Wells Fargo Bank, Bank debits my acct for adult son's acct for his CHARGES Waco, Texas
First of all, If your thinking about added anyone to your Wells Fargo account....double make sure your getting what you requested in writing and save the documents for the next 1000 years....and maybe they might honor it. That was my first mistake I decided to add at least one of my children on my account as an authorize user only in the event of my death MY MONEY would be available to them immediately, instead of waiting on the red tape for years to have access to MY MONEY.
I doublely asked with my adult son and adult daughter present that when he or they my children open an account with Wells Fargo would I be held liable for their own account. My son was not issued and credit, debit or checks on MY ACCOUNT. That's the way he wanted it, cause he know it was MY MONEY and if he needed money he knew he could ask me. Anyway, Wells Fargo - Personal Banker/ Loan Officer MACT5542-011 Ms Woodard at 1105 Wooded Acres Dr suite 100, Waco, TX 76710 254-714-6117 assured me that when my son open his account I WOULD NOT BE LIABLE FOR HIS ACCOUNT!!!!!!
Well surprise, surprise...he thought his balance was correct before withdrawing from either the ATM or Debit card purchases....now this is from his own account. He realize that he needed to close his account and thought everything he withdrew or purchased that it was cleared. Surprize again, I have online banking with EMAIL ALERTS THAT GO ON WITH MY ACCOUNT......NOT ONCE did Wells Fargo alert me that I would be liable for $1092.84 that he owed.
Wells Fargo looked up his name to see if he name was on another account........GUESS WHAT HAPPEN next......his is on my account and the bank took out $1092.84 on July 31, 2009.....yesterday. When he hasn't had an account in awhile. So needless to say they will not credit my account, I've decided that I'm going to bank with a a small credit union in McLennan County WHO WILL NOT RIP YOU OFF......they are willing to work with you.
I've had an account with them for 20 years but they didn't have checking or ATM available at the time and I was living in Dallas so I needed easier access to my account. That is why I'm with Wells Fargo to begin with. I've always believe that the larger the bank the more they can get away with excessive fees and charges and change their policies to benefit them. Wells Fargo could of gave me notice of what they we're going to do, but they didn't. Also, I truly believe when your ripping of the little people, your time will come and you will have to answer to Our Lord.
DON'T BANK WITH WELLS FARGO! As for the people who are employed with these banks who rip you off, one day your time will come. Don't you have any morals? Working for a company that you know is ripping people off.....
Dallas
Waco, Texas
U.S.A.
6 Updates & Rebuttals
Jim
Anaheim,California,
U.S.A.
It Will Happen At The Credit Union Too
#7
Fri, August 14, 2009
When you setup an account with anyone, you're liable for that person's debts as well; it's a function of the law, not the bank. You asked a banker a legal question and the banker isn't liable for the incorrect answer. It's sort of like asking your lawyer a question about your finances - he might give you an answer, but it may not be the correct one for you.
Since this is a LEGAL function, this would happen at your CU too. There are other ways of passing this money to your son only in case of your death - you don't have to add your son to the account. Talk to a lawyer specializing is wills and trusts. Do not talk to anyone at the bank or the CU about this.
Cory
San Antonio,Texas,
U.S.A.
Bad Advice
#7
Fri, August 14, 2009
Whoever suggested you put a child ON your account, gave you some bad advice as you have well found out. What you should have done is listed a child or children as a beneficiary in the event of your death. Upon your death, they could have taken the certificate to the bank and withdrawn the funds out. From the sound of it, I sure wouldn't use that son. Contact an attorney for some planning.
Adr123
city land,California,
U.S.A.
"Right to set off"
#7
Fri, August 14, 2009
Why is your grown son asking you for money?
Adr123
city land,California,
U.S.A.
Right to set off
#7
Fri, August 14, 2009
Almost forgot... Banks will not use "Right to set off" immediately after the other account is negative. Normally it takes anywhere from 17-60 days for the other account to be negative before "Right to set off" will come into play. This means that your son knew he was negative in his account for at least 2 weeks and did nothing about it. You are completely right about reading your documents and saving them. You should take your own advise.
Adr123
city land,California,
U.S.A.
Right to set off
#7
Fri, August 14, 2009
It's called "Right to set off". you should look it up in the disclosures that were provided to you when you opened your account. You should never take someone's verbal guarantee on anything. A verbal guarantee will not stand up in court, especially when it's clearly stated in writing in your disclosures.
Really you should be mad at your son and ask him for the money he owes you since he's the one who incurred this debt. All banks have this clause to protect them from people who are going to try to rip them off. In the future you might not want to open an account with irresponsible people.
Edgeman
Chico,California,
U.S.A.
How this happened...
#7Consumer Comment
Sun, August 02, 2009
All banks have a clause that is known as the "Right to Offset" or some similar language. Put briefly, it means that if one account has a negative balance, the bank can transfer the money from another account that the owner has.
When you put your son on your account, the money was (legally speaking) his as well. The bank simply took "his" money and used it to offset his "other" account.
I don't like this clause because it has the potential to punish people for the irresponsibility of others.