Wells Fargo Announcement: Change in Overdraft Practices - September 23, 2009

Wells Fargo and Company announced changes to it's overdraft practices for Wells Fargo and Wachovia Customers.

But when will these policy changes actually go into effect???

Category:

News & Politics

Tags:

• Wells Fargo
• Wachovia
• Announcement
• Excessive Overdraft Fees
• Overdrawn
• Wells Fargo Sucks
• Banks
• Thieves

[dufffootball201]

july 1st. stop slididng your cards and writing chekcs with no money in the account. 

[Fleeced247]

@dufffootball201 - You are missing the point. The issue is that Wells Fargo was essentially signing people up for (extremely) high interest loans without the consent of the customer. Going forward, the consumer will have the right to decline or accept these loans at the point of sale. But why did it take so long???

[stormy241]

They raised my rate to 24%. Ive had an account with them since 1984 have never missed a payment and have a fico credit score of 720. This years tax return will be going to pay my credit card off and I will no longer use it. I REFUSE to let these large banks double dip anymore from me they are already getting billions of dollars in TARP and YET they want MORE. GREEDY SOBS!

[Fleeced247]

24%?!?!

This is a crying shame. The same thing happened to a friend of mine. She never missed a payment and always payed more then her minimum balance.

[mowithoutyou]

i unfortunately work at the phone bank and we have no set date on this at all and everyone at the phone bank knows that. you were probably just placed on hold for a long period of time to delay taking the next call. sad but true....

[nevarDeath]

My HSBC Visa just recently allows you to not go overlimit. That sucks wachovia is being this way though :(

[wengl007]

Wells Fargo is the greediest nastiest bank in the world. Overdraft charge? These bastards wait to credit automatic deposits such as SSI until they list all the checks. In other words if your deposit is midnight, the next morning they record that after they record the checks and now you have overdraft charges at $30.00 a pop.

[Fleeced247]

It's interesting that these new practices came around the same time as the mortgage crisis. Banks needed another avenue to to rake up revenue since they weren't getting much from all the foreclosed high interested loans they gave out like candy.

In the "good 'ol days" the banks would post your transactions as they came in and would decline any transactions which you did not have the funds to cover.

To be continued..

[Fleeced247]

Timothylange,

Maybe you should check your facts before posting your comments, because the practice of reordering checks has only been an industry practice within the last five years or so.

To be continued...

[timothylange]

The posting order is the same every single year and never changes maybe you should figure that out. As well overdrawing your account is money