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Wells Fargo Bank / Credit Card Processing / gouging business tactics!

1 United States Review updated:

My complaint deals with my small business. I own a restaurant and I accept credit cards. My credit card processing company WAS Wells Fargo. When I got my statement it showed an extra charge of $338.00 for (POS not qualified). I called Wells Fargo to find out what this charge was. The women I talked to was very rude. All she told me was it was an Interchange charge. That when a person uses a Business card or a cooperate card that I get charged more. I could see on my statement where I was charged a different rate for a few interchange cards. So I asked her why I just recently started getting these huge charges and she couldn't answer me. She told me that it had to do with Visa & Master card. I asked her for a phone number to contact someone who could tell me about it. She told me that I would need to send a letter or a fax and gave me the number. At that time I canceled my account.

The next day I was dealing with a company called First National Solutions of Omaha. A women named Tina (One of the nicest, helpful people I have ever talked to) she was helping me get set up for a New Processing Account. I asked her about these charges from Wells Fargo and I faxed her statement from them. Nobody in her company could figure out why I was charged that huge amount. So after I very quickly had my new card machine in place I wrote and sent a Fax to Wells Fargo.
Three days later I received a call from a very rude lady. She stated that I had an $11000.00 dollar charge that was ran through my machine and then voided off. I told her that it had to be a mistake because if I have a charge of $100.00 it is a huge one. She told me it should not have been voided that we needed to call the company and have it deleted off. I couldn't believe it. What in the world would the void button be for. I told her that I was going to check in to it and got her phone number.

One of my employees handled a credit card and made a mistake of putting through a wrong amount of $11000.00 dollars. Immediately the employee voided it off and put through the correct amount. (As it had been this had happened twice within 3 months) and cost me over $600.00. When I talked to my new processing company again and told Tina what the huge charge was and made sure this would not be the case if one of my employees made this mistake again, she said it would not be the case and that Well Fargo could take those charges off if they were a respectful kind of company. With my new processing company when setting up the account they asked what my largest sale could possibly be. Tina told me that if an $11000.00 charge would come in they would be calling me because it would be way over the limit that was set up on my account. She said if I was still a customer of Wells Fargo I might have a chance of getting them to credit me but because I quit them I may have a problem because it is solely up to them to do what they want to do.

Feeling Ripped Off By Wells Fargo
P. Bochler

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Comments

  • Pb
      20th of Mar, 2008
    0 Votes

    I forgot to mention that my fee charge through my new processing company (First National Solutions) is 1.69% or 2.59 % if it is a business type card. My fee from Wells Fargo was 3.79% and more if it was a business card. Also I have just received a letter from Wells Fargo informing me of an increase in my rate.
    Wells Fargo has got to be Tooo Big and are gauging their customers. They need to be knocked down a little and start caring about the little guy.
    Wells Fargo is on my Black List...

  • Ya
      14th of May, 2010
    0 Votes

    I went with EXS Credit Card Processing ( www. EXSCreditCardProcessing. com ) because they did not screw me with high processing and monthly fees. They also placed me in a free credit card terminal to minimize my upfront costs when i opened my new restaurant. I highly recommend EXS if you dont want hassles or unexpected high expenses with other providers...

  • Le
      29th of May, 2010
    0 Votes

    Absolutely. Stay away from Wells Fargo. They talked my wife, whose english is not the best, into signing CC processing and locked her into 5 year contract at $47 per month. I'm in the process of canceling it since we didn't even use it yet but they want to charge $500 for early termination.
    I just signed up with Flagship Merchant services http://www.cardservicesales.com/ It was fast and fees are very low: $7.95 per month, %1.56+21c per trans. NO Contract- month to month. They'll reprogram your terminal or sell you one at their cost. DO NOT GO TO WELLS FARGO OR ANY OTHER COMMERCIAL BANK FOR CREDIT CARD PROCESSING SERVICE!

