Complaint Review: Wells Fargo - Minneapolis Minnesota

The FDIC didn't recommend any specific actions, they only provided information from their incomplete study. There's just enough information there for a politician to wave around and pretend to be outraged by. Let's say that someone does decide to introduce legislation on overdraft fees. Then what? It will take time to debate it and get it passed and then ratified and then it goes to the President's desk. Even then there will be a time period before the new law takes effect. What are we looking at? A minimum of three to five years? Instead of waiting for a new law, why not just practice better financial management skills now? Think of all the money that could be saved before a new law takes effect (if they can get it passed quickly). It's also safe to say that whatever changes may come in regards to overdraft fees, it will still be necessary to stay within one's account balance.

The FDIC didn't recommend any specific actions, they only provided information from their incomplete study. There's just enough information there for a politician to wave around and pretend to be outraged by. Let's say that someone does decide to introduce legislation on overdraft fees. Then what? It will take time to debate it and get it passed and then ratified and then it goes to the President's desk. Even then there will be a time period before the new law takes effect. What are we looking at? A minimum of three to five years? Instead of waiting for a new law, why not just practice better financial management skills now? Think of all the money that could be saved before a new law takes effect (if they can get it passed quickly). It's also safe to say that whatever changes may come in regards to overdraft fees, it will still be necessary to stay within one's account balance.

The FDIC didn't recommend any specific actions, they only provided information from their incomplete study. There's just enough information there for a politician to wave around and pretend to be outraged by. Let's say that someone does decide to introduce legislation on overdraft fees. Then what? It will take time to debate it and get it passed and then ratified and then it goes to the President's desk. Even then there will be a time period before the new law takes effect. What are we looking at? A minimum of three to five years? Instead of waiting for a new law, why not just practice better financial management skills now? Think of all the money that could be saved before a new law takes effect (if they can get it passed quickly). It's also safe to say that whatever changes may come in regards to overdraft fees, it will still be necessary to stay within one's account balance.

The FDIC didn't recommend any specific actions, they only provided information from their incomplete study. There's just enough information there for a politician to wave around and pretend to be outraged by. Let's say that someone does decide to introduce legislation on overdraft fees. Then what? It will take time to debate it and get it passed and then ratified and then it goes to the President's desk. Even then there will be a time period before the new law takes effect. What are we looking at? A minimum of three to five years? Instead of waiting for a new law, why not just practice better financial management skills now? Think of all the money that could be saved before a new law takes effect (if they can get it passed quickly). It's also safe to say that whatever changes may come in regards to overdraft fees, it will still be necessary to stay within one's account balance.

What I find absolutely hilarious about someone being excited about "change coming" is what will surely be the irony. If banks can no longer charge high overdraft charges, then I would bet money that they will just make it harder for people to get checking accounts. They will probably just make the credit score requirement super high, like over 700. Then, all of the people on here whining about NSF charges won't have to worry about them anymore..... Of course, they will also have to start living within their means!!!! GASP!

What I find absolutely hilarious about someone being excited about "change coming" is what will surely be the irony. If banks can no longer charge high overdraft charges, then I would bet money that they will just make it harder for people to get checking accounts. They will probably just make the credit score requirement super high, like over 700. Then, all of the people on here whining about NSF charges won't have to worry about them anymore..... Of course, they will also have to start living within their means!!!! GASP!

What I find absolutely hilarious about someone being excited about "change coming" is what will surely be the irony. If banks can no longer charge high overdraft charges, then I would bet money that they will just make it harder for people to get checking accounts. They will probably just make the credit score requirement super high, like over 700. Then, all of the people on here whining about NSF charges won't have to worry about them anymore..... Of course, they will also have to start living within their means!!!! GASP!

The FDIC Study of Bank Overdraft Programs (Dec 2, 2008) is posted at www.fdic.gov. Bank overdraft loans are shockingly expensive. Small transactions at high fees for short repayment periods translate into interest rates that start at 1,000 percent APR. Bank overdraft loans are very expensive. Based on the average size of transactions that overdrew accounts, the FDIC calculated the annual percentage rate (APR) for a two week repayment period using the typical $27 fee. A $20 overdraft triggered by a debit card purchase at a store costs 3,520 percent APR. Consumers who live in low income areas pay the most in overdraft fees, and low income consumers are more likely to have recurrent overdrafts. The Federal Reserve's proposed rules should be strengthened to require affirmative consumer choice, Truth in Lending Act disclosures, and prohibit manipulation of the order of processing withdrawals. British bank customers are now filing for reimbursement of overdraft fees charged.

Well, there are two ways to avoid overdraft fees. One is to have an overdraft protection account set up on your main account. This could take the form of a line of credit, a credit card, a home equity line of credit, another checking or savings account. If for some reason you cant or dont want to set up overdraft protection, then you need to be more circumspect about spending your money. I would avoid writing checks unless absolutely necessary. Maybe even dont use a check debit card. Just pay for everything with cash. That is drastic, but this would cheaper than constantly paying 35.00 a transaction for od charges. And, most banks operate the same way, so the " I am going to close my account and go to another bank" line wont really help you. Yeah, credit unions, but they have limitations as well and also charge fees. Just be responsible with your account, whatever bank you are at, and you should not have a problem.

so I can be continually entertained when you get bitchslapped in court because YOU are wrong and you'll all come crying here on this site. But then again, you're all waiting for someone ELSE to file the suit so you can ride THEIR coattails because none of you are really that confident in your hot air accusations. So, no one is going to sue anyone. That is reality.

