Poor Banking Practices

Posted Tue February 15, 2011 8:32 am, by Frances W. written to Wells Fargo

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I am so fed up with the banking practice of witholding larger items presented for payment then charging this rediculous NSF fees for smaller dollar amounts that could have been paid.

I am on a very fixed income.

I have the presentation of monies through direct deposit on a paticular day credited to your account at MN, the very begining of that designated day, yet the bank still manages to return my presented items and continues to bilk me out of money through this practice.

We as tax payers bailed these banks out of a fictitious whole they created. Now they continue to show their distain for us by stepping up their campagin to take us for everything else they can get with these desciptive practices and fees. I know for a fact that this is being done because I have had family members who have worked in the banking industry, including Wells Fargo.

Set a mininum dollar amount for items presented before you charge an NSF fee.

Offer to your coustermers a redunf of NSF fees for a certain numver at 100%, then a decreasing percentage value for each NSF presented thereafter throughout the fiscal year to zero.

People are struggleing, more than you claimed you were. You got a break. Give your depositors a break

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Over draft fees by sarahsmile Posted Wed February 16, 2011 @ 3:02 PM I asked the bank about that one time and they said they do that so the more important things like rent/mortgage/car payment get paid. rnrnI said it was so they could charge 4-5 fees instead of just one. Reply Re: Poor Banking Practices by Eclipse Posted Wed February 16, 2011 @ 11:41 AM There are a few ways that this can be avoided; 1. Don't spend more money than you have in your account. Its a fail proof method to avoiding overdraft fees. 2. Go in to your bank and opt-out of overdraft protection. Banks are now legally required to decline items for payment unless the customer requests otherwise. This is only for debit card transactions though, not check transactions or EFTs. Hopefully this helps Reply Gratitude by .Fran Wed February 16, 2011 @ 1:54 PM Re: Poor Banking Practices by PepperElf Posted Tue February 15, 2011 @ 11:31 AM tax paying and bailouts have nothing to do with whether or not you spend money that you don't have in the account. i would recommend writing out a budget and keeping a register of what you spend. You may want to consider waiting on the small-dollar-amount purchases until you are sure that the bigger items go through. sometimes it does help to prioritize what you spend on... i.e. needs such as shelter and "necessary food" vs wants, such as entertainment and treats. Reply Appreciation by .Fran Wed February 16, 2011 @ 1:56 PM Re: Poor Banking Practices by petalmom Tue February 15, 2011 @ 11:27 AM Dah!!! by .Fran Wed February 16, 2011 @ 2:00 PM If thats such a given by Eclipse Posted Wed February 16, 2011 @ 3:36 PM Then how did you accrue so many overdraft fees? Reply