  • Sr
      5th of Jun, 2010
    0 Votes

    It is VERY obvious the last 2 posts are from processors and NOT actual consumers. !st of all Wells Fargo DOES NOT process credit cards, they are the funding bank only. They sub this function to a 3rd party processor and WF makes a small amount on the back end. Many business owners will contract for processing with their local bank not realizing they are getting screwed again. BANKS ARE GOING TO RUIN THIS COUNTRY, MARK MY WORDS !!!

  • St
      20th of Jul, 2010
    0 Votes

    Wells Fargo has a well earned reputation for gouging its retail stores and consumer clients with outrageous inflated charges that are not documented. For example, I just got of the phone after inquiring Fargo why I had two 39 dollar charges on my credit card balance after I submitted an online payment within a timely manner. They said the payment was rejected by my bank; hence, a 39 dollar late fee and a 39 dollar bounce fee. When I called my bank they stated there wasn't any activity from any merchant during the entire week in question. I called back Fargo and after they argued that I must have entered the wrong account number twice (I didn't) they finally stated that it wasn't sent to processing because the payment was from a checking in a brokerage account. Never mind the fact that I have 11 other credit cards withdrawing payments from that same account without any difficulties. So merhants, do you really want to piss off your retail clients with your privately labeled credit cards that are processed by Fargo?

  • Sm
      27th of Jul, 2010
    0 Votes

    Steven -I apologize for being so blunt, but you're mistaken. Wells Fargo does, in fact, process credit cards, in addition to being a funding bank for other credit card processors.

    My rate with Wells Faro is 3.65 %, plus the additional 1.8 to 2.? percent for Interchange fees on specialty cards. In addition, we are being charged $41 per month, on our 3 year contract. Fortunately, that contract is about to expire, and we are moving to Flagship as well. By my calculations, we will be saving in excess of $8, 000 per year with the lower rates and monthly charges offered by Flagship, which is a significant sum.

    I would agree that Wells Fargo's charges are exhorbitant, and would urge anyone considering Wells Fargo to look at the fine print very carefully and compare it to other companies prior to making any decisions.

    While the situations we've experienced might not be the same everywhere, you definitely don't want to get into a situation like this if you can avoid it.

  • Ga
      14th of Jan, 2011
    0 Votes

    i also am realizing the carpenters approach (hammered or screwed ever how you look it) to this i have had a wells Fargo merchant accunt
    for a few months now.
    And ever month it something else i was being charge over $49.00 for a rental machine while waiting on them to reprogram my nurrit machine after 3 mouths they finally told me they do not use that machine any more but look at there web sit they offer the same machine they just wanted to sell me something i didn't need.so i purchased a new machine from them for 250.00 (discounted) so they say if i bought private i would pay 250.00 to have it programed so they got me again the final straw is that they charge my account 3 times for the machine and i have to wait for my money in return i just bought new checks, deposit slips and stamp if not for that i would be gone from that institution. Gary from Lincoln NE

  • Dr
      15th of Apr, 2011
    0 Votes

    I agree wells fargo is a rip off, There was a charge to my account by a merchant, The charge was voided out by the merchant because I cancelled my order, the merchant voided it out imediatly, but wells fargo wil not credit my account untill 3 bussiness days, they didnt wait 3 bussiness days to take the money out of my account, so why do I need to wait 3 bussiness days to get it back? I no because my money is sitting in one of their accounts drawing intrest and they want to get as much as they can from my money. I spoke to 3 customer service agents, and 2 supervisors, the first supervisor gave me the number to their merchants dept and said if the vendor calls the merchant number and speaks to them that my money would be credited imediataly, he did and said they would credit my account imediatly, I waited 40 mins still no credit, Icalled and spoke to another supervisor and he said that the first supervisor gave me incorrect information, and that I would have to wait the 3 busssiness days to get my money back, I dont understand we jump through hoops and do what they say still to end up back in the same place we were when we started. unexceptable !!! I will be checking into diffrent banks, my money and time is to important to me to have to deal with poor customer service, bad managment, and a bank that holds your money for their own personal gain, No wonder the world is the way it is, with companies like this the american people dont have a chance !!!

