Consumer complaint received 2024-04-10 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: NC

Complaint narrative:
I am XXXX XXXX XXXX financially struggling XXXX, who is currently living paycheck to paycheck, due to increased cost of living and inflation in XXXX, NC. I had a recent financial setback resulting in my account balance being short of my monthly rent payment of {$1400.00}, and I initiated the payment on XX/XX/year>, knowing that would result in an overdraft fee of {$35.00}, and it was either pay the {$35.00} overdraft fee, or pay an even more severe financial penalty from the apartment complex. However, I had XXXX additional charges that were made following this payment for rent, which resulting XXXX additional overdraft penalties, totaling {$170.00} in overdraft fees. I called Wells Fargo and spoke to multiple call center representatives, each time resulting them in only to allow for {$70.00} in overdraft fee reversal credits, with each representative noting that they are at mercy of their system, and that the internal processes/rules for overdraft fees has recently changed. Each time the representative did sympathize with my situation, and each time I asked if there is anything else that could be done, for I do not receive my next paycheck until XX/XX/year>, and any additional reimbursements of these XXXX overdraft penalties would greatly relieve my current financial situation. The overdraft penalties I received after my rental payment, I had tried to stop the payments on these XXXX charges from going through and it was to late, therefore, resulting {$140.00} in overdraft fees on top of the original {$35.00} overdraft fee for my rental payment. I have been trying my best to reduce my spending and save more money, but I am at the mercy of the current economic climate, and to be refunded these overdraft fees would be beneficial to my current financial situation, for these fees could have gone to my other monthly bills. I understand Wells Fargo is a business and can charge what they want for overdraft fees, but it is incredibly predatory to continue stacking overdraft fees on financially struggling consumers. I feels like, in my honest opinion, that is expensive to be poor, as someone that is also employed by XXXX of the biggest banks in XXXX, I find it hard to believe that the call center representatives that handle these situations are at the mercy of the Wells Fargo " system '' and can not go above and beyond to help override situations like the one I have described. While I do appreciate Wells Fargo for refunding me at least {$70.00} for being a longtime customer, I still find the overdraft fee penalties to be incredibly predatory, especially since XXXX  XXXX XXXX had recently reduced their overdraft fees to {$10.00} per charge. I really do hope something can be done here, and I really do not like having to launch a complaint like this, but I do not see any other option for my current situation.

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