Complaint Review: WSFS Bank

Upon a detailed written explanation to WSFS, the bank decided to credit back the fees assessed. There were questions as to why system-generated notifications did not go out along with other issues and the bank cited a long-term relationship with good credit standing as other reasons for waiving OD penalties. So, it appears WSFS Bank is a financial institution that values customer relationships given they took into account the customer's explanation and acted positively!

I'm not sure how Paula eventually made out with WSFS, but it appears that capitalized on her erroneous behavior by processing her checks and probably in the end saving her returned check fees on the merchant end. I am a business customer with WSFS Bank also in good standing with them for a number of years. I have an ongoing issue whereby I had a pin-debit OD of $1.19 and was charged the standard OD fee of $33.00 per occurance plus after 5 business days customers are charged $5.00 per day until the deficit is cured. I never heard from WSFS via email or mail as Paula claimed she did receive an email.

My [only] contact was a phone call nearly 10 days after the fact after which several $5.00 charges were added. I am taking the matter up with WSFS management and awaiting a reply. A few years ago WSFS Bank would have contacted the customer and informed of the OD and usually extended a courtesy that the account was overdrawn a few pennies or a few dollars the result of pin cushion which not all financial institutions establish for debit card users. I believe WSFS Bank, like other institutions may be getting desperate for revenue and OD charges are a great way to generate cash flow! I am requesting the bank decline any transaction on my business account not encumbered by available funds and am awaiting a reply on that request as well.

My advice to the consumer is to be very vigilent and careful in dealings with all financial institutions, particularly those engaged in credit cards. A credit card overlimit can set you back $50, jack your interest rates to 29% with most of your other creditors as well as trash your FICO score!

WSFS is a reputable institution and a mainstay here in Wilmington, DE, however, I will move my business elsewhere if it appears they are taking advantage of their customers who have ongoingly been responsible clientele.

STRATEGIC IT CONSULTING, INC.

I'm not sure how Paula eventually made out with WSFS, but it appears that capitalized on her erroneous behavior by processing her checks and probably in the end saving her returned check fees on the merchant end. I am a business customer with WSFS Bank also in good standing with them for a number of years. I have an ongoing issue whereby I had a pin-debit OD of $1.19 and was charged the standard OD fee of $33.00 per occurance plus after 5 business days customers are charged $5.00 per day until the deficit is cured. I never heard from WSFS via email or mail as Paula claimed she did receive an email.

My [only] contact was a phone call nearly 10 days after the fact after which several $5.00 charges were added. I am taking the matter up with WSFS management and awaiting a reply. A few years ago WSFS Bank would have contacted the customer and informed of the OD and usually extended a courtesy that the account was overdrawn a few pennies or a few dollars the result of pin cushion which not all financial institutions establish for debit card users. I believe WSFS Bank, like other institutions may be getting desperate for revenue and OD charges are a great way to generate cash flow! I am requesting the bank decline any transaction on my business account not encumbered by available funds and am awaiting a reply on that request as well.

My advice to the consumer is to be very vigilent and careful in dealings with all financial institutions, particularly those engaged in credit cards. A credit card overlimit can set you back $50, jack your interest rates to 29% with most of your other creditors as well as trash your FICO score!

WSFS is a reputable institution and a mainstay here in Wilmington, DE, however, I will move my business elsewhere if it appears they are taking advantage of their customers who have ongoingly been responsible clientele.

STRATEGIC IT CONSULTING, INC.

Sounds like you were charged for transactions that you authorized before you made your deposit or before the deposited funds were full available.