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My direct deposits are made through my company on fridays at 12am. Wells Fargo will hold that deposit until late that day and allow debits to go through first before crediting my account with my direct deposit. This in turn can sometimes cause overdrafts and fees charged to my account even when the funds are there. I call and ask and they say that the deposits are made when they receive them but I know they are received earlier than they say because I get notification from my company that the.deposit was made hours before the credit is applied. This is bad banking for the customer. It only benefits the bank with all the charges they can put on peoples accounts. I do not know how they get away with this. I have been with wells fargo since 1999 and I am going to go with a local credit union from now on.
I am not over spending. My direct bills are scheduled the same day as my deposits so they should be putting in the direct deposits just the same as they take them out. The time line is available and the direct deposits are minutes after the debits for my bills are processed from wells fargo. So my complaint is they are taking the.debits first then crediting the.deposit. So really. You think that is fair?! I have never in all the years i banked with them had this problem until this last year and I have always conducted my banking the same. They used to put my direct deposit in first then pay my bills but for some reason they have changed that process and will not give me a reason why this process has changed. Don't be marking me as someone that can not keep incontrol of my finances. I have an excellent credit rating and never neglect my finances. Wells fargo has just found a way to atart charging me since they have never once done so in the past.
Really!?!? I am far from stupid and yes I know this is a "public forum". Somethimg you like to post on almost everyone you put down. I only posted to help others. Something maybe you should learn from. Enjoy your life. I reallu do not care what you think me. Say what you want because we have freedom of speech. God Bless America. I will pray for you.
I did research on my complaint. My HR dept releases my deposits day early. After I found this out I called my bank to find out why they are not doing my banking in chronological order. My response was that they now consider me a high risk account because I have large amounts of debits come out of my account so therefor they have put a hold on my deposits. I have large medical bills, doctor bills and hospice bills I am having to pay each month due to my sick child so every penny is important. I have baked with them for 13 years and never once had an overdraft. It is because they now see me as a risk because my expenses have gotten higher they put a hold on my deposit. That is not fair. I work hard to pay all my bills with no help what so ever. His father skipped town because he could not deal with a sick child and I do not ask for any government help. I do this all on my own and to be labeled as high risk because I have medical bills is ridiculous. So mr whythelongface you continue to sit there and judge everyone from your computer. It is easy just to call everyone an idiot but maybe you should rethink yourself.
To whythelongfaces. In 13 years I have never had an overdraft. So maybe you should read the whole thing before you comment. Get a life! If your life is so boring that you have to sit and read peoples problems then maybe you need to find some books to read or simply find a hobby. Your comments are not useful to anyone.
Wells Fargo is truly not intereested in their customers. They want to put a hold on a check from a credit card for over two weeks in today's electonic age. We all know that check will clear the next day aned then Wells Fargo can use the itnerest off the check for two weeks until they have to put the money in my account. This is their policy. I told them they needed to update their policy to the electronic age.
Can you not just change the day you automatically pay your bills to the day after your paycheck is received? Then you would not be having overdraft issues.
I just called that Wells Fargo, and the bank officer told me that all transactions are processed in chronological order.
Incorrect. They are processed larger one first read the disclosures. They say it is to protect but we all know processing this way will cause more-transactions not to be covered henceforth causing the consumer more fees
Even if you don't like how whythelongfaces worded his comment, the point still stands that you have control over when your automatic bills are paid. If you know that your deposits are being held now, there is no reason why you should not change them. If every penny counts to you, then why are you wasting money on overdraft fees?
ask your creditors to change the payment due dates. They are usually willing to work with you if you ask nicely.
Oakes, you are not misreading what WF is doing. They actually got in trouble for doing exactly what you describe in California. See http://www.bank-overdraft.com/cases/wellsfargo.htm. They were doing the same thing here in Wyoming, and everywhere else, until the California case. Several of my friends and myself realized that this was happening on our accounts and began to complain. Fortunately the timing of the California case helped with our complaints and WF quit taking the debits out first and started putting the credits in first. As others have posted, hopefully you have talked with your creditors to see if you can get them to change your auto withdrawals.
Sorry you are having to deal with WF's greed and insensitive blog cruisers at, what sounds like, a difficult time in your life. Been there. Done that. I found that just breathing and dealing with each day or hour at a time helped relieve the stress. You can deal with tomorrow...tomorrow.
I have my paycheck go into 3 different accounts. Only a small amount in Wells. They definitely hold you money. 2 are there by 2 on Thursday WF not till Friday morning. Stimulus payment went in my 3 daughters credit union accounts 5 days earlier than my WF account. WF holds money to cause fees in people’s accounts and to make interest themselves. I use to work there. But all aside, no matter what anyone thinks, banks shouldn’t be holding anyone’s deposits, unethical and I would think illegal
That is such a crappy, manipulative thing for banks to do. I left Wells Fargo long ago and had a similar problem with BofA. They would subtract higher cost debits that were done later in the day so as to overdraft my account and hit me with more charges. Needless to say I left them too and have been much happier with my banking experience.