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Old 09-21-2007, 03:12 PM
 
Location: Loss Wages
1,310 posts, read 6,404,846 times
Reputation: 572

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I am unfortunetely a victim of WellsFargo bank overdraft fees at it's best. Their outrageous fee rules of now charging per item and posting it whenever they feel is best and then charge even more after that because the money I put in for it they put a hold on so they can charge charge charge!

In the UK, there's a big revolution of requesting their charges be refunded under the Unfair Terms in Consumer Contracts Regulations 1999 and Data Protection Act.

I want to do this but I can' t find anything on the web that I can apply this to me. Can anyone give me advice to how best to deail with this????

I know that the bank doesn't like to go to court, let a lone for a small amount of money that's chump change to them and precious hard-earned money to me. I'm tired of them getting away with this!

Can you help me????
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Old 09-21-2007, 03:38 PM
 
21,157 posts, read 6,917,650 times
Reputation: 39520
Quote:
Originally Posted by deegers View Post
I am unfortunetely a victim of WellsFargo bank overdraft fees at it's best. Their outrageous fee rules of now charging per item and posting it whenever they feel is best and then charge even more after that because the money I put in for it they put a hold on so they can charge charge charge!

In the UK, there's a big revolution of requesting their charges be refunded under the Unfair Terms in Consumer Contracts Regulations 1999 and Data Protection Act.

I want to do this but I can' t find anything on the web that I can apply this to me. Can anyone give me advice to how best to deail with this????

I know that the bank doesn't like to go to court, let a lone for a small amount of money that's chump change to them and precious hard-earned money to me. I'm tired of them getting away with this!

Can you help me????

a) How the British handle things may be different and more to your liking but this is the US.
b) Fee schedules are part of the documentation you receive when opening an account.
c)I have never heard of a flat rate od fee. Wells Fargo is charged by the depositing bank per item and thus turns around and charges you. After all your account did not have sufficient funds to cover the checks you wrote.
d) Float or availability of funds is based upon availability of the funds to your bank. You deposit a check drawn on an out-of-state bank. It takes several days for this check to clear through the Fed system. You deposit cash it will immediately reflect on your account.

Please do your homework instead of screaming unfair. Yes, the bank can refund charges at discression. Are you a customer with a one-time oops or do you constantly write NSF checks?

Use your own judgement - are "they constantly getting away with it" or are you an uneducated consumer floating checks? Please this is not personal. Banking in another country is a learning experience. The best way to do so - do your homework online then visit your branch and ask all questions you still have.
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Old 09-21-2007, 05:03 PM
 
Location: Loss Wages
1,310 posts, read 6,404,846 times
Reputation: 572
Thank you for you response and I appreciate your advice.
If I may, please note I never screamed unfair. I only quoted it in Terms title. I only screamed for help. Forgive me if I expressed some frustration, I only was interested in finding out if this is valid here in the states. I have researched several sites, and I felt it was wise to ask others' opinions on the matter since I seeked to continue that research. I had already found articles discussing the banks role in consumer accounts. Banks 'play dirty' in row over unfair penalty fees | the Daily Mail This is one I had found.


No, this is not a reoccuring pattern and no, I am fairly aware of the their fees, registers, and rates so I don't really think I'm an uneducated consumer. However, I am a consumer continuingly learning new things about how you can be "screwed". Though opps do happen, there's seems to be a interest in benefiting from my mistakes. Perhaps, some believe it's completely wonderful that banks get paid huge amounts of money for mere dollars and cents missed, I could be wrong.
As for the fact that is didn't have sufficent funds, I understand that. What I don't understand it their way of processing, posting, and holding my money so they can make sure their charges are posted first when they could have posted it when it was processed. I have found numerous times they hold your money for long periods of time to "determine" their source but process charges at a drop of a hat. This is in fact, a common pattern other consumers have witnessed.

