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Wells Fargo / overdraft scam

1 United States Review updated:

I made deposit on

05/13/11 atm cash deposit - 1400 east passyunk ave philadelphia pa [protected]

With around, but not less, 10$ already on it, with deposited 40$ made it 50$ all together.

48$ was to be spent on already set up automatic payments. After payments are processed I got an email from you stating that there was not enough money on my account and I am being charged 12.5$ for overdraft protection.

After talking to the bank representative and supervisor - david reger from minnesota bank (Totally uniformed supervisor) , I found out that some amount was transferred onto saving account by you (2 times 2$). Transfer was done without my knowledge, I was not informed about it. By doing it, transferring money to my savings account, you made my checking account not have enough money, and I was charged 12.5$.

So what you did... You transferred money from my checking account 2 times 2$, after those transfers there was not enough money on checking account to cover 48$ payments, but at the same time on my saving account was 4$ transferred. Then you covered checking account with my money that you transferred and charged me 12.5$!
You created 12.5$ profit and you want me to pay you?!

This behavior would offend my dogs intelligence.

When I made deposit at atm, asked about account to deposit money on, I specified my checking account not savings account.

By not having control over how much money is transferred after depositing and intervals
By not being informed of the transfer amount and timing, puts you & ndash; wells fargo in position of doing transfers at the time you need it so you can charge fees. This opens up wide field for manipulation.

If I deposit 50$ onto account to pay 48$ bill I should not be charged any overdraft fees since it was deposited enough money to cover all my payments. By transferring money to savings account without my approval and knowledge, with simple analysis of my automatic payments, you can transfer certain amount at specific time so you do not leave enough money on the account intentionally and charge fees. Like you did in my case.

This is scam!

I want my 25$ (2 x 12.5$) back.

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Comments

  • De
      19th of May, 2011
    -1 Votes

    All large nationwide banks are scams. First, they caused our economic problems by INTENTIONALLY making mortgage loans they knew people couldn't pay. Then they took possession of the property, which they will sale to someone else for more than they originally charged, and since they had gobbled up every reputable bank they could, they extorted money from taxpayers because they were "too big to fail." To make up for profit shortfalls, they devised new ways to extract unreasonable fees from customers. In August 2009, for example, Consumer Reports stated that banks would make $32 BILLION on customer fees that year. They post checks and charges that come in before they post deposits, regardless of the chronological order that the events occurred. For example, U.S. Bank on Monday indicated in its online statement that a deposit had been made on Sunday and charges were made afterward. Tuesday, it had all been reversed to show the charges before the deposit. They charged the largest item first, which just the day before their own Web site acknowledged was purchased last, so that they could "bounce" six or seven smaller charges and charge me $35 per "overdraft" on money that had been deposited BEFORE the charges were made. They said that was their policy. To me, that's theft. It cost me $620 in overdraft fees for purchases made AFTER a deposit was made. It's safer to put your money in an open shoebox on the front lawn that to put it in one of the large, nationwide banks.

  • Sr
      19th of May, 2011
    0 Votes

    ^^^^same thing happened to me!!! banks are evil!

  • Co
      20th of May, 2011
    0 Votes

    People need to smarten up and start keeping minimal balances and using banks only when absolutely necessary. I advise putting all recurring charges on a credit card. If your credit is poor open a secured card and use it for everything.

    No more overdraft fees. You build your credit and don't have to worry anymore.

    As an added bonus you are afforded way more protection with a credit card account. If someone gets ahold of your info and uses it fraudulently the credit card company refunds you immediately. With banks like wells fargo you could be on the hook for the entire amount initially. Think about if a scammer got ahold of your checking account number and did 4 grand worth of charges. You would have to wait up to 60 days for them to investigate to MAYBE get your money back.

    Screw banks.

  • Do
      31st of Oct, 2013
    0 Votes

    They pulled the same scam on me - actually worse. I transferred money from my savings to my checking online just prior to paying a bill. On the 30th of the month - one day before I typically make a large deposit, they made an "overdraft transfer" for the amount that I paid and charged me $12.50 for the service. I had already made a transfer that they didn't credit to my account and then charged me an overdraft transfer fee. Additionally, they misreported my available balance so that it looked like I had available funds, but didn't.

    I believe that Well Fargo is deliberately and knowingly engaging in a fraudulent scheme to cheat their customers. In my case, this had taken place once before, about a year ago, but I just brushed it off as my mistake. I personally have been very diligent in making sure I have a posted balance enough to cover any expenditures since that time.

    Where is the FTC...?!?! I am sure that Wells Fargo is pulling the same scam on probably 100's or maybe 1000's of customers. They deliberately have their website setup to post incorrect information so that unsuspecting customers will overdraft and they can charge a fee. They also organize bank account transactions so that overdrafts are charged to an account prior to deposits.

    I would like to see Wells Fargo investigated and their officers charged with colluding to defraud consumers. The authorities are not doing enough to protect consumers in this case.

