Wells Fargo Overdraft Fees!!!

[Cythim]

So I moved a large sum of money to Wells Fargo a while back and I don't spend much money because I'm frugal like that. Well, I was told by the banker that she was setting up my account with no overdraft fees. And if my money were taken from checking, and if checking was empty, I would not have any fees because it would be set up so funds would go from savings to checking--and with no fees.

That's not the case. I just looked at my bank account. I have over $400 in overdraft fees at 12.50 a pop. They added up. I called the manager and told her what the banker had told me. She said she'll look into it and call me back on Monday.

Does anyone have any experience with this? I'm so irked I'm feeling postal.

She said no overdraft fees and that is exactly what you did not receive. Instead of paying the $25-$36 overdraft fee you are paying the $12.50 overdraft protection/transfer fee. This is a scheme banks are pulling, they don't mention the transfer fee because it is in the bundle of paperwork they send you which gets thrown into a pile and never read. This isn't the first time I've heard this complaint and it will not be the last. Good luck.

 

[CowboyMcCoy]

She said no overdraft fees and that is exactly what you did not receive. Instead of paying the $25-$36 overdraft fee you are paying the $12.50 overdraft protection/transfer fee. This is a scheme banks are pulling, they don't mention the transfer fee because it is in the bundle of paperwork they send you which gets thrown into a pile and never read. This isn't the first time I've heard this complaint and it will not be the last. Good luck.

Apparently, this seems like the best answer. Thanks for the insight. It should give me some ammo in dealing with them.

 

[Cythim]

Apparently, this seems like the best answer. Thanks for the insight. It should give me some ammo in dealing with them.

Glad it helped. In my experience with Wells Fargo they have been good about rescinding fees I felt were wrongfully applied, though I've never had that much charged against me. If you tell them you felt as though you were led to believe there would be no fees at all for over-drafting (don't say no overdraft fees, say no fees at all) they might take care of you. If that doesn't work then going to the BBB might help.

 

[CowboyMcCoy]

Glad it helped. In my experience with Wells Fargo they have been good about rescinding fees I felt were wrongfully applied, though I've never had that much charged against me. If you tell them you felt as though you were led to believe there would be no fees at all for over-drafting (don't say no overdraft fees, say no fees at all) they might take care of you. If that doesn't work then going to the BBB might help.

Thanks again.

 

[ROMOSAPIEN9]

Been banking for 25+ years, never had to use any overdraft protection. After reading through this entire thread, I guess I should thank my lucky stars.

 

[MFWitt63]

She said no overdraft fees and that is exactly what you did not receive. Instead of paying the $25-$36 overdraft fee you are paying the $12.50 overdraft protection/transfer fee. This is a scheme banks are pulling, they don't mention the transfer fee because it is in the bundle of paperwork they send you which gets thrown into a pile and never read. This isn't the first time I've heard this complaint and it will not be the last. Good luck.

Absolutely correct, they just moved the cheese around, me and BOA went at it for years about the reordering of my transactions in order to generate more overdraft fees at $35 each. BOA is also adding the monthly $5 fee. With the thousands of customers opting out of overdraft protection now, including myself, i am curious to see how theyre going to make up for those losses.