Complaint Review: Wells Fargo Bank

What has been posted in here previously about the inaccuracies of Wells Fargo websites is merely the tip of the iceberg.

What I discovered, when like Corri, I was hit for 600$ in overdraft fees, was that Wells Fargo was NOT following their account "Terms of Disclosure". I followed the directions of the customer service rep who suggested that I read my account terms and disclosure and I did. Under use of the card as a 'Visa Check Card' - it stated that the bank would hold amounts 'authorized' for payment by a merchant until such transactions were 'presented for payment'.

In reality, what was happening was the amounts were held for 1 business day, released back into the account; thus showing an inflated balance, then anywhere from 3-10 business days later, the amounts would be removed from the account.

Now, like many customers, I was operating under the belief that the website and account information contained there was as accurate as any check register I would keep myself. WRONG.

No where in the "Terms of Disclosure" was anything like the above described. I called Wells Fargo and was initially told that this was a glitch in the system and these would be reversed as a courtesy. When after three business days they were not reversed, I called back, I was told that the decision had been made NOT to reverse them. No letter was mailed to me or call was made to inform me of this flip-flop thinking.

Numerous attempts to complain up and down to Wells Fargo resulted in the same results as Corri intially got - "Keep a check register" etc. I gave up. Wells Fargo still holds a debt of over 600$ in my name and I have given up attempting to resolve this. None of the customer service reps or supervisors I spoke to even understood the complexity of the issue at hand.

Summary : Keep your money away from this bank.

John
Los Angeles, California
U.S.A.