  • Rx
      19th of Dec, 2013
    0 Votes

    The problem is enrolling in "Overdraft Protection". Once this feature is in place, the bank approves all charges to your debit card, even if your account is overdrawn. When the account it is overdrawn by a debit card, maybe the customer isn't aware of an overdraw (it's easy to lose track of debit card transactions because there is no balance sheet). If there is a balance that does not cover the purchase, a debit card charge should be denied at point of purchase, ...unless you have "overdraft protection". Even if your balance is 1 cent or more in the red, with "overdraft protection" your debit card transaction will be approved and the next day you will find a bank service charges of $25.$35. for each time you use this card after overdraft occurs.
    During the holidays, my Wells Fargo debit card was unknowingly over drafted (and approved for 3 Starbucks coffee ($4.75 each). The following morning I deposited $200. cash in the account. The flowing day, Wells Fargo deducted $35. for each cup of coffee ($105.) all because I signed up for "Overdraft Protection". If I didn't have "Overdraft Protection" in place, my card would have "denied" at the counter, and there would not have been any overdraft.
    THE SOULUTION: DO NOT SIGN UP FOR "OVERDRAFT PROTECTION" ON YOUR DEBIT CARD PURCHASES.

  • Cn
      30th of Jan, 2014
    0 Votes

    On the morning of 1/29/2014 I paid my Verizon Bill of $50 online. In the afternoon of the same day, I checked my WF checking account and saw the $50 Verizon charge in Pending Transactions status. I took a screenshot and saved the file. On 1/30/2014 at 6PM PST, I checked my WF checking account and the $50 Pending charge is nowhere to be found, and my available balanced has increased by $50. I took a screenshot of that too! I checked my Verizon account and it shows paid. My cell phone works. Wells Fargo does this type of scam to all customers that fall under $100 balance on a month to month basis. It is their way to make money on overdraft / insufficient funds fees. Wells Fargo is hoping that most of us poor people are stupid and Hope we think we have more money than we really have. Obviously, it works or they would not do it! I have tracked this behavior for the last three months and every month my Verizon payment is there one day and gone the next. It can take up to 3-5 business days to post.

  • Ol
      6th of Jun, 2014
    0 Votes

    Can understand your feelings---but you did owe the bank. And should have been aware that they would take their owed due 1st chance possible. Even if you owed a private debt it would be the same. What WELLS FARGO is guilty of is the practice of paying out the largest amount due 1st-- NOT BUY WHEN THE DUE AMOUNT COMES IN. this means if you have used your debit card to get small amounts like $3 even if there 10 or 20 debits they will take the large amount leaving your account to pay $35. [ think that is the current charge --each bank is different could be more in others] for every tiny amount you have paid out BEFORE you paid the big debit. This can lead to 100s OF DOLLARS IN DEBT!!! They were --or currently in court because of this--a class action lawsuit against them --by multiple people. This has happened before and banks are forced to return the monies they took. It can amount to MILLIONS OF DOLLARS. If they do it enough people that can be a huge profit.

    SO----- no matter who you bank with always look at your statement--and if you see the larger amount that may have come in days later---go to the bank and demand they correct the billing so you only get maybe 1 or 2 charges.
    Hopes this helps some one.

  • Ol
      6th of Jun, 2014
    0 Votes

    WELLS FARGO is guilty of is the practice of paying out the largest amount due 1st-- NOT BUY WHEN THE DUE AMOUNT COMES IN. This means if you have used your debit card to get small amounts like $3 even if there 10 or 20 debits they will take the large amount leaving your account to pay $35. [ think that is the current charge --each bank is different could be more in others] for every tiny amount you have paid out BEFORE you paid the big debit. This can lead to 100s OF DOLLARS IN DEBT!!! They were --or currently in court because of this--a class action lawsuit against them --by multiple people. This has happened before and banks are forced to return the monies they took. It can amount to MILLIONS OF DOLLARS. If they do it enough people that can be a huge profit.

    SO----- no matter who you bank with always look at your statement--and if you see the larger amount that may have come in days later---go to the bank and demand they correct the billing so you only get maybe 1 or 2 charges.
    Hopes this helps some one.


    tis means if you have used your debit card to get small amounts like $3 even if there 10 or 20 debits they will take the large amount leaving your account to pay $35. per transaction[ think that is the current charge --each bank is different could be more in others] for every tiny amount you have paid out BEFORE you paid the big debit. This can lead to 100s OF DOLLARS IN DEBT!!! They were --or currently in court because of this--a class action lawsuit against them --by multiple people. This has happened before and banks are forced to return the monies they took. It can amount to MILLIONS OF DOLLARS. If they do it enough people that can be a huge profit.

    SO----- no matter who you bank with always look at your statement--and if you see the larger amount that may have come in days later---go to the bank and demand they correct the billing so you only get maybe 1 or 2 charges.
    Hopes this helps some one.

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