Consumer complaint received 2023-05-18
Company: WELLS FARGO & COMPANY
State: TX
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Fee problem

Complaint:
The company preys on consumers who are struggling financially by allowing for transactions to automatically process even though funds are not sufficient. They claim to offer an " extra grace day '' period and that they send email notifications, yet I only recieved one today ( XX/XX/2023 ) for " insufficient funds. '' When I opened my account, I noticed an overdrawn account of {$45.00}, {$35.00} of which were their infamous overdraft fees. As a customer of 10 years, as well as a student and parent who has faced financial difficulties recently, I was appalled when they told me " I had too many of their [ greed-fueled ] fees refunded in the last 12 months and that they were unable to help me in my situation. '' Since I do not currently recieve direct deposits and rely on gig jobs between parenting and schooling or selling my possessions to pay bills, I asked what could be done as a solution to prevent any more daily {$35.00} fees ( leaving me further indebted to the bank ) while I figure out how to get money transferred in. The representative gave me zero solutions and simply stated the obvious " look out for the grace day period '' or " connect a credit card and add a savings account with money you very clearly don't have. '' This means that they told me I would continue to receive daily {$35.00} overdraft fees even after replacing the missing funds from my account. This is not the first time they have told me this. 

They also continue to charge a {$10.00} " monthly service fee '' due to the fact that I do not make at least 10 transactions a month ( which is difficult to do when you have very little in your account to begin with ). The only way to avoid the service fee, according to the bank, is to have a minimum amount of cash in your account or to make these 10 transactions monthly. These practices are disturbing, as there's nothing done by Wells Fargo to earn the money and it targets those who aren't financially stable enough to spend frivolously. I have had positive balances in my account before, but not " sufficient '' by Wells Fargo standards. That, meaning that I have had to practically beg them several months ago to refund a meaningless {$10.00} fee just to afford gas to get home from work ( though they refused to return that money that they took, for quite literally no reason other than, " this is our policy. You must have {$500.00} in your checking/savings account to avoid the fee '' ). This " maintenence '' fee is why I closed my savings account with them in the past.

I have no idea how anything this bank does to profit is legal, but it is most definitely not moral. I have finally decided that I am one of the many who are absolutely done with dealing with a bank who does not care for anything other than lining the pockets of its investors and executives. They need to stop allowing loyal customers to overdraft or stop charging ill-intentioned, daily fees for small discrepancies. Shame on Wells Fargo for instilling these horrendous practices into their business model.

Company response to consumer: Closed with explanation