Consumer complaint received 2017-06-17
Company: WELLS FARGO & COMPANY
State: CO
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Managing an account
Sub-issue: Fee problem

Complaint:
I have  3 issues with Wells Fargo : 1 . Failure to honor a promise through Customer Service to refund overdraft fees, after discussing the entire affair with the  Executive Office.  I have a running message dialogue with  Executive Office re presentatives, and spoke on the phone ( where the promise was made ), and despite reminders and additional demands to honor the promise,  Wells Fargo ha s failed to follow through.  <P/> 2. The underlying unfairness of the fee itself, which I 've also messaged and verbally addressed with the  Executive Office. Specifically, it is Wells Fargo  practice with their debit cards ( and likely credit cards too  )  to BOTH pre-approve a card transaction on a low account balance AND to charge fees when the transaction exceeds the balance. In this manner, their practice functions to check available balance ( i.e., knowledge of low balance ) and approve card use despite the likelihood of exceeding account balance - and then they charge an overdraft fee. That 's patently unfair, especially when technology is used by other banks to only approve up to the amount available, after all the card used was a debit card not a credit card. Moreover, the vendor where the debit card was used was a gas pump. My other debit card from another bank only approves an expenditure that correlates with existing balance.  Wells Fargo ' s policy is unfair, manipulative and predatory. And, they have knowledge and control to prevent a customer from incurring repeat {$35.00} fees.  <P/>  3.  When I depos it a Cashier 's Che ck, which is a guaranteed funds instrume nt, Wells Fargo e mplaces a Hold on the funds. The Federal Reserve, which governs bank behavior and the proper treatment of deposits and the legality of funds holds, has regulatory provisions on Cashier 's Checks : From the Federal Reserve  ( o n Cashiers Checks ) : Sectio n 229.10  Next-day availability States that the regulation requires that cash deposits, wire transfers, and certain check deposits th at Congress b elieves pose little risk to the depositary bank, such as Treasury checks and cashiers checks, generally be made available for withdrawal by the business day after the banking day of deposit.  <P/> I have messaged th e Executive Office at Wells Fargo about th eir noncompliance with Federal Reserve authorities on Cashier 's Checks. The hold length they 've imposed is as long as 10 days! Cashier 's Checks are guaranteed funds and are cash equivalents. Their explanation for the hold includes account history. Beside the inadequacy of that justification under Fed rules for  Cashier  's Checks, their assessment of my account history directly ties t o Wells Fargo 's u nfair practices associated with  # 2  complaint above. That is, they 're unfairly charging fees and next using that unfair practice to justify an improper Hold emplacement upon a guaranteed funds deposit.  <P/> I have record of my messages with  the Executive Office at Wells Fargo, wi th names and contact information.

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 explanation