American Servicing Company - Wells Fargo Bank Improper over draft fees. They Took the largest amount check out of the days books, and hit me with several over draft fees on smaller checks that should have been paid before the larger checks. When Franklin, Texas
I have been a Wells Fargo since 1994, I have been very upset with the way they process payouts for that days business. I to have paid outrageous overdraft fees due to the way they process, ( Took the larger payout first even though they did not receive it in that order, in turn charging me with several overdraft fees).
When they should have paid them in the order they came in and saved me lots of overdraft fees that should not have been charged in the first Place.
When I questioned the way they did their business I was told they always do it that way, I did not like that answer but did not know what to do or if I could do anything. So I left it alone.
I saw just this morning that Wells Fargo Bank is in the news for such practices.....I would like to get my money I am due for improper overdraft fees.
Someone Help!! I am so tired of getting screwed and can't do anything about it.
Charlotte
Franklin, Texas
2 Updates & Rebuttals
Charlotte White
Franklin,Texas,
United States of America
Wells Fargo
#3Author of original report
Thu, August 12, 2010
You are correct with your information, However there are ways the bank manages to minipulate the way they pay these items out, I did not explain in detail how these items came in. Some have been POS with debit card and others checks with the POS posting the same day but later in the days business, they still switch it around to where they do the bigger transaction first. It doesn't matter to them. I know not to spend money I don't have. But I don't need their help spending it for me!!
By the way I do keep a register...
Robert
Irvine,California,
U.S.A.
Checks?
#3Consumer Comment
Thu, August 12, 2010
You mentioned Checks specifically. So please tell us if 3 checks come in on the same day, how does the bank know which one came in "first"? The answer is you don't and as standard practice, which is in the terms, banks have for many decades posted items from the Highest to the Lowest.
Even the new regulations for Overdraft coverage didn't change how checks are processed in the least. The only thing the regulations did was to require that the account holder the option to "opt-in" to Overdraft coverage. That only covers Debit card and ATM transactions. Checks and ACH transactions are handled as they were before.
I am so tired of getting screwed and can't do anything about it.
- WRONG..WRONG..WRONG...You CAN do something about it.
The only time you are charged overdraft fees is if you go negative. It does not matter how they re-arrange the checks they can not force you into overdraft, if you don't spend more than your available balance.
How do you do this..the simplest and most accurate way is to keep a register. Every time you write a check or use a debit card(if you do) write it down and subtract it from your available balance.
Next don't rely on the float. Don't think you can write a check because you can beat money back to the bank. Those days are gone and you have to have the mindset that if you don't have the money available when you write the check or use the debit card you may overdraft.