Consumer complaint received 2023-11-02
Company: WELLS FARGO & COMPANY
State: CA
Product: Checking or savings account
Sub-product: Checking account
Issue: Problem caused by your funds being low
Sub-issue: Late or other fees

Complaint:
I hold a Wells Fargo Everyday Checking account with Wells Fargo Bank ( WFB ). There used to be no service charge associated with the account, but I was provided with advanced notification that moving forward, there would be a {$10.00} service charge which could be avoided if any I have one of the following each fee period : Minimum daily balance {$500.00} Total amount of qualifying electronic deposits {$500.00} Age of primary account owner XXXX - XXXX Account is linked to a Wells Fargo Campus ATM Card or Campus Debit Card I opted to avoid the service fee by maintaining a {$500.00} minimum balance. 

During the month of XXXX, I transferred funds between my XXXX accounts and then made a XXXX payment. For some reason, the XXXX payment processed before my transfer credited the above-mentioned account which caused my account balance to fall below the {$500.00} minimum requirement. I found the transaction order to be odd, but did not question it. On XX/XX/23, my account was charged a $ XXXX  monthly service fee since my balance fell below the required {$500.00} minimum daily balance. When I realized that, I transferred an additional {$10.00} to the account to ensure my balance would at least be {$500.00}. I reviewed the requirements and fully understood that it was the daily balance that needed to be {$500.00} or greater. 

On XX/XX/23, I was charged a {$10.00} service fee for the fee period of XX/XX/23 - XX/XX/23 due to the fact that my daily account balance each day during that period was not always {$500.00} or greater. The lowest my balance was during that period was {$490.00} which was a result of the {$10.00} service charge that debited my account on XX/XX/23. Again, I transferred funds to cover the {$10.00} in XXXX, once I realized that the account had been charged. 

The issue I am having is that I logged into my online banking on XX/XX/23 and saw the {$10.00} service charge imposed on XX/XX/23. Because of the fee on XX/XX/23, my balance was {$490.00} on XX/XX/23. Because my balance dropped to {$490.00} on XX/XX/23, I will now get another {$10.00} service charge in XXXX since I did not meet the {$500.00} minimum requirement all days in XXXX. I understand that while WFB may not be able to modify the statement cycle, it seems wrong that one month 's service charge is prompting another month 's service charge. It feels like a lose lose situation for the consumer. 

I contacted WFB on XX/XX/23 and spoke with a representative named XXXX. I explained the issue and she stated that she understood, but nothing could be done. She then stated that she could read me the various ways to avoid the monthly fee, but I told her I fully understood the various ways. I reiterated that the fee issue seemed predatory since one month 's fee was the only thing driving the next month 's fee. XXXX stated she could waive my XX/XX/23 and my XX/XX/23 service fees, but she could not do anything about the fee that will debit my account on XX/XX/23. 

It really bothers me that after the XX/XX/23 service fee was charged, I read into the service fee waiver requirements again and fully understood them, but yet I can not get out of this fee pattern. The fact that the fee hits at the end of the month at a time that is unknown to me limits the time I would have to log into online banking to transfer funds to bring the account balance high enough so the balance at the start of the following month does not dip below {$500.00}. 

It seems as though XXXX 's current ways drives more fee income and does not have the consumer 's best interest in mind.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with monetary relief