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If you don't want overdraft protection when you overdraw on your account, don't opt-in for it. It's your fault if you choose to opt into a service and you use it.
1. Is a bigger PITA to change banks than to endure their petty thievery.
2. The bank across the street is just as bad, if not worse. If you don't like it, deal with an auto-title payday loan outfit.
I use a bank for one thing and one thing only. I process my income in through direct deposit, and cycle it out once a month through a debit on line to my credit card.
The only reason I have a local bank at all, is so I can cash my check for $1.50 if I report my laundromat washer didn't work. I make it a point to pay zero in fees, but they make money by loaning at 15% the money that they pay me 0.0000001% interest on.
You'll be pleased to know it is not all their fault. It costs the banks billions to comply with the federal regulations secretly imposed without your informed consent by the people you keep re-electing. I've never seen any figurs from US banks, but the Toronto Dominion Bank in Canada reported that it cost them $100-million to enforce government regulation that were forced down Canada's throat by the government of the United States of America. Canadians are paying for that, straight out of their pockets, being passed along to them as fees from their bank. American banks are under similar burdens.
If you are looking online, do not withdraw funds until "pending" changes to "available".
A 20 year customer should know by now how these things work, don't you think?
Well, not if you never had to use OD protection. I never knew OD was on the acct til I called the customer service rep. I just never needed to use it.
BUT, lo and behold, I checked this morning and it was reversed and the transaction wnet through as I intended it (from my checking). Their system automatically processed the check and made the funds available and the phone rep said that would trump the OD protection so no fees would incur. Technology working in favor of the customer. But, yes lesson learned and still a proud owner of their stock since 2007.
Maybe I should've went to Target and bought something.. I never pay with a card there after their cyber breaches.
Of course that is fair for them to do. They offer services for a cost. If you do not feel that their servies are worth the cost, you can go somewhere else.
Scenario: have checking and savings acct linked and a 20 year customer.
Checking acct was low so made a $4k deposit via check at a Wells ATM from another institution's check and pulled out $200 from that check so Wells balance is still technically $5 until next day.
Makes a small purchase of $12 at store ith ATM card which activates linked savings acct to cover the checking acct shortfall. Meanwhile custoemr thought ATM card puled money from the checking acct.
Customer goes online and views his acct a few hours later and see money was pulled from savings to cover $9 overage. Wells will now charge this customer $12.50 for overdraft protection to checking from savings. ANother kicker, the customer had an exact balance in their savings to avoid the monthly fee. Now customer will have to pay another $10 monthly fee. So, a $12 purchase now ballons to $36.
Is that fair for Wells Fargo to do? WTH am I asking for since they were bailed out and still screw people around.
So, where are the better options rorm your experience.
ATM fee reimbursement including international and free bill pay are needed
For mobile check deposits that are $10,000 or more how is that handled?
A check is a contract, even if you don't think of it this way. Writing a check on an account that there isn't enough in to cover is a misrepresentation, not something that should be taken lightly. It's illegal, though it would not be prosecuted in a case like this.
Overdraft protection is another contract, specifically between the account holder and the bank. If the account holder signs the contract without reading its terms, well....therein lies the problem.
A party in a legal contract has the duty to uphold it, which includes the responsibility to make sure the funds are there.
As far as paying for something with money that has not been received yet, this is what credit is for, not a checking or savings account.
Scenario: have checking and savings acct linked and a 20 year customer.
Checking acct was low so made a $4k deposit via check at a Wells ATM from another institution's check and pulled out $200 from that check so Wells balance is still technically $5 until next day.
Makes a small purchase of $12 at store ith ATM card which activates linked savings acct to cover the checking acct shortfall. Meanwhile custoemr thought ATM card puled money from the checking acct.
Customer goes online and views his acct a few hours later and see money was pulled from savings to cover $9 overage. Wells will now charge this customer $12.50 for overdraft protection to checking from savings. ANother kicker, the customer had an exact balance in their savings to avoid the monthly fee. Now customer will have to pay another $10 monthly fee. So, a $12 purchase now ballons to $36.
Is that fair for Wells Fargo to do? WTH am I asking for since they were bailed out and still screw people around.
So, where are the better options rorm your experience.
ATM fee reimbursement including international and free bill pay are needed
For mobile check deposits that are $10,000 or more how is that handled?
its fair and a silly complaint.
did you try calling to see if they will waive the fees? i have made some mistakes and got hit with some fees and most of them time the fees are waived. i think the only fee i havent been able to get waived was the finance charge on a late target credit card payment. they waived some late payment fee but wouldnt waive finance charge. if you didnt even call to ask them to waive the fee, im not sure how you can complain about their loyalty. thats usually when they give you the little "since you have been such a loyal customer for so many years, we will waive the fee."
i use ally bank. i also have an account at wells fargo and for the most part, wells doesn't charge me fees because i have a high value account that requires at least $25k, etc. but even so, they still charge me random fees here and there sometimes and it's annoying.
up until a few months ago i was a customer of bofa for 23+ years (opened my account in 1991 when i was a freshman in college).
i recently got my first bofa credit card (alaska airlines). i had many other credit cards over the years but never a bofa one. there was no easy way to set up autopay so i didn't pay my bill on time and they charged me a late fee. i asked if they can waive it since it's the first time i have ever been late. they said no. i said "close my credit card and while you're at it, close my bank account too" and they did. i haven't looked back since.
i use ally bank for most of my banking now. it's only online but they refund atm fees and don't charge me a bunch of fees. they also give me 1% interest in my savings account which is a lot better than the 0.05% that wells gives me.
What a great idea. I'll just magically become eligible to join a different credit union. Thanks for the tip.
There are many credit unions you can join based simply on where you live (usually some set of specified cities and/or counties). They're called community credit unions. Some credit unions offer membership to those who work in specified cities or counties, even if they don't live there. Some are based on employment with one or more specified employers, e.g. there is a local credit union for teachers, which covers multiple school districts.
Well, not if you never had to use OD protection. I never knew OD was on the acct til I called the customer service rep. I just never needed to use it.
But you did know you had overdraft protection!
From post #1...
Quote:
Originally Posted by frankrj
Wells balance is still technically $5 until next day.
Makes a small purchase of $12 at store ith ATM card which activates linked savings acct to cover the checking acct shortfall. ?
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