- Report: #434943
Complaint Review: Wells Fargo - San Francisco California
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Wells Fargo
420 Montgomery Street San Francisco, 94104 California, U.S.A.
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Wells Fargo Unconsistent/unfair overdraft policy, Dissapearing charges San Fransisco California
Hi i would like to submit a complaint about Wells Fargo Bank. I know only one complaint is ineffective but hopefully this adds to the pile of complaints made about this bank. Ive been banking with them for about a year now and have noticed dwindling customer service, obvious changes in their insufficient funds policy, as well as a mysterious transaction policy.
Basically, the first issue i have with them is their insufficient funds policy. Ive made credit transactions 2-3 days before i had the sufficient funds in the account. I check online every day and the transactions havent cleared before i put made the deposit. I was never charged for any uncleared or pending transactions as long as i made an adequate deposit (to cover the charges) by 4pm of the day the transactions clear. Last week i made a few credit transactions on thursday (March 12th 2009) and friday (march 13th 2009). I deposited enough money to cover the transactions on saturday (march 14th 2009) around 2pm.
I checked my account online saturday (as well as the previous days) before and after i made the deposit. The charges i made the previous days were still pending and i was not charged any overdraft fees. I checked sunday (march 15th 2009) and it showed my charges were still pending as well as my deposit. When i checked my account online today (monday mar. 16th) i noticed they charged me overdraft fees for every deposit.
I called Wells Fargo and they said that the transactions cleared on (Fri. march 13th), even though they showed pending when i viewed my account on that day, next day and didnt clear until monday. Keep in mind these CREDIT transactions were made on that day or the day before. NO CREDIT TRANSACTION I HAVE MADE HAS CLEARED IN TWO DAYS EVER!
Opon calling Wells Fargo i asked if any changes have made because i stated "there is an obvious inconstintency with your banking procedures" and the representative from the company told me nothing has changed since i started my account (male rep-didnt get name).
Second, i have an issue with their transaction policy that i have noticed in the past 6 plus months. Keep in mind this only happens when my balance is low (below $50.00). Ive made transactions in the past and its usually something small in the range of $2.00 to $30.00 and i new my account was low but i had enough money to pay for them. Like i previously stated i check my account online often (almost every other day) and upon suspicion, I noticed these transactions will be "pending" on my account and then 2 or 3 days later the charges mysteriously dissapear.
At the same time raising my avaliable balance. I didnt catch these charges when i went online because they werent there and i hadnt seen them before and it mistated my avialable balance. I only caught on when i was charged for strange overdraft fees a week later. I started checking my account online meticulously when my account was low. Im am certain that the bank does this only to manipulate the customer to think they have an "avaliable balance" than they what they actually do have.
When i called and asked about this they said that the transaction was going through verification even though these transactions were made from liable sources like grocery stores and merchants as well as companies that i have made transactions through the same acccount before.
So the question is... "Why would they suddenly have to verify these transactions even though the source is legitamite and i had SUFFICIENT but low funds in my account at the time of the transaction?"
Overall these inconstincies and tricks have cost me at least $500.00 to $1000.00 in the past 6-12 months. You can see now why im making the complaint.
Thank you for your time,
Michael ****
(((email redacted)))
Mike
hemet, California
U.S.A.
Click here to read other Rip Off Reports on Wells Fargo Bank
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.
Basically, the first issue i have with them is their insufficient funds policy. Ive made credit transactions 2-3 days before i had the sufficient funds in the account. I check online every day and the transactions havent cleared before i put made the deposit. I was never charged for any uncleared or pending transactions as long as i made an adequate deposit (to cover the charges) by 4pm of the day the transactions clear. Last week i made a few credit transactions on thursday (March 12th 2009) and friday (march 13th 2009). I deposited enough money to cover the transactions on saturday (march 14th 2009) around 2pm.
I checked my account online saturday (as well as the previous days) before and after i made the deposit. The charges i made the previous days were still pending and i was not charged any overdraft fees. I checked sunday (march 15th 2009) and it showed my charges were still pending as well as my deposit. When i checked my account online today (monday mar. 16th) i noticed they charged me overdraft fees for every deposit.
I called Wells Fargo and they said that the transactions cleared on (Fri. march 13th), even though they showed pending when i viewed my account on that day, next day and didnt clear until monday. Keep in mind these CREDIT transactions were made on that day or the day before. NO CREDIT TRANSACTION I HAVE MADE HAS CLEARED IN TWO DAYS EVER!
