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Wells Fargo / fraudulent charges

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Wells Fargo
After reading the consumer rebuttals, I have a clearer understanding of how the banks work. I am hundreds of dollars overdrawn in my account, due to what everyone else is saying. I had a lot of money in my account and was just a-spending it away and not keeping good enough track of what I was doing. I KNEW that banks put through the largest item first and then the smaller ones. I KNEW that I should keep a checkbook register instead of relying on the Online Banking. SO THEREFORE, I can only blame myself for my situation.

If I had managed my money better, then NO MATTER HOW MANY TRANSACTIONS I MADE, OR WHAT ORDER THEY WERE PUT THROUGH, I WOULD NOT HAVE RECEIVED ANY NSF CHARGES! If banks put the largest transactions through first to make sure that car payments, loans, mortgages, etc. clear before Taco Bell, gas and entertainment charges, then GOOD! I didn't realize that until reading some of the responses to consumer issues. I'd rather my RENT go through than my lunch at Taco Bell...I'd rather have 5 or 6 OD/NSF fees than to have my mortgage not paid.

All the banks I know do the same things: largest items are put through first, then smaller ones. Deposits, UNLESS THEY ARE CASH, are held for AT LEAST one business day. They will tell you that if you want your deposit credited immediately, DEPOSIT CASH! I'd rather spend $20 in check cashing fees than $35 in OD/NSF fees! Transactions DON'T CLEAR in the order you make them...but in the order the BANK RECEIVES THEM!

Yes, I've had a transaction disappear for a day and cause me fees, which I still don't understand, but either way, it all comes down to OUR OWN spending habits!! Keep a checkbook register! Do not rely on Online Banking for your balance! Keep all receipts! Balance your checkbook (all bank statements include a sheet for you to balance your account on...USE IT!). Instead of using your card for 20 transactions, keep some cash on you! (Though I hate to do that, too, because hell, what if I'm robbed?! Then I'm screwed!!).

If you have $100 in your account, and you write a check for $101, it's your own fault if you get an NSF fee, because YOU didn't have enough money in there when you wrote the check! Banks are there to make money too, and yes, sometimes they are really unfair but that will happen anywhere! If you don't like how banks do it, get a PREPAID DEBIT CARD! Greendot! Advance America! You pay a bit more money but you don't deal with banks anymore! Go to a cash system! It's a ### but it works for some people (not me!). Otherwise, don't give the banks a reason to get fees from you.


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N  17th of Mar, 2009 by 
Agree Disagree 0 Votes
I purchased a vehicle in late 2005 and used Wells Fargo as my finance company. I added the vehicle on to our existing insurance policy with Allstate and maintained that until switching agents (still with Allstate). We then changed to a family agent who placed us with TOPA/RMIS. We have never had any lapse in policy or terminations of any policy. However, shortly after we purchased the vehicle, Wells fargo has sent us letters indicating the placement of Collateral Insurance on the vehicle for failure to provide proof of insurance. OK, we thought this must be a mistake and someone's something didn't talk to the next person's somebody. We called Wells Fargo and submitted via fax the Insurance declaration page. Upon receiving our next 2 statements, we noticed the Collateral Protection charge is still factored in to the amount (nearly $2000!!!).

Then the collection calls began.

I called back to Wells Fargo and after fighting with a collection rep just to get to speak with someone regarding the insurance portion, I was finally transferred to a manager (or so I thought!) who explained that they had no record of receiving my proof of insurance. Did it just vanish into thin air? Did someone just not do their job? OK, mistakes can happen. we faxed it over again figuring this 'manager' guy should settle this once and for all. 2 months go by, 4 months go by, and still nothing taken off our bill, all the while, the collectors are steadily calling and getting more in our faces and threating us with their veil little threats, as if it were their PERSONAL automobiles!

2 months after switching to our new insurance, we receive another Collateral Protection placement letter for nearly $2000! We went through the process of calling again, this time being directed to call Balboa Insurance directly. OK, now we're getting somewhere, not. After Submitting our OLD insurance and the NEW insurance to Balboa, it seems at one point they mysteriously don't have a record of receiving it.

the next time they saw the notes in the computer where we submitted it but nothing was processed and that they would look into it. Several months had expired with nothing being deducted from our statements and now it is showing an outstanding balance just over $4500. You can imagine the flavor of the collection calls now. It was really getting nasty when we changed to our Family's private Insurance agent who placed us with TOPA. Of course we received another letter shortly after for Collateral Protection placement (can you guess how much?!)

I promptly called again, and was directed to Collections. I hung up and called Balboa directly again. This time I spoke to a representative who was only interested in receiving the proof of the current insurance coverage and would not listen or look into my claims regarding the other to CP placements. THIS TIME, THEY FINALLY showed a deduction for this 3rd CP placement amount.

