraft-rape-plan-ripoff-san-francisco-california-270348. 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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#2 Consumer Comment

huh?

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

POSTED: Sunday, September 09, 2007

I am failing to see the rip off here. If you had enough money in your account to cover your bills it wouldn't matter what order they were paid.

However, I DO agree that banks do like fees. Oh yes. LOTS of fees for everything. That's why I went to a Credit Union.

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#1 Consumer Comment

Good Luck, and HURRY!

AUTHOR: M Conner - (U.S.A.)

POSTED: Sunday, September 09, 2007

My husband and I had the same thing happen to us! We deposited money at the atm on Saturday, over $4000 but the money didn't get credited to our account until Tuesday. Luckily only one overdraught fee was charged, but we were told it would have doubled every day if there hadn't been funds to cover it. I closed the account the same day. I wrote a check for the balance in the account, plus the $33 they told me they would credit my account for their "misunderstanding". We moved out of state shortly thereafter, and upon trying to open a new bank account we were denied. Apparently banks now have a reporting system much like the one credit agencies use. The $33 they were supposed to credit me had racked up over $700 in fees!! We were told that after 6 months you can no longer dispute it, so we ended up paying them $764.19 for something that wasn't our fault. I know switching banks is a hassle, but get out before they rob you too!

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