Hey, this is a wonderful opportunity for some of us to share and learn how to better deal with banks, issues, etc. I am only asking for other people's feedback, not downtalk. Thanks!

Last edited by deegers; 09-21-2007 at 05:04 PM.. Reason: wrong word
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Old 09-21-2007, 06:37 PM
 
5,760 posts, read 11,073,493 times
Reputation: 4949
I have had near problems with banks taking a deposit (check) and then sitting on it a very long -- even longer that what they present at the time of deposit. To avoid that I begin "stuff" to cash upon them. If a customer wants to write a check -- make it to "cash/business_name." Cash it and get the several thousand dollar wad from their bank and place it as a cash deposit into the obnoxious commercial bank we used to have. Bank of America is the worse. They will sometimes wait two weeks and reverse credits into other banks.

I have Washington Mutual, now and they are ok, and Frost and they are great. Ususally full credit for any check, with the full amount available for the full deposit on that day. The crooked banks like BOA, Wells Fargo, Compass, etc. just are not worth the grief of dealing with.

As far as the OP's question regarding some OD fees -- what were they $25 to $40 per item? What total amounts are we peeing about? If it is the worth the effort, I can show how to take them back -- but unless it is something into the hundreds, it is not worth the time.
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Old 09-21-2007, 10:22 PM
 
6,578 posts, read 24,542,400 times
Reputation: 3239
Call or go by and talk to the branch manager and plead your case. Sometimes they will just take the fees off because you have been a long time customer with a good history.

I once had a big big deposit and then 7 days later the company who wrote me a check took it back because they wrote it for $15 too much. Did you know you could have deposits sucked back out of your account a week later even after it's posted and available and not even tell you? Fun times there! Then the wrote me another check and mailed it to me. Of course I had already written a bunch of checks - paid off credit cards, paid off my car. I got 6 overdrafts. I went to the bank to plead my case and they took off all the charges.
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Old 09-21-2007, 10:53 PM
 
Location: Arkansas
1,230 posts, read 3,083,179 times
Reputation: 1565
Quote:
Originally Posted by deegers View Post
I am unfortunetely a victim of WellsFargo bank overdraft fees at it's best. Their outrageous fee rules of now charging per item and posting it whenever they feel is best and then charge even more after that because the money I put in for it they put a hold on so they can charge charge charge!

In the UK, there's a big revolution of requesting their charges be refunded under the Unfair Terms in Consumer Contracts Regulations 1999 and Data Protection Act.

I want to do this but I can' t find anything on the web that I can apply this to me. Can anyone give me advice to how best to deail with this????

I know that the bank doesn't like to go to court, let a lone for a small amount of money that's chump change to them and precious hard-earned money to me. I'm tired of them getting away with this!

Can you help me????

I have worked in banking for the last 7 years and I have never seen a bank that does not charge a per item NSF fee. The fee's usually range from $15-40 per item. One way to prevent this fee is a sweep account, which is where you have a savings account with funds in it and if you should become overdrawn the bank will "sweep" funds into your checking (usually $50 increments) and charge you one fee (depends on the bank) per sweep. So say you are overdrawn $110, they will sweep $150 over and charge you lets say $10.

As for holds first of all banks do have to notify you by either giving or mailing you a hold form or they most have a blanket hold sign visible to customers (if they have this they are not required to feel out a hold form). Holds run from local checks average 2-5 business days, non local 5-7 business days and exception holds which can go as long as 11 business days (with exception holds banks are required by law to feel and an exception hold form and give or mail it to the customer).