I called again to resolve the previous issues, and was directed to have my Agent call. He did while I was sitting in his office. It has been almost 4 months since and things have not been resolved at all. We have followed every guideline we can and still nothing from them. Not only is their insurance outrageously high, but the internal mechanisms of communication between these 2 companies is nonexistent.

Additionally, I have previously purchased a used truck in 1997 wherein Wells Fargo was the finance company, and the same thing happened. It took them forever to get the records updated (both with Balboa, and then with Wells) to reflect the private coverage. It then took almost 2 months for the reduction to show up on my statement.

We have recently purchased a new family vehicle and again, in no more than 2 months, we received a CP letter for this vehicle. We called Balboa and got the run-around. We then had our Agent call Balboa and 2 bills later the deduction appeared. We also received a confirmation letter from Balboa rescinding the Collateral Protection on this vehicle (for now!)

In my opinion, Wells Fargo Auto Finance could be a good company to work with if they maintained their policies from a management perspective, dealing with issues of oversight fairly and not as if everyone is a criminal (guilty until you prove yourself innocent. multiple times!). They should have better communication with their partner companies. but then again, THEY DON'T CARE ABOUT THE LITTLE GUYS WHO

PURCHASE A LITTLE CAR FROM A LITTLE DEALERSHIP. They only care about their monopolistic gains and it is just a paycheck to their representative. No wonder American jobs are getting shipped overseas at record pace! Because we just don't care enough to do our jobs properly. I can truthfully understand if I were trying to rip them off and just say 'screw them', but I am an average working class stiff, who has his financial ups and downs (who doesn't these days) but I am definately not trying to NOT pay for something I purchased.

This whole company needs to be INVESTIGATED and a little CIVILIAN OVERSIGHT immediately!
N  12th of May, 2009 by 
Agree Disagree 0 Votes
B.S. We had 6 small transaction "Pending" On a Thursday..The next Tuesday, they pushed a transaction that was just posted that Tuesday ahead of the 6 others, just so they could charge 33 for each. That is stealing!! We would have only been $3 short on the larger posted transaction on Tuesday, and it would have gone through anyways. If you think there is anything right about that, then you deserve to have money stolen from you.
D  5th of May, 2010 by 
Agree Disagree 0 Votes

This is in reference to the Bank Manager, "who listens to their customers" and who states, "It is [the customers] fault...for the NSF fees." I am a small business owner of two businesses, one a construction company and the other a boutique.

I have a Merchant Account with a credit card processing company (not Wells Fargo) of which my customers may run their credit card - for merchandise in my boutique. Again, I am a small business owner. I am not making millions of dollars, in this economy, but just getting by day to day like everyone else - to pay my bills.

I recently had a customer - and this has happened to me a few times - tell their credit card company that they did not use their card in my establishment. So, without warning the credit card company removes the disputed $616.00 from my Wells Fargo bank account. I then received - and this always happens on the day they remove the funds - a notice from the credit card company, informing of their removal of funds from my bank account. See, the credit card company will remove funds, then have me prove my case. In their letters they request the actual invoice, the shipping address, the billing address, and their signature. All, of which I submit.

Due to this recent removal of $616.00 - it created over $280.00 in NSF fees..now I am out $896.00. Due to my proving my case it will now take 7 to 10 business days for the credit card company to deposit back into my account the $616.00. Now, the $280.00 in NSF fees from Wells fargo, well, that may not happen. The incident like this before...cost me $760.00 in NSF fees from Wells Fargo. This "Bank Manager" who posted on this forum, was not my fault.

One of my business offers online shopping. I deal with those incredible people who will purchase and will attempt to say they never received their product, or those who state they never made the purchase. I get slammed for the amount they are disputing. However, I win my cases showing proof of every delivery, or sale.

This is my first problem with Wells Fargo. They only reimbursed me on the previous situations for half of the NSF fees. They state, that "they can only refund all the NSF fees, if it is a bank error". Of the $760.00 in NSF fees they took from me a few months ago, Wells Fargo only credited me half. Due to this recent situation I am trying to get my NSF fees back from Wells Fargo and have yet, to get anywhere with them.

This is my second problem with Wells Fargo. When my account is in the negative during these situations, Wells Fargo continues to allow transactions of which transpired previous to my knowledge of the removal of credit card funds - to come through thus, Wells Fargo making a profit of $35.00 a transaction.

I say, that Wells Fargo needs to quit ripping their hard working customers off!

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420 Montgomery Street
San Francisco
United States - 94104
+1 800 869 3557
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