Wells Fargo's Unauthorized Overdraft Loans

Wells Fargo's unethical banking practices run the gambit from sitting on deposits, debiting high amounts first, to forced enrollment in a checking account overdraft plan that you don't want. It's a forced loan with a few exceptions: no loan agreement, no disclosure, no Truth-in-Lending, no loan statement, no review of terms and conditions, no opting out, no protest procedure. None the less, it looks like a loan, acts like a loan, quacks like a loan. It must be a loan. If you doubt that, just don't pay the loan balance. You see, it's a loan! But it won't appear on a TRW, and you filled out and signed nothing to get it. Your statement doesn't even show you have a credit line, because it's covert. It doesn't serve your credit needs, it serves the Bank's. The need for Federal intervention is here, either via executive branch investigation or legislative branch remedy. It wreaks of conspiracy. I'm amazed there is no class action brewing. The FDIC should allow claims against this silliness. After all, our funds on deposit are Federally insured, possibly against this.
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ID
#134815 Review #134815 is a subjective opinion of poster.
Location
Los Angeles, California
Product
Wells Fargo Account

Wells Fargo - Unwarranted fees made by account insuffcient

Wells Fargo depleted my account with unwarranted fees that made my account insufficient when I had enough money in my account to pay all bills, but Wells Fargo illegally withdrew overdraft fees & continue overdraft Level ll fees, and additional fees. I have my bank statement showing that my account was in good standing. Then Wells Fargo had the audacity to place me on the chex system. Wells Fargo has violated the Professional Business Practice by participating in unethnical business tactics. Wells Fargo refuses to reimburse me the money that they illegally withdrew from my account to gain a profit.h
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1 comment
Anonymous
#49939

You would think you would read the Terms and Conditions for your account. They don't give you all the paper work when you first open the account so you can throw it away, you're actually suppose to read it. It clearly states what will happen when you don't have enoough money.

You obviously don't know how to manage your account when there are so many ways to check on your money...

ID
#134312 Review #134312 is a subjective opinion of poster.
Location
Los Angeles, California
Product
Wells Fargo Account
Loss
$1

Wells Fargo - Well's Fargo scamming the 'overdraft'. Puts debits through, hold deposits.

I will keep this short as I know that anyone who has experienced this insanity will understand it immediately... I have fought with Well's Fargo to the point of no return on this one. You know how it goes...6 or 7 small debits and then much later a large one that goes into the negative by a buck??? Then they put that on first and make all those 10 dollar debits go into overdraft to charge you the 35 bucks a pop. Hold your deposit, let all your debits come thru and...BAM...10 more overdrafts. FRAUD. FRAUD!!!
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1 comment
Anonymous
#31341

If you complain and tell them that you feel that the bank is only interested in profit and that you will pull your account and change banks, they usually refund a portion of the fees as long as this is not a regular activity on the account. You will have to speak with a manager since thanks to the economy crisis banks have adopted the stance and have actually trained their customer service reps to ALWAYS deny a refund and state that as long as it's not the bank's error they will not issue a refund.

That is NOT true. They will, depending on your history with the bank. Also, if you hold other services with them, such as mortages, cd's, savings accounts or anything, Threaten to pull them, just be ready to do so. Sometimes they will say it takes days to close an account, and that they will mail you a check for the balance in your account.

To get around that you tell them not to worry about it, then go to the bank and pull everything except $1.00 from the account. If you have a mortage, call and ask them for a loan payoff letter, this is the first indication that you may be refinancing and leaving their bank.

You have power as an account holder. USE IT!

ID
#133289 Review #133289 is a subjective opinion of poster.
Location
Mesa, Arizona
Product
Wells Fargo Account
Loss
$500

Wells Fargo - Overdraft Protection Danger to Credit

Your credit report is in danger when using an overdraft protection account with Wells Fargo. When your overdraft protection account reaches its maximum amount Wells Fargo has a policy that ads an additional 2 % of your limit to your account. Example if your limit is $3,000 they will ad an additional $60 taking you to $3,060 which puts you over your credit line. This may seem like a nice feature to help you avoid overdraft charges but as soon as this occurs they send a complaint to all three credit reporting agencies stating you have exceeded your credit line. This can cause your credit score to drop maybe as much as 30 points. The drop in your score can have a direct effect on your ability to secure favorable terms in any transactions with Wells Fargo or any other company.
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ID
#132623 Review #132623 is a subjective opinion of poster.
Location
Las Vegas, Nevada
Product
Wells Fargo Account
Very recently I did a stop payment for a couple of pre authorized debits from another horrible company, Midland Credit Management, reason being I lost my job and I couldn't afford the monthly payments. I called Ashley from Wells Fargo and she informed me that the...
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3 comments
Anonymous
#458526

HAving issues with Midland credit myself. First they put a garnishment through that was for a 350 dollar from 1995, and now ballooned to $1781.