Because of fraud (IE kitting checks, counterfeit checks, identity theft etc) banks have had to become more stead fast with the rules and suspicious of checks. I don't know if you guys know it or not but most banks hold it against the teller who accepted the check if it comes back (meaning it goes against their recored) and most banks have a rule of 3 items in a month and your on probation and then if you get anymore items back then you are terminated. So not only does it effect the customer it also effects the employee.
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Old 09-22-2007, 07:46 AM
 
21,157 posts, read 6,917,650 times
Reputation: 39520
Quote:
Originally Posted by deegers View Post
Thank you for you response and I appreciate your advice.
If I may, please note I never screamed unfair. I only quoted it in Terms title. I only screamed for help. Forgive me if I expressed some frustration, I only was interested in finding out if this is valid here in the states. I have researched several sites, and I felt it was wise to ask others' opinions on the matter since I seeked to continue that research. I had already found articles discussing the banks role in consumer accounts. Banks 'play dirty' in row over unfair penalty fees | the Daily Mail This is one I had found.


No, this is not a reoccuring pattern and no, I am fairly aware of the their fees, registers, and rates so I don't really think I'm an uneducated consumer. However, I am a consumer continuingly learning new things about how you can be "screwed". Though opps do happen, there's seems to be a interest in benefiting from my mistakes. Perhaps, some believe it's completely wonderful that banks get paid huge amounts of money for mere dollars and cents missed, I could be wrong.
As for the fact that is didn't have sufficent funds, I understand that. What I don't understand it their way of processing, posting, and holding my money so they can make sure their charges are posted first when they could have posted it when it was processed. I have found numerous times they hold your money for long periods of time to "determine" their source but process charges at a drop of a hat. This is in fact, a common pattern other consumers have witnessed.

Hey, this is a wonderful opportunity for some of us to share and learn how to better deal with banks, issues, etc. I am only asking for other people's feedback, not downtalk. Thanks!
Good idea! Fellow expat and former banker. You may find these two links interesting and easy to use.

Bankrate.com's financial definitions
American Banker Online - Banker's Glossary

Threestep
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Old 09-22-2007, 07:50 AM
 
21,157 posts, read 6,917,650 times
Reputation: 39520
Quote:
Originally Posted by sherrenee View Post
I have worked in banking for the last 7 years and I have never seen a bank that does not charge a per item NSF fee. The fee's usually range from $15-40 per item. One way to prevent this fee is a sweep account, which is where you have a savings account with funds in it and if you should become overdrawn the bank will "sweep" funds into your checking (usually $50 increments) and charge you one fee (depends on the bank) per sweep. So say you are overdrawn $110, they will sweep $150 over and charge you lets say $10.

As for holds first of all banks do have to notify you by either giving or mailing you a hold form or they most have a blanket hold sign visible to customers (if they have this they are not required to feel out a hold form). Holds run from local checks average 2-5 business days, non local 5-7 business days and exception holds which can go as long as 11 business days (with exception holds banks are required by law to feel and an exception hold form and give or mail it to the customer).

Because of fraud (IE kitting checks, counterfeit checks, identity theft etc) banks have had to become more stead fast with the rules and suspicious of checks. I don't know if you guys know it or not but most banks hold it against the teller who accepted the check if it comes back (meaning it goes against their recored) and most banks have a rule of 3 items in a month and your on probation and then if you get anymore items back then you are terminated. So not only does it effect the customer it also effects the employee.
You triggered my curiosity - which bank offers sweeps for consumers? Thank you.
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Old 09-22-2007, 08:09 AM
 
Location: Arkansas
1,230 posts, read 3,083,179 times
Reputation: 1565
Quote:
Originally Posted by Threestep View Post
You triggered my curiosity - which bank offers sweeps for consumers? Thank you.
You would have to ask your bank if that is something they offer most do, but they are less inclined to tell you about it (I know not good) because fee income is more from per item NSF charges than sweep accounts.
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Old 09-22-2007, 09:04 AM
 
21,157 posts, read 6,917,650 times
Reputation: 39520
Quote:
Originally Posted by sherrenee View Post
You would have to ask your bank if that is something they offer most do, but they are less inclined to tell you about it (I know not good) because fee income is more from per item NSF charges than sweep accounts.
None of the banks I worked for offered this TM that is why I would like to know which bank in AR offers it. Thank you.
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