  • Ta
      16th of Apr, 2011
    +1 Votes

    The worst bank in America, a total rip off. I forgot to make a payment on my credit card so they called me. I gladly decided to arrange a payment on a specific date. I asked the customer representative at least 5 times about the available balance after I make the payment. She assured me that once I make the payment, the very next I'd be able to use the card again. Guess what? The payment went through last night and today my credit card account has been closed. I called the customer service and the representative said he could only apologize for misinforming me. Not just one but 2 more reps lied to me and fooled me to make a payment and never disclosed the fact that my account would be closed once the payment goes through.
    That's not it. They have charged me at least $5000 in fines and charges since I have opened an account with them. Isn't there any law that could teach them a lesson? Does Wells Fargo only serve rich people? Is it not a bank for middle class or middle-lower class?
    Shame on you Wells Fargo, I pity your business ethics. How many more people will have to suffer to get this freaking bank closed? So glad they lost the law suit last year for the over draft fees case.
    A request to all the readers: Please do not bank with them. Close your Wells Fargo Accounts. Let them go bankrupt, let them suffer too.

    Thanks

  • Ki
      16th of Apr, 2011
    +1 Votes

    I HATE YOU WELLS FARGO!!! With every breath in my lungs I vow to inform people and hopefully destroy your precious little bank scams! You people are parasites and have contributed largely to the down fall of this country. How do you people sleep at night? Soundly on a bed made of my hard earned money I bet!!! I Hope you go bankrupt and your managers are forced into pawning their possessions and prostitution at seedy truck stops.

  • Do
      19th of Apr, 2011
    -1 Votes

    Just an FYI. Please know banking procedures prior to posting idiotic comments. Your bank CANNOT credit your account if another company owes you money. The credit comes from the company's bank and not wells fargo. And for everyone else, if you paid your bills on time you will avoid the REQUIRED fees and finance charges. If the bank would not charge fees then people would just use their credit cards and never pay. Granted, it is not my favorite bank but knowing banking procedures is necessary. Another thing to keep in mind is who services the credit/debit cards: MASTER CARD, VISA, DISCOVER, ETC. The regulations are actually coming from those companies.

  • Bi
      8th of Jun, 2011
    0 Votes

    i went with clearpay processing 951-254-3458 they lowered my bill from 600.00 a month to 480.00 a month, locked in my rates for 3 yrs. and they have a program that rolls your amex into one statement. no seperate amex statement or fee.

  • El
      13th of Aug, 2012
    0 Votes

    Yes I took got taken by Wells Fargo --- best rates quoted, unfortunately their "junk fees" made my rates skyrocket. I called customer service and they came up with lame excuse. Now I have 2 machines that are rented that I need to switch over, plus $500 EARLY TERMINATION FEE. STAY AWAY!!

  • Fr
      29th of Nov, 2012
    0 Votes

    Wells Fargo's zero percent loan was only zero percent if you paid off the origingal purchase within one year. If you didn't/don't the loan becomes a retroactive 27.99 percent interest! I now owe them $700 in interest on a $1500 dollar loan. So much for zero percent interest! The store that signed me up for this card didn't inform me of this expensive penalty.

    The application for the loan (the Wells Fargo credit card) took about five minutes with nothing explained or read. Of course people should read all the fine print all of the time. Or should they be required to?

    Something needs to be done with rotton CEOs that encourage this type of fraud.

  • Wf
      29th of Mar, 2013
    0 Votes

    WellsFargo Bank sucks !!! They don't care about customers. They just charge fees to customers and never bother to agree it is a mistake and correct it.

  • Da
      23rd of Jan, 2017
    0 Votes

    I was sold by a wells fargo sales person to switch to using them for credit card processing It was one of the absolute WORST business decisions I have ever made. They are over three times more expensive as who I was using and they are very hard to deal with. This after they promised they would be the same or cheaper. They also mis led me on several other items. I absolutely CAN NOT stand to deal with Wells Fargo and will never intentionally use them for ANYTHING again. I hate that so many loans get sold to them that you almost have to eal with them if you do very much credit business. They are a bunch of shifty scammers in my opinion.

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