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 Excessive Overdraft Fees
Posted Mon January 8, 2007 4:15 pm, by Cory S. written to Wells Fargo
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I was charged 24 overdraft fees in the course of 1 week; 3 days before closing on my new home, and 2 weeks before Christmas. I provide for a family of 5 with a single income.
I logged into my account and noticed my account was -200.00 and that there were pending charges. I quickly initiated a payday advance of 500.00 to bring my account to a positive balance.
Two hours later I logged in again to notice my account was negative +500.00. Wells Fargo reversed the payday advance charged me 19 overdraft fees, and an additional 50.00 fee for the advance.
This all happened because I wrote a check for 350.00 and instructed the company not to deposit until my close date. The check cleared early and over the course of 3 days Wells Fargo placed every transaction into a pending state.
Once the transactions were processed Wells Fargo reversed the order and processed them from highest to lowest. Essentially guaranteeing that every transaction would fail so that Wells Fargo could charge me 30.00 per transaction for a total of $720.00.
Had Wells Fargo processed these transactions in correct chronological order all my transactions would have processed with the exception of the single check.
After this all transpired I went in to my home branch and spoke to the Manager. She refunded 5 fees.
I politely explained to her that I have been a good customer for 3 years. I also explained to her that Wells Fargo is funding my student loans for both undergrad and masters program which will total >80K in the next 4 years.
I informed her that if Wells Fargo was not willing to meet me 50/50 on the fees charged to me that I would take my business elsewhere.
+ Undergrad Student Loan
+ Graduate Student Loans
+ Banking
+ HELOC
+ Credit Cards
+ All future business.
To my amazement the manager told me to walk!
Please forgive my error and acknowledge your part. I request you meet me half way on the fees by refunding an additional 7 overdraft fees ($210.00) or more if you truly relate to this situation.
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by Courtney C Posted Tue January 9, 2007 @ 5:58 AM
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never never never NEVER ask someone to hold a check! There is no legal
requirement for them to do so EVEN if you postdate it! I also learned
this the hard way, albiet thankfully a bit quicker than you. Beyond
that advice, Wells Fargo HAD no part. This was entirely your error.
They were kind enough to reverse some already. They have no obligation
to reverse any others and I wouldnt count on them to do so. I DO
suggest you pay this off QUICKLY because at most banks, every few
days, you'll get ANOTHER overdraft fee for not having corrected the
problem.
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by S. Brown Posted Mon January 8, 2007 @ 4:38 PM
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"Please forgive my error and acknowledge your part." They didn't have
a "part" - - you either had enough money in your account or you don't.
Furthermore, banks are in the business of making money and typically
process transactions in the order of high to low to maximize their
fees. It is your responsibility, as the account holder, to ensure
that there is enough money in your account at all times to cover all
transactions no matter the order they are paid.
I think it was extremely generous of Wells Fargo to refund five of
your overdraft fees as this situation was the result of your actions,
not theirs.
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