Comments on: Overdraft fees, the bane of Whistleblower readers, are big money for banks, USA Today reports

By: Arvind

Arvind — Sat, 08 Aug 2009 04:58:53 +0000

I got charged more than 250$ overdraft fee by Bank of
America, although I had signed up for an email
alert in case I was going on overdraft. Conveniently
for them, the customer support said their “records”
indicated that I had not signed up for alert even though
I had an email confirmation from them that I did.
I’m planning on changing banks to ING Direct, at least
they don’t have any overdraft fees.

By: Jo

Jo — Thu, 16 Jul 2009 15:33:31 +0000

Yes, by all means keep track of your money to avoid overdrafts. Problems come in when you’ve discontinued automatic billing, yet the business still bills you, or when merchants “accidently” double bill you, or similar issues. No one would continue to note a recurring monthly $20 charge when reconciling their account after they’ve discontinued that service, nor routinely double every charge in case they were accidentially double billed. Even if the account holder made an “honest mistake” I don’t feel the bank needs to waive fees (it’d be nice though), but if it’s the merchant/vendor mistake, the bank should waive the fee and not make the account holder pursue the merchant/vendor for the bank fees. The merchant will likely only take the extra/wrong charge away then tell you to take up the bank fees with the bank. I always round up to the next $5 so I have a cushion, check my statements for unexpected charges and find my actual balance quarterly.

By: Yo

Yo — Wed, 15 Jul 2009 19:49:56 +0000

Well said Todd - yet ANOTHER Wells Fargo scam. I got the same response when I called about the new $10 fee. In fact, I was so surprised, I called twice to try to get them to change their mind… with no success.
After 30 years, and almost 20 various products, I’ve finally had enough with Wells. For those in St. Cloud, I strongly recommend checking out Liberty Savings Bank - great folks, great products, and fees that make sense…

By: Joe

Joe — Wed, 15 Jul 2009 17:38:37 +0000

Leave the bank and join a credit union. I made a
25 cent mistake and it cost me over a hundered bucks.
Now at my credit union if it is truely a minor error they
don’t charge me an overdraft and they cover my check too.
You just have to be responsible and not abuse it. Plus
the people are much nicer too.

By: Todd

Todd — Wed, 15 Jul 2009 16:49:31 +0000

Yet another Wells Fargo scam. I used to have “Overdraft Protection” which cost me $25 a year. They gave me a line of credit account of $5000.00 which they would draw out of whtn you would overdraft and also would start drawing interest immediately. This was not a big deal since I paid it back right away but as of last February they sent me a notice saying that they are going to start charging a $10.00 fee everytime they have to electronically transfer money over to my account. My question was then, Ok what am I paying the $25.00 annual fee for? .. Their response, Well that’s for the privilege of having the LCA account. Me: Ok, what do you call “Overdraft PROTECTION” if you’re charging me ten dollars everytime I overdraft? Their response, (No Kidding), Well sir, paying ten dollars is better than paying thirty nine dollars… You’ve got to be kidding me! They are blatently and legally ripping people off. As a member of this franchise since 1974 I have now moved all my money into a credit union. Check it out, Almost all the services that wells fargo charge you for are FREE at the Credit union. I should have left long ago, as all wells fargo wants to do is have their fingers in your pockets as much as they can.

By: Doug

Doug — Wed, 15 Jul 2009 13:32:58 +0000

another tactic all banks use, they clear the largest purchases
first so you get overdrafted on small transactions that would
have cleared otherwise.

By: chad

chad — Wed, 15 Jul 2009 01:42:35 +0000

I know I shouldnt be overdrafting, but lets face it. It happens.

Lets say you overdraft mult times in one day. Wells fargo will switch
the purchases around so the largest purchase will draft first.
Thus forcing more over drafts for the smaller purchases.

I know my fault for overdrafting, but shame on Wells Fargo. These are the people
that need the most help and they are taking advantage of the situation!!!

By: melissa

melissa — Tue, 14 Jul 2009 19:14:51 +0000

Yeah like Wells Fargo, you can go in there an deposit CASH to cover a check and then they put the CASH on hold and charge you an Overdraft fee! Crock of BS