My payroll didn't notify me nor did Midland about such an old debt. No problem, I paid it in full and when the last payment was sent I simply called them to ask that they send me a letter of satisfaction-I'm trying to clean up my credit. This has been paid since last year and you get nothing but extremely rude people who hang up on you and tell me I owe interest. Well my payroll rep.

and myself have asked for that in writing. No such luck. You'd think they would want to get everything they claim to be owed, but it's been impossible to get this taken care of and the crazy part is, not only have I paid off the judgement in full, they claim I owe interest not included in the garnishment but they still send nothing to get the money. I don't get it.

These people are crooks and need to be stopped. I even took the evidence that I paid to the courts to get them to release me from it and a judge denied my motion to dismiss so it's like you can never win, even when you pay your debts.

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ID
#131036 Review #131036 is a subjective opinion of poster.
Location
Pacifica, California
Product
Wells Fargo Account

Wells Fargo Financial

I called Wells Fargo about my account that they scammed me on. I purchased appliances at a store that offered their financing. I was given 6 months to pay without interest, and after five months I purchased a tv and the store said that it wont affect my prior agreement. I made my 6th payment, and when the 7th statement came they took my last payment and put it towards the tv just to screw me with a charge of $62 and change for the appliance. I called and talked to a man and he said he could take $20 off the charge, but only if I paid by phone, witch is a charge of $10, so I'll save $12!
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ID
#128356 Review #128356 is a subjective opinion of poster.
Location
Washington, District Of Columbia
Product
Wells Fargo Account

Wells Fargo - Hold on my money

I have to say that Wells Fargo pissed me off for the last time. I made a deposit exceeding 5k on 6/13/08 so there was a hold placed on the check and was told on 6/16/08 by a phone banker that the hold would be removed on 6/17/08. I then questioned him several time to make sure because I needed to write a check against those funds. They assured me that it would be removed on the 17th and it would be okay for me to write a check and as long as the person I was makeing it out to did not try to cash it on the 16th I would be fine. Well let me tell you how suprized I was on the 17th to see that the were now holding the funds until the 20th. So I called again to see what was the problem and was told that the can extend the hold at any time but when I got upset they said that if the check came in before the hold was lifted they would not return it. Well need less to say the check that I wrote to my 401K was returned and I was charged NSF fee after I was promised by two different supervisors that they would note my account and the check would not be returned. I can't wait until the return check clears to I can get my money out of there.
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ID
#124618 Review #124618 is a subjective opinion of poster.
Location
Plano, Texas
Product
Wells Fargo Account

Wells Fargo - WORST BANK EVER

THIS IS THE WORST BANK EVER!!!!! I WAS A VICTIM OF ONLINE FRAUD. THEIR RESPONSE TO ME WAS THAT I SHOULD HAVE CONTACTED THEM THE MINIUTE THAT UNAUTHORIZED TRANSACTIONS BEGAN. I AM SORRY THAT I DONT HAVE TIME TO DROP ALL THAT I AM DOING AND CALL YOU. THAT IS YOUR JOB!!! YOU SURE TAKE MONEY OUT OF MU ACCOUNT EVERY MONTH TO MAKE SURE OF THAT. NOW I OWE THEM OVER $400.00, WHICH I AM SORRY TO TELL YOU YOU WILL NOT GET ONE CENT OUT OF ME. I HATE THIS BANK AND WOULD NOT RECOMMEND IT TO ANYONE, THEY *** EVERY MONTH AND OBVIOUSLY IF YOUR NOT ON THEIR JOB YOU BECOME A VICTIM OF FRAUD
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3 comments
Anonymous
#49944

good thing your not a financial adviser, saying your not going to pay money you owe...sounds REAL smart.

The previous post is right, your an ***!!

You screwing your credit and your future trying to act tough with a bank. You might as well go and act tough with the cops, FBI, or IRS for that matter....

Anonymous
#41013

oh and before you plan on falling into another fraud scheme check out www.lookstoogoodtobetrue.com, its an fbi funded site to attempt to inform those like yourself who cant think twice before handing out their personal information.