Opon calling Wells Fargo i asked if any changes have made because i stated "there is an obvious inconstintency with your banking procedures" and the representative from the company told me nothing has changed since i started my account (male rep-didnt get name).
Second, i have an issue with their transaction policy that i have noticed in the past 6 plus months. Keep in mind this only happens when my balance is low (below $50.00). Ive made transactions in the past and its usually something small in the range of $2.00 to $30.00 and i new my account was low but i had enough money to pay for them. Like i previously stated i check my account online often (almost every other day) and upon suspicion, I noticed these transactions will be "pending" on my account and then 2 or 3 days later the charges mysteriously dissapear.
At the same time raising my avaliable balance. I didnt catch these charges when i went online because they werent there and i hadnt seen them before and it mistated my avialable balance. I only caught on when i was charged for strange overdraft fees a week later. I started checking my account online meticulously when my account was low. Im am certain that the bank does this only to manipulate the customer to think they have an "avaliable balance" than they what they actually do have.
When i called and asked about this they said that the transaction was going through verification even though these transactions were made from liable sources like grocery stores and merchants as well as companies that i have made transactions through the same acccount before.
So the question is... "Why would they suddenly have to verify these transactions even though the source is legitamite and i had SUFFICIENT but low funds in my account at the time of the transaction?"
Overall these inconstincies and tricks have cost me at least $500.00 to $1000.00 in the past 6-12 months. You can see now why im making the complaint.
Thank you for your time,
Michael ****
(((email redacted)))
Mike
hemet, California
U.S.A.
Click here to read other Rip Off Reports on Wells Fargo Bank
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.
2 Updates & Rebuttals
Robert
Irvine,California,
U.S.A.
Wrong...
#2Consumer Comment
Tue, March 17, 2009
These are my favorite where people swear there is some vast consipiracy that have banks just laying in wait for people to have low balances and then all of the sudden change their banking policy to charge a bunch of overdraft fees. Yea and I have a nice bridge in San Francisco for sale. No, the facts are the policy does not change, they are just more noticeable when you have a low balance and end up overdrafting by YOUR actions(or lack of action). It appears to be the fact that you are not keeping a register. Not once in this report did I see you state that you actually keep track of your balance using a register. Saturday or Sunday is NOT(and has never been) banking days that is why everything was "held" until Monday. You appear to be relying on-line banking instead. This is not inaccruate for many reasons, beyond the banks control. It also was never meant to be the sole(or even primary) method of account management. It shows what merchants submit in as real-time as they get it from the merchant, which is why you sometimes see things "disappear". Another problem is that the merchant may not submit the charge for 2-3 days after you made it. This is why a register is important because you can write it down as soon as you spend the money. The best advise is if you refuse to keep a register then when your balance gets low. STOP using your debit card for those small purchases. Go back to the old way and use cash. Just try and get that $3 cup of coffee with $2 in your wallet.
Edgeman
Chico,California,
U.S.A.
Here's the problem...
#3Consumer Comment
Tue, March 17, 2009
The problem can be found in this paragraph: "Basically, the first issue i have with them is their insufficient funds policy. Ive made credit transactions 2-3 days before i had the sufficient funds in the account. I check online every day and the transactions havent cleared before i put made the deposit. I was never charged for any uncleared or pending transactions as long as i made an adequate deposit (to cover the charges) by 4pm of the day the transactions clear. Last week i made a few credit transactions on thursday (March 12th 2009) and friday (march 13th 2009). I deposited enough money to cover the transactions on saturday (march 14th 2009) around 2pm." Firstly- never use online banking to determine your account balance. You must keep a register or ledger. By its nature, online banking is inaccurate. What if a hold expires and then the merchant submits the charge? What if you buy $28 worth of gas at the pump and the hold is only for $1? What if a restaurant places a hold on your account for the cost of dinner but leaves out the tip until the charge is submitted? Only use a properly updated ledger or register for your transactions. Secondly- You are attempting to float transactions. There was once a time when you could overdraw your account balance and make a deposit to cover the shortage, but those days are gone. A negative balance will result in an overdraft charge... period. Lastly- There is no Saturday as far as transactions are concerned. The bank is open as a courtesy but that deposit is actually took place on Monday as far as the books are concerned. Best of luck to you.
