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I've noticed that every since Wells Fargo bought out Wachovia, their practice has changed for the worst as it relates to consumers. Wachovia used to post your debits to their website and flag it as pending. They would also deduct the pending amount from your balance, showing 2 balances; one without the pending debit and one with it. I've found that Wells Fargo holds your debits for days before posting them at all. Since we're in an electronic age, we don't use the old check book balance method because we constantly swipe our card instead of filling out a check and recording it in a ledger. We leave it to the banks and check our balance for debits, credits, etc. This has been the last time that I'm going to allow Wells Fargo to do this to me. I've been with Wachovia for over 10 years and not its time to leave. Wells Fargo is depending on this method to get overdraft charges from its customers. Here are a couple of instances that happened to me. My wife paid for her classes over the phone with the finance dept. They instantly said it went through and gave her a receipt. The amount was $400. This debit never showed up on my account until 3 days later. Although I remembered such a large purchase, I didn't remember the stops at star bucks throughout the week or the other small purchases that add up. I just logged in to my account to see 5 additional debits now flagged as pending that I made 4 days ago and forgot about. As we have started to depend on banks to keep track of our debit card transactions, Wells Fargo has took advantage of this to hold on to your charges so that you'd forget and post them to your account days later hoping you forgot and blow your budget, causing an overdraft. I'm so done with Wells Fargo as this has happened to me multiple times since they took over Wachovia (never happened with Wachovia) and has caused me to go in the negative some of those times. ...I'm done!
Only in a perfect world. It's easy to record transactions when writing a check but how many people pull over to log that fast food purchase you made at the window with your check card...not many if any. Those add up. If a bank says, "I'll keep those transactions for you" then they should accurately or not at all. In Wells Fargo's case it would be better if they didn't at all and then the consumer would not assume all transactions are posted. However, there's no excuse to post a debit 4 days after the transaction. At bare minimum it should be posted with a pending flag. A bank should not bucket a bunch of transactions and then dump them into your accout after days have gone by, leaving you a false reality of your actual balance. ...it's rediculous
Well that's what has been going on with Wells Fargo. Wachovia did just the opposite. I really don't expect my wife to let me know she spent$5 here or $6 there throughout the day. What I expect is that at least by the next day a pending charge for $5 or $6 would be posted to my account. Wells Fargo has bucketed charges and dumped them inot my account after several days. I here you that the merchant processes the transactions but I haven't had this issue with the same merchant before when I was with Wachovia. It's Wells Fargo. Remember I also said that if you are going tell your customer that you're going to keep track of the transactions like other banks do, then do it accurately. It's not the merchant holding these charges.
Seems like the point was missed here
If you read the comments above, this post is about Wells Fargo not posting debits until days later. Whether their policy or not, its unethical. You don't have to agree but the point and fact is still the same. Accountability isn't a measure here for the consumer, when the consumer uses the mechanism produced by the bank to keep an accurate account of transactions. It may be news to some but for those people, many families(husband and wife) share an account. They don't always keep a receipt when they purchase a pack of gum and bottle of water throughout the day to let each other know they spent $5 dollars during the day. They depend on what they are used to which was an accurate account of any transactions from that account. Evidently this isn't Wells Fargo's policy but is a policy they should have kept from Wachovia when the took over WACHOVIA CUSTOMERS. In any situation, yes you should keep a cushion in the bank but like I stated earlier the point and fact is still the same. Now if I'm stepping on some Wells Fargo cheer leaders toes, Oh Well its my rant
...and no gk, that isn't the gist of it. ...I found the sarcasm funny though
The complaint has been investigated and resolved to the customer’s satisfaction.
This has happened to me many times as well. I hate Wells Fargo! Worst! Bank! Ever!
I had a few arguments with Wells Fargo, and one time they return one overdraft fee back to my account, because I showed evidence that they made the mistake, if i pay a bill my creditor emails immediately that payment was received
I check my bank acct. online and the charge shows on pending but is already subtracted from my balance, there was enough money to cover that charge, two day later a received a email from the Wells Fargo that an overdraft fee occurred,
I go check it out and is the same charge that I paid and was enough money cover, this Bank is making millions on overdraft fees that is stolen money"
For all these people blaming the OP by saying to keep better track of your finances: I say BS! I keep very careful track of my finances. I had Wachovia for years and never had a problem. When I made purchases using my check card, the transactions would show up the next day (usually as pending). Those charges would remain as pending until they actually cleared the account, but they always showed in my account, regardless. Now that Wells Fargo took over, many transactions will show up one day, but disappear the next.
My wife got paid yesterday and we made a number of purchases. By the end of the day, every single purchase showed on our account as pending. Today, three of those purchases are no longer showing at all (not pending, but not cleared either), and our available balance is around $150 higher than yesterday. Now, I know how much money I actually have left, because I kept track. What I want to know is, why did three separate transactions show up yesterday, but disappear today? Why are they telling me I have more money today than they did yesterday? Wells Fargo can blame the merchants all they want. All I know is that Wachovia had no problem showing an accurate account balance when dealing with the exact same merchants.
Wells Fargo is either incompetent, or they are doing this on purpose to trick less astute customers into garnering OD fees. Either way, they should be avoided at all costs.
Terrible, Terrible, Wells Fargo, the worst bank I've ever dealt with. They simply do not care! Hold checks for no reason, steal money from customers, and unable to give reason for why check is being held! Don't ever choose WF, unless, you want to be ripped, have check bounced and credit destroyed! They are the worst Bank to ever have! Wells Fargo, U need to change your business unethical scheme!