Anonymous
#41012

wow. if you're dumb enough to fall for online fraud now a days with all of the current information out there and with the media trying to scare you maybe you deserve to be overdrawn.

oh and good luck with not paying wells back. screw over wells fargo and you're not getting a bank account anywhere for at least 7 years. wells fargo is the only bank that will give people with records on chexsystems. good luck trying to find a bank you idot.

so instead of paying back wells fargo for your stupidity you're going to waste money trying to find banks to cash your checks or finding a check cashing place just to pay a fee because you what? cant open an account.

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ID
#122472 Review #122472 is a subjective opinion of poster.
Location
Washington, District Of Columbia
Product
Wells Fargo Account
Loss
$452

Wells Fargo took my money

Wells Fargo took my money and my account was overdrawn because of it. They had me to fax the info over to them and once I did they still denied oweing me the money. My bank even stated that they took out 2 payments but they still would not pay my money back. I always heard that they were crooked but I never thought it would happen to me. They took a girl I know title and sold it so she had to get a duplicate. They are so wrong and nothing good will come to them if they keep doing people the way they do us.
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3 comments
Anonymous
#25799

Every time I read one of these posts I laugh...the bad grammar, the audacity of some *** blaming a bank for their own short comings. I have 3 loans with Wells Fargo Auto and have had no problems, know why?

I PAY MY BILLS AND ON TIME!!!!

And because I pay them on time I have the luxury of sending it in by mail each month without them hounding me for phone payments whcih MAY lead to a mistake if you don't have money in your account right then. And hey aviator keep sending your $0.40 a month to them, I am sure they don't mind!

Anonymous
#24643

Disgruntled Wells Fargo customers UNITE! Let them learn the power of numbers.

Do what I'm doing.

I am an individual, and they can deal with me easily. But, if all us disgruntled customers actually DO unite, Wells Fargo will soon have to CARE. I have decided to send Wells Fargo Financial a hard copy check via regular mail for the sum of .10 (TEN CENTS) to be posted to my account. I will also faithfully pay my Wells Fargo Financial bill.

I will send the ten cents checks each 5th, 10th, 15th, 20th, 25th, and 30th of each and every month. I will bend the envelope in such a way that a PERSON will have to open it for processing. In each envelope, along with the check I will place an explanation letter, telling that poor processor why he/she is having to do such a thing. This will cost me a grand total of $3.06 each month(check plus stamp), which I consider a small price to pay to get them to CARE.

Imagine what can happen if ONE MILLION of us disgruntled customers unite and do the same thing on the same dates! A swamped mailroom may get someone in Wells Fargo Financial hierarchy to CARE. Please join me in my endeavor. Wells Fargo can easily deal with all us individuals, but if we unite, we can make them listen and care.

Maybe YOU have a better idea in getting their attention. If so, please post it.

christy
#18366

i work there and have heard this story many times. did you know wells fargo auto will put a check through 3 different times if it doesnt go through the first time.

we are told that is policy. but that causes alot of overdrawn accounts

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ID
#121429 Review #121429 is a subjective opinion of poster.
Location
Greenville, South Carolina
Product
Wells Fargo Account
I closed my account(s) with Wells Fargo over two years ago. Last year, I received a call from a collection agency trying to collect on $55 service charges from Wells Fargo. After further investigation, it turned out that the banker didn't close the accounts...
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2 comments
Anonymous
#18882

I wish that I could give you some great advice on how to handle this but I can't. Maybe you could hire an Attorney on a contingency fee basis.

I can't wait to be able to close my account with them but I can't until the check that they returned for NSF clears. The only reason why it was returned is because they continued to place a large check I deposited on hold.

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ID
#117253 Review #117253 is a subjective opinion of poster.
Location
San Diego, California
Product
Wells Fargo Account

Wells Fargo Financial for Raymour and Flanigan

I wouldn't recommend Raymour and Flanigan to anyone, especially since one has to deal with Wells Fargo Financial. I paid off this account in October and received a statement indicating I owed nothing more on this acct. Then in December received another statement saying I was "slightly late" and charged a late fee of $10. I want the word out there about this company and their underhanded business practices. I will never do business with Raymour and Flanigan as long as they continue to use Wells Fargo Financial. I depise this company. My sister has had problems with them, as well. For about the same thing, making bogus charges.
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1 comment
Anonymous
#7235

I feel that Wells Fargo is discriminatory on the basis that I do not work. I do get an income because I am disabled.

Their decision was based on a credit report "but the reporting agency played no part in their decision". Make up your mind WFF. Give me some specifics then. My credit report isn't perfect, but I scored over 6hundred.

I know I'm not the only one complaining. The way the banks are failing, you'll need the average consumer soon WFF.

ID
#108867 Review #108867 is a subjective opinion of poster.
Location
Rochester, New York
Product
Wells Fargo Account