It is NOT too late. The last thing they want is a class action law suit, so their moutnpiece puppets are in here telling you there is nothing you can do. That is a lie. The bank having the right or not, to do anything, is the word of that particular poster, however even if the bank does, it does not mean they have that right forever written in stone, what it means is they found a clever way to rip you off and that is what class action law suits are for, ...to change things. ...to take away their right to rob you blind. Even if it is in their own contract and you signed it, that does not mean they can not be sued in a court of law, and found guilty, and forced to change their corrupt creepy contracts, and even reemburse you in many cases. I am collecting names of other Wells Fargo Victims to do just that,start a class action law suit against Wells Fargo. Please contact me at:(((Redacted))) CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

It is NOT too late. The last thing they want is a class action law suit, so their moutnpiece puppets are in here telling you there is nothing you can do. That is a lie. The bank having the right or not, to do anything, is the word of that particular poster, however even if the bank does, it does not mean they have that right forever written in stone, what it means is they found a clever way to rip you off and that is what class action law suits are for, ...to change things. ...to take away their right to rob you blind. Even if it is in their own contract and you signed it, that does not mean they can not be sued in a court of law, and found guilty, and forced to change their corrupt creepy contracts, and even reemburse you in many cases. I am collecting names of other Wells Fargo Victims to do just that,start a class action law suit against Wells Fargo. Please contact me at:(((Redacted))) CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

It is NOT too late. The last thing they want is a class action law suit, so their moutnpiece puppets are in here telling you there is nothing you can do. That is a lie. The bank having the right or not, to do anything, is the word of that particular poster, however even if the bank does, it does not mean they have that right forever written in stone, what it means is they found a clever way to rip you off and that is what class action law suits are for, ...to change things. ...to take away their right to rob you blind. Even if it is in their own contract and you signed it, that does not mean they can not be sued in a court of law, and found guilty, and forced to change their corrupt creepy contracts, and even reemburse you in many cases. I am collecting names of other Wells Fargo Victims to do just that,start a class action law suit against Wells Fargo. Please contact me at:(((Redacted))) CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

For example, if you make a deposit to the bank on a Thursday afternoon, your depoist will not post to your account until Friday early morning AFTER all your debits and checks post to your account. That's not something the bank is going to be fined for, not now - or ever. This is in their policy for all account holders to read and abide by. Now, move the example a day ahead. If you make the deposit on a Friday afternoon, your deposit will not post to your account until the next business day, which is NOT Saturday. The next business day is Monday UNLESS Monday is a holiday - in which case your deposit would post Tuesday. Again, all of this is very legal and all part of the account agreement signed. If your attorney thinks this is illegal, you got a bad attorney...... Unless you can physically run faster than the speed of light, you will lose the electronic race to the bank every time. This person's problem is not the date of deposits or even when they post. The problem is the debit card. Get rid of the debit card and you get rid of the problem.

I was a victim of a bank altering numbers in order to collect NSF fees. When you see this happening go online and print your account out everyday. Be sure that your deposite recepts have the proper date as they will put a future date on it to shaft you more. After a month gather the print outs and take then to the Feds. Without this they can not help you. They have to be able to see the bank switching the numbers around. Several banks were fined between 1.2 and 1.5 million dollars for this practice. When I ask my attorney why the bank was still doing it he replied, for the millions others don,t see or know what to do. If they rake in 30 million they will gladly pay a fine of 1.5 million to keep the other 28.5 million.

The banks, like Wells Fargo, have the right to: 1. Post transactions in any order they wish. 2. Post all debit transactions, NSF's, checks, and other fees - BEFORE deposits or any other credits. This is all in your account agreement. One more thing: The bank could care less about your banking habits or the dollar amount in your account; their job is to administer your account and they clear checks and transactions when they happen. The bank posts millions of transactions from thousands of customers daily - the thought they might just be focused on you is....silly. If they actually held transactions, the merchants you purchase items from would STILL be screaming at the top of their lungs. Banks are also prohibited by Federal Law from holding transactions, not to mention it would create an accounting havoc to just hold YOUR transactions. If you choose to poorly handle your account, the bank steps into help, but it will cost you in NSF fees. Your best bet would be to stop using the ATM card the bank gave you as a debit card. That's what is causing your problems. The bank can only manipulate those transactions - they can't manipulate checks clearing. The only court case resulted in the banks having to fully disclose their fee schedule and it didn't cost the bank anything to its account holders. You're way late to the game and a lot poorer as a result

"The I have is the atm transactions were made 1 week+ prior and the checks that cleared were 3weeks old. It seems like they are holding these until you're down to your last 20 or 30 bucks that should last you into the next morning but NO, they drop about 6 or 7 atm and old checks on you." Newsflash...There is no conspiracy. The banks don't just sit around in some back room randomly "holding" debits until they know you would overdraft because you spent more than in your account. The fact is YOU are the one at fault. Had you kept a valid check register you would have known that you spent the money. It does not matter if they post it the day you made the charge or 3 months later, your register would show that the money is gone. "I think a class action lawsuit is in order" For what? YOUR lack of Personal Responsibility.