Consumer complaint received 2022-02-09
Company: WELLS FARGO & COMPANY
State: NV
Product: Checking or savings account
Sub-product: Checking account
Issue: Problem caused by your funds being low
Sub-issue: Overdrafts and overdraft fees

Complaint:
To whom this may concern, I have tried to settle my discrepancies with Wells Fargo numerous of times, I have called in on several recorded lines to ask for help and guidance to understand why I have occurred over {$1500.00} in overdraft fees within the past 6 months. I have received conflicting and misleading information from each representative which I will show below. I have asked to speak with management and for corporate contact me a few times and no response. I have no choice but to seek escalation for my concerns into arbitration since I have been lied to and mislead about overdraft fees that has drained my savings. 

Wells Fargo does not have the best reputation and I finally understand why. I will be providing any necessary documents to arbitration lawyers, new or social media outlets to expose how unfair, deceptive and unethical these practices are. 

I have multiple attachments, let me explain them to you.. 

I have never opt-in to Overdraft protection but upon looking at my account this morning I was XXXX and occurred XXXX additional OVD fees for this week, bringing my total to XXXX total fees! {$310.00} in fees within 3 days! How is that even legal, especially during such trying times, in a pandemic! I have asked for a new account number and was declined. 

Why would any bank allow someone with no protection to OVD up to XXXX and continuously allow transactions and charge fees, discretionary or not, by law you must opt-in for overdraft, I have decline and stated over and over I did not wish to have this service and want the back to decline any transaction if money is not there! 

When according to the website, when the account is over drawn and has excessive fees The payment of transactions into overdraft is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is overdrawn or you have had excessive overdrafts. You must promptly bring your account to a positive balance. 

From <https : //www.wellsfargo.com/checking/overdraft-rewind/> MISLEADING! 


Per my attachments, You will see 3 months ( I have more way more ) of this dishonest behavior, for convivence I have highlighted each transaction by color with my concern Yellow- Shows the OVD for exact transaction/Posted Date Green- Shows End of Day Balances on Posted Date Pink- Transfers made from Saving to Checking immediately after fee was charged to my account I would told all of my OVD fees came from XXXX transactions, which Is untrue you can see on statement stating INSTANT TRANSFER, with the POSTED DATED, If this was not true, then how could you impose a fee on the next business day for a pending ACH, which takes days to clear and post? 

Most of my end of day balances are positive but even if I assume I had pending payments at the end of each day, I HAVE ALWAYS IMMEDIATELY TRANSFER FUNDS RT AWAY! 

According to there website again.. 

Can I make a deposit or transfer to avoid an overdraft/returned item ( non-sufficient funds/NSF ) or XXXX XXXX transfer or advance fee? 

Yes. You can avoid these fees if you make a covering XXXX or transfer before the posted cutoff time on the same business day. 

From <https : XXXX? XXXX I always transfer before cut off time and STILL BEING CHARGED! WHY?

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