Consumer complaint received 2026-02-25 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Problem caused by your funds being low — Overdrafts and overdraft fees
Company: WSFS FINANCIAL CORPORATION
State: PA

Complaint narrative:
I am submitting this statement to request a formal review of WSFS Banks handling of a disputed transaction, the application of overdraft practices, and the subsequent closure of my account. My concerns relate to potential non compliance with Regulation XXXX, misapplication of overdraft opt in rules, and the banks failure to properly investigate my dispute. A supervisor named XXXX previously assisted me regarding a fraudulent charge and was professional and helpful. However, when I inquired why the disputed transaction had not been returned, I was provided information that appeared inconsistent with the requirements of Regulation XXXX ( XXXX CFR Part XXXX ), specifically regarding error resolution and provisional credit obligations. WSFS Bank proceeded to pay a {$470.00} ACH debit to XXXX XXXX XXXX, despite the fact that doing so overdrew my account and triggered a series of overdraft fees. When I questioned this, I was informed that my opt in for debit card overdraft coverage also constituted consent for overdraft coverage on XXXX and check transactions. This representation conflicts with my understanding of the opt in requirements under Regulation XXXX XXXX, which applies only to ATM and XXXX time debit card transactions, not XXXX debits or checks. Because this explanation contradicted regulatory guidance, I reviewed the applicable regulations and confirmed that my understanding was correct. Despite this, the bank advised me that my only option was to revoke overdraft protection entirely. Shortly thereafter, I received written notice that my account would be closed. This appears to be a punitive action taken after I raised legitimate compliance concerns. I have incurred multiple overdraft XXXX XXXX or XXXX, now totaling approximately XXXXbased on the banks decision to honor the XXXX debit and its refusal to return the transaction pending investigation. I continued to use the account because I was making deposits and awaiting the outcome of the dispute. Even without provisional credit, I reasonably expected the disputed ACH debit to be reversed while the investigation was ongoing, consistent with XXXX XXXX error resolution procedures. I have attached documentation previously submitted to the CFPB and the OCC, including correspondence with WSFS Bank and evidence showing that the actual amount owed to XXXX XXXX was less than {$470.00}. I also communicated with my XXXX XXXX agent, who confirmed that returning the debit would not have caused an issue, as they could simply resubmit the payment. My intention was not to be difficult but to seek assistance in preventing escalating overdraft fees caused by a transaction that should have been handled differently under federal regulations. WSFS Bank has remained firm in its position and has not demonstrated any willingness to review the facts or the regulatory basis of my complaint. Requested Action I respectfully request WSFS Bank : XXXX. Conduct a full compliance review of the handling of my Regulation XXXX dispute. XXXX. Acknowledge and correct any misrepresentation of overdraft opt in rules, specifically regarding the improper extension of debit card overdraft consent to ACH and check transactions. XXXX. Reevaluate the decision to close my account, as the closure appears retaliatory in nature. XXXX Review and reverse overdraft fees that resulted from the banks decision to honor the disputed ACH debit and its failure to follow Regulation XXXX procedures. I request that WSFS Bank take responsibility for the policy language used, the inaccurate regulatory explanations provided, and the adverse actions taken after I raised legitimate concern Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation