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Overdraft "protection" and charges

Posted Wed July 18, 2012 8:20 pm, by Keisha M. written to Wells Fargo

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Hello, my name is Keisha and I am a fairly new Wells Fargo account holder. A few weeks ago I took a trip out of town to Chicago and had a good amount in my account to cover expenses. I did some shopping while closely monitoring the balance... At some point I went over what I was for sure in the account, but to my misfortune I was charged 35.00 for each and every over drawn item... Ok, I called the bank to see what happened and apparenty the overdraft "protection" I had on the account, that I thought would keep me from such harm meant nothing. I opted to take that service off since the banker told me that without over draft protection if funds weren't available it would simply be denied. Now after losing money from that whole ordeal I sit here with my account NEGATIVE 140ish dollars after continuously being charged 35.00 yet AGAIN for each rejected item. I mean I don't understand it. Why continuously charge me wether I have the overdraft protection or not for each item sent back?!!! That is a full blown RIP OFF!!! I read that a few banks are the center of lawsuits for such things as this and that consumers paid billions in overdraft fees last year (2011) alone!!! It really upsets me to know that I was told I wouldn't be charged if sufficient amount wasn't in the account and STILL be charged for each item the banks denies!!!!! This is why I don't like banks!!!! HELP!!!

In a perfect world I would like the overdraft charges removed and give me my money back. I was told I wouldn't receive any more overdraft charges without the overdraft protection and yet still losing money. It infuriates, frustrates and irritates me beyond belief to put my hard earned money into someones hands and have it taken!!! To charge 35.00 every time a charge appears is ridiculous as well. There should be one flat charge and not a charge each and every time!


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by CrazyRedHead Posted Fri July 20, 2012 @ 10:19 AM

Obviously you were monitoring it close enough. You should familiarize
yourself with a check register. If you write 'everything' down that
goes in and out you would see when you are nearing $0.00. If you have
overdraft protection it just allows any DC transaction through but
with a $35.00 fee attached. If you remove OD protection then you are
denied at the register, except for checks and preauthorized
transactions. Understand that checking registers only work if you use
them correctly, and you can also get online versions, but I found that
the paper book works better since you can carry it with out and write
things down as they happen.


I meant to say you weren't monitoring it close enough. by CrazyRedHead Sat July 21, 2012 @ 11:03 AM

Dinosaur by E 3. Sun June 9, 2013 @ 2:05 PM

by RedheadwGlasses Posted Thu July 19, 2012 @ 6:38 PM

new account holder? Don't you mean "new to the banking industry"?

by petalmom Posted Thu July 19, 2012 @ 11:42 AM

Evidently you were not "monitoring" your spending close enough as you
overdrew your account. You probably need to familiarize yourself with
the overdraft protection policy. It sounds like it worked exactly as
it was supposed to. It paid your debits and charged you $35 per for
that priveledge. What did you expect to happen?


by McJohn Posted Thu July 19, 2012 @ 8:33 AM

Overdraft protection means the charge will go through even though you
dont have the funds. The $35.00 fee is their fee for letting you do
this. Without overdraft your credit card would get declined or the
check would bounce.

If you had it linked to a savings account it would remove the cash
from there, but they still charge you $10.00 one time fee to transfer
enough money to cover all the expenses.

You made at least 4 transactions after you went into negatives, next
time watch yourself.


i disagree with you. by Ms. B Tue May 7, 2013 @ 9:01 PM

by Bill R. Posted Wed July 18, 2012 @ 8:56 PM

Ms. M.,

Until you get an official response my take on this is you did not have
this account (checking) linked to another (ie. savings account) from
which moneys would be removed to cover your overdafts.

The Wells Fargo site goes in to great detail on how to set up an
account to have this coverage:

You can link your Checking Account to an eligible account by
requesting Overdraft Protection online (or by clicking the Add/Change
Overdraft Services link on the Account Services page if you’re already
signed on). Your accounts that are eligible to provide Overdraft
Protection will appear on the Add/Change Overdraft Protection page


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