Consumer complaint received 2024-12-18 00:00:00
Product: Checking or savings account — Checking account
Issue: Problem caused by your funds being low — Overdrafts and overdraft fees
Company: WELLS FARGO & COMPANY
State: CO

Complaint narrative:
On XX/XX/year>, I received correspondence regarding the status of my claim, which stated : We understand the assessed overdraft fees may seem unfair due to misleading policies involving time zones and transaction practices. However, we found no error in evaluating your account and will not reverse the overdraft fees because you have not submitted any new information. 

I would like to address this response, as it misrepresents the basis of my claim. My concern is not about time zones but rather a misapplication of XXXX XXXX Extra Day Grace Period policy, as outlined on your website : With Extra Day Grace Period, you can avoid the overdraft fees if your available balance is positive as of XXXX XXXX Eastern Time the next business day. 
( Source : Extra Day Grace Period Policy ) Key Points of Concern : According to your correspondence, I was notified of the overdraft on XX/XX/year>, with the due date also listed as XX/XX/year>, by XXXX p.m. My deposit was made on XX/XX/year>, and I was subsequently assessed an overdraft fee for being late. The policy states customers have until XXXX NEXT business day to bring their available balance to be positive. 

Issues with the Policy Application : No Extra Day Provided : If the notification date and due date were both XX/XX/year>, no extra day grace period was granted, which contradicts the stated policy. 

Correct Due Date Under the Policy : Based on your policy, the actual due date should have been XX/XX/year>, by XXXX p.m. My deposit was made on time and within the policy timeframe ( see below ). 

Lack of Transparency : The correspondence fails to clearly state the time of each notification, making it difficult to verify the correct timeline and due date. 

Additional Notifications for XXXX : The following notifications further demonstrate discrepancies between the stated policy and its application : XX/XX/year> : The notification was received at XXXX p.m. The correct due date should have been XX/XX/year>, by XXXX XXXX. in which my date of deposit was XX/XX/year>, at XXXX XXXX, yet I was assessed an overdraft fee of {$70.00} XX/XX/year> : The notification was received at XXXX a.m. The correct due date should have been XX/XX/year>, by XXXX p.m. in which my date of deposit was XX/XX/year>, at XXXX a.m. yet again, I was assessed an overdraft fee of {$35.00} XX/XX/year> : Notification received at XXXX XXXX. The correct due date should have been XX/XX/year>, by XXXX XXXX. In which I was assessed an overdraft fee of {$70.00}. I assert that had the previous overdraft fees been reversed, I would not have incurred this charge or any other later overdraft charges. 

XX/XX/year> : The notification was received at XXXXXXXX XXXX The correct due date should have been XX/XX/year>, by XXXX XXXX in which I was assessed an overdraft fee of {$35.00} XX/XX/year> : The notification was received at XXXX XXXX. The correct due date should have been XX/XX/year>, by XXXX XXXX. in which I was assessed an overdraft fee of {$35.00} It should also be noted that the monies added to my account were available instantly, which was reflected in the balance change ( see attachment ). This will also prove that the overdraft fees occurred AFTER the account was brought to a positive status per the Extra Day Grace Period policy.

In each case, my deposits were made after the notification date but well within the correct due date according to the policy. This indicates a systemic error in assessing overdraft fees. It should be noted that the notifications referenced in this complaint are the same notifications Wells Fargo cited in their decision. This confirms that the E

xtra Day notification email is used to determine the date overdraft fees would be assessed, thus proving that an extra day is not given.

Request for Resolution : I request that Wells Fargo review my account and reverse the incorrectly assessed overdraft fees. 

I also urge Wells Fargo to communicate clearly by including the exact notification time and the correct due date in future correspondence. 

While I appreciate Wells Fargo for taking the time to address this matter, they are not addressing the matter but instead sending the same information and updating the decision date. This is clear in the recent letter claiming that my issue was using two different timezones, which was not the issue. They also stated they did not receive new information, which is inaccurate ; they received screenshots showing the balance was positive and hours later showing the account had been assessed an overdraft fee. I also understand the overdraft policy and wish to keep this on my account, but Wells Fargo stated, " Each customer is entitled to one reversal per 12 months unless it is a banking error and this can not be changed... I had two. '' They fail to realize that there are two because of banking errors ; therefore, they are also penalizing customers for their mistakes in this matter. With this being said, the misapplication of the Extra Day Grace Period policy has resulted in an unjust financial penalty, and I trust Wells Fargo will address this matter promptly. 

It should be also noted, that even your customer service team agreed with me concerning this matter.

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