They Lie and Take Your Money
I’m leaving Wells Fargo today. I’m so done with them. I’ve had an account with them for over a year now, and it’s been nothing but hair-pulling frustration the entire time.
First, let’s start with the account fees. Every month cycle, there is a $10 service fee. The only way to get out of this fee is to either have a minimum balance of $1,500, $500 in direct deposits, or make at least 10 purchases with the debit card. Most of the time, I at least hit the direct deposit minimum, and I definitely hit the debit card minimum. Yet, out of the last 12 months, I have been charged that account fee 6 times. Twice it’s caused me to go in the negative, because I budget everything and often don’t have any wiggling room. And one of those times, it even triggered an overdraft fee on top of it.
Every time it’s happened, I had to go in to the bank, get lectured on account fees like I’m an idiot, watch the banker count up my transactions, realize that I was right, and then they tell me they’ll reverse the fees (which will take two business days to happen). It wouldn’t bother me if this happened once or twice, but it’s happened literally half the time I’ve been a customer with them.
Next, I have recently found out that, even though I specifically included upper-case and lower-case letters in my password (as well as numbers), Wells Fargo doesn’t actually have case-sensitive passwords. I’ve been entering it that way for months, and it didn’t even matter. You’d think that for a bank, a place where I not only keep my money, but also all of my sensitive information, they’d be a little more concerned about the security of its customers.
Finally, let’s go into the lovely experience I had today. I have the mobile app, as well as online banking, and yesterday I checked multiple times to see how much money I have to make sure I knew how much I could spend when I went out later that day. Every time I checked, it said my balance was $51. I knew I needed $20 for a purchase later this week, so I spent $28 (and change). When I got home, about 11:30 pm, I checked my balance again, and it was $22. Everything added up.
However, when I woke up this morning, I had a balance of $-2.62. I double checked all of my transactions to make sure there wasn’t anything I didn’t recognize. Everything was there, even the pending transactions from yesterday. I couldn’t figure it out. So I called Wells Fargo customer support line, and spoke to a man. He told me that sometimes, when merchants don’t collect the payment from Wells Fargo right away, Wells Fargo will credit the amount back to the customer, making it appear as if there’s more money in the account than there actually is. He told me that I should keep my own legend to account for this.
There are several problems with this. First of all, the transaction that caused this overdraft was my credit card payment, which was recorded as a POSTED transaction on their site. It wasn’t even a pending transaction. So naturally I assumed the money for that had already been taken out. Next, what’s the point of even having the mobile app if it’s not going to tell me the correct amount? Nowhere on there does it say that the amount reflected might not be accurate. In this age of technology, I shouldn’t have to carry around a ledger to keep track of my money.
So now, thanks to Wells Fargo, I’m overdrawn and I can’t make the purchase I really needs later this week. A year ago, I was willing to give Wells Fargo a chance amongst all the controversy surrounding it, but no more. As of today, I will never use their services again.