- Report: #542733
Complaint Review: America's Servicing - Wells Fargo - Internet
Reported By:
Steven -
loma linda, California, U.S.A.
Submitted:
Updated:
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Author Confirmed
Why?
America's Servicing - Wells Fargo
Internet, United States of America
Phone:
Web:
www.wellsfargo.com
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America's Servicing - Wells Fargo OVERDRAFT FEE RIP OFF, Internet
I have been spending hours reading some of the RORs about the banks overdraft fees and being a payer of these fees there is a simple way to put this The bank will not reflect account activity correctly why this is what a bank is for I am willing to pay for that service but they will not offer it so they can make billions on overdraft fees by manipulating debit and deposit dates If $5.00 is spent on the 23rd the money should be deducted on the 23rd and if it overdraws the account then a overdraft fee is justified and is not a crime by the bank or by the account holder if it is in the contract
If the account has $5.00 in it on the 23rd a overdraft fee being charged it is fraud so the bank will say the merchant has not submitted it yet but the bank knows the debit has been made so they should deduct it at that time If the bank receives a electronic direct deposit from itself on the 26th then the deposit should be in the account on the 26th The issue I have is the bank will manipulate the dates of debits and deposits to charge fees this is how the bank stole my money It is that simple when I opened the account there was nothing in the contract that gives the bank the right to manipulate activity dates and re-sequence debits after holding and delaying deposit transfers between accounts at the same bank to charge overdraft fees
So how can a self kept register work if the bank manipulates the dates when the bank holds a deposit long enough the account will overdraft That is a crime and needs to be stopped and the money they stole needs to be paid back with a penalty and the underhanded sleazy bankers that devised this belong in jail with robbers drug dealers and thieves It is wrong it does not matter how the bank employees that rebut this webpage try to manipulate words but the truth is so simple The only way the banks have been getting away with this is buy payoffs
Can you imagine if the electric company told you have to keep a register of all the kilowatt hours you use by timing all your electric devices If you go over your monthly allotted amount that the date is manipulated by the electric company you have to pay a huge fee for every devise that is turned on there after If you dont want to sign the contract live with out electric why wood this be any different
2 Updates & Rebuttals
Ronny g
North hollywood,California,
USA
Lawsuits in progress...
#2Consumer Comment
Fri, February 19, 2010
Wells Fargo Abusive Overdraft Fees Class Action Lawsuit
A number of class action lawsuits have been filed against Wells Fargo for the alleged unfair and illegal assessment and collection of excessive overdraft fees. With the exception of one class action brought by California customers only, these cases have been transferred to the United States District Court for the Southern District of Florida in Miami, Florida, where all federal lawsuits against the banking industry for abusive overdraft fees have been coordinated before the Honorable James L. King.
How Bank "Overdraft Protection" Works
Today, when customers open checking accounts, banks provide debit cards for the withdrawal of cash from ATM machines and the purchase of goods and services. Many consumers are not aware that as part of the process of obtaining the debit card, banks automatically enroll customers in "overdraft protection." The overdraft protection kicks in usually for a $35 fee - if the customer spends more than he or she has in the account to cover the purchase, up to a limit of a few hundred dollars.
Banks could simply decline to honor customer ATM or point-of-sale transactions if the account lacked sufficient funds, or the bank could warn customers that if they went through with the transaction an overdraft fee would be assessed. In fact, until a few years ago, most banks simply declined debit transactions that would overdraw an account.
Wells Fargo's Alleged Fraud
The complaints charge that Wells Fargo does not record charges and purchases on ATM or debit cards in the order they actually occurred. Instead, Wells Fargo reorders the charges and purchases so that the largest charge or purchase is the first one paid by the bank. This manipulative practice is intentionally designed, the complaints allege, to maximize overdraft fee revenue.
Wells Fargo's overdraft fee collection practices have impacted millions of Americans. In many instances, the overdraft fees cost customers hundreds of dollars in a matter of days, or even hours, when they may be overdrawn by only a few dollars. A series of small transactions over a weekend can result in hundreds of dollars in bank charges.
Further Information for Bank Customers
Wells Fargo customers, and other bank customers, who were assessed multiple overdraft fees may submit to a consumer protection attorney. There is no charge or obligation for the review of your complaint.
Copy and paste the web address below to submit a complaint.
[http://www.bank-overdraft.com/contact.htm}
mgnmopus
California,United States of America
Agreed
#3Consumer Comment
Wed, February 17, 2010
Same things are happening to us; this is Wells Fargo we are talking about. I notice transactions posted on, for instance, the 11th, but then a few days later they will have disappeared, and, miraculously pop up on the 17th when the account is down to its last pennies and there we are in overdraft. I am disgusted and want to know if there are any of you out there willing to join in a class action. My partner is an attorney and willing to take this on.
