Complaint Review: Wells Fargo Bank

I agree that everyone is a number as society grows.

Robin, I know, I know. I guess I just hope that Wells Fargo is different. After BofA made my life a hell (they did more, there is a second post. Check your last three month post record if you care to read it) I am just happy that Wells Fargo has given me the chance that I never thought any bank would...perhaps I'm a little hasty but they seem ok so far. I know I will probably eat my words someday, but thanks for the heads up.

I agree with you on banks treating everyone like a number but in today's world with so many people (and teenagers having babies as often as people take a breath) it seems almost correct. I know that it makes all of us feel unimportant but society today has forced us into this pattern, there's a lot of people so big corporations feel there's a lot of money that comes with so many people.

I feel like a person with a chance to financial independance at Wells Fargo because they allowed me an account even though Bank of America had tried to put a stop to my financial future. This was the only reason I make any attempt to defend.

I understand that banks can be nit-picky about when the deposits should be in and sometimes they are down right ridiculous, and for this, I've no answer. It would be nice if they could extend the deposit time by maybe a half hour.

You have become a victim of the "National Bank Scam". Just like any other predatory establishment, there is a disturbing trend in national banks being "fast to debit, slow to credit". Somehow, the deposit gets held up just long enough to cause overdrafts, hmmmm... Imagine that. Big money in the bank's pocket.

In this day of low loan interest, a situation that has been ongoing for several years, this is the new cash cow for the national banks. I personally know of one "valued customer" with B of A who was depositing roughly $25,000.00 per month into his account and STILL managed to get banged for anywhere from 10-15 overdrafts a month!

He also had a small business checking account.

Read your little tissue paper pamphlet with print the size of ant droppings that pertains to your type of account. Does it say that WF will always cover insufficient checks? If not, there is little you can do except as outlined below; it is the bank's discretion. Evidently, they did this just long enough for you to begin to rely on it.

Most banks will begin returning checks unpaid after so many bounce. It does not matter to them if they are the ones causing the overdrafts with their snail-like slowness to post deposits. This is much akin to the scam used by certain credit card and servicing companies; they do not post payments or credits until they have managed to get that past due fee!

You do not say why you are using this particular bank. My first suggestion would be to open another account in a local (read STATE CHARTERED AND REGULATED) bank. The service is generally better and there are more accessible avenues of mediation should problems arise. (The "old days" that you refer to and remember are before these juggernaut national banks were created; back in the hometown bank days when they really were glad for your business and treated you as a valued customer should be treated.) Once you have this account established and all of the issues with WF resolved, close your account with WF and tell them why. They won't care, but you will feel better.

Another option, if you feel that you must stay with WF for whatever reason, would be to cease writing checks for a period of time until you have built a "cushion" into your account. With a small business this is hard, I know, as I am doing the same thing. Cash flows are not always flowing as expected and sometimes become quite "constipated". You would be far better off to try to obtain a line of credit account to use; I guarantee that the interest rate would wind up being less than amount of the overdraft fees. Or even borrow money solely to deposit into your account to ensure that there are no more overdrafts. At least you can pay that back over a period of time at a set rate. (Overdraft fees can wind up being equivalent to 75% and higher interest rates. A $28.00-$30.00 fee on a $50.00 insufficient check is a heckuva return for the bank!) They will always get you for the overdraft if your deposits are two seconds later than WF feels they should be.

I detest national banks for various reasons, one being that they will find a way to get into your pocket if given any opportunity. They are NOT (despite the TV ads) customer-friendly, service-oriented institutions, as they would like you to believe; they are strictly profit driven. The "higher-ups" in these organizations draw astronomical salaries; if profit drops off due to lower interest rates the cash has to be found somewhere. If it takes picking your pocket to support these folks that is what they will do. They promise a lot and deliver little. They break laws on a daily basis if it is something outside the scope of the OCC to regulate; they will gamble that the injured party can't or won't hire an attorney to rectify the matter. They have become way too big for their britches. AND they will ruin you with ChexSystems, creating a lot of needless trouble for you later on. They do not value their small account holders, except for the profit to made from them from various fees. They do not notify customers immediately in the case of overdraft charges (as my local bank does). This generates even more fees for them by statement dates, as the customer continues unknowingly writing checks and getting more and more in the hole (once they get that first and second $30.00 fee, it takes on a life of its own!). They have turned into greedy vultures. I could go on and on, but I won't; I am sure that you are catching on. The cards are always stacked in the bank's favor and they are across-the-board unwilling to help no matter the circumstances.

Brianna, I am glad to see that you overcame your difficulties and were able to open a checking account. Beware beating the drum too loudly for WF; they operate under the same umbrella as your former bank. You know, the umbrella that makes them money at your expense. Banks do not lose money covering an overdraft; they get it back and lots to go with it besides. If they truly lost money they would NEVER DO IT! National banks take care of themselves FIRST. There are plenty of outrageous comments right on this site about WF; check it out.

Good luck to both of you.

I'm sorry you thought my reply had an attitude. I was just mearly expressing an opinion.

I am well aware of the bank policies and I have dealt with banks for a long long time. But just because I understand the policies doesn't mean I have to like them or even think they are fair. But I am still intitled to have an opion just as you are.

As for an answer to your question about making deposits and writing checks and not having enough to cover them. I have enough to cover them it is just sometimes the deposits get deposited at 4:05pm instead of 4:00pm.

As far as being a professional, I'm a professional and have been for a long time and have dealt with bank policies and procedures and various other types of business policies and procedures for a long long time,

The banks were a lot more personable back in the OLD DAYS. Now customers seem to be just another number to them and as the banks get bigger it will only get worse.

Again no attitude just an opion.

Your first 3 lines didn't make any sense on your last post as I'm not sure if you are talking about yourself or the owner of the bank or the Assistant Manager you spoke to.

The point that you tried to make about "if they can post the deposit and it shows credited on my deposit slip then the funds should be available then, not the next day" sincerely makes it obvious that maybe you're not aware of the bank policies. The funds are there as soon as they should be, as the system is updated and recorded.

This is also a precaution so that in case the checks you've deposited are not good they will not put the money into your account. Would you rather they put the checks into your account immediatly and then have to subtract funds later because the money you thought was good wasn't in your customer's bank account? Checks will bounce then and you'd be quite upset, I'm sure.

You could go to Bank of America where they held my deposits (if I made more than one per day during the time I was an account holder) for up to three days.

I know I've already put you on the defensive because of the way you stated your last post, and while I was not intending that, I feel that you are now aware of the way they do things and shouldn't have an issue unless you continue to write checks before your money is posted.

One question though: If you make a deposit and then write checks why wouldn't you have enough money in there to cover your checks BEFORE your deposit?

I'm sorry that you're upset with Wells Fargo, I am an account holder and I feel they do things better than Bank of America. I feel it's one of the better banks and it has better policies and has done a lot for it's customers than other banks.

Maybe I sound like the Assistant Manager because I'm a professional who has dealt with a lot of banks and I know the common procedures from a lot of banks and also a lot of businesses.

Thanks for your comments Brianna. As for how much I trust my Asst. Manager I trust her with everything I own since it's me and I own the company. But thanks anyway. As for writing checks and not having enough money. I write checks and make deposits at the same time.

My point was if they can post the deposit and it shows credited on my deposit slip then the funds should be available then not the next day. If I can deposit money in the bank on Saturday or Sunday I shouldn't have to wait for the funds or worry that a check I wrote will come in and then the bank will return the check collects their fees and then posts the deposit.

I am so sorry that the bank loses so much money having to preform this kind of courtesey to a customer. I'm sure they are just at their witts end as how to recover that loss. From what I see they have a great way of making up their loses.

Again thanks for your input sounds exactly like the Asst Mgr at the bank.

I re-read your complaint and now I understand that you talked to the Asst. Manager of the bank. I misunderstood the way you typed it and I would like to say that if you did talk to the Asst. Mgr and that's what they told you then that is how it stands. Again, they do lose money everytime they do a courtesy for you of letting the checks clear.

One thing I'm still not clear on, if you deposit these checks then what other checks are you writing that is causing the overdrafts? If you have money in your account then they should not bounce.

You have to allow for processing and if you get your deposits in before 4pm then they should be cleared by the next business day. Why are you writing checks early when you already know this fact that they will bounce because it takes time for the deposits to post?

I do think that you should go into the bank and sit down with an advisor, not a teller, and go over why these fees have been charged to you and speak with them about what must be done to clear this matter up.

It honestly sounds to me like you do not understand your account at all. I would have to also wonder how well you can trust your Assistant Manager when it seems that she is not a Bank Related person and cannot tell you honestly why Wells Fargo charged you overdraft fees.

I can, however, tell you that Wells Fargo loses money every time they do the courtesy of covering your overdraft. This is NOT a courtesy but rather a decision. They cannot keep doing this or else people wouldn't be responsible with their accounts and the bank would go out of business and in the end, everyone would lose.

Be grateful for the courtesies they have already given you multiple times. And I reiterate, go talk to an advisor or Branch manager at Wells Fargo and see if there's anything either you or Wells Fargo can do to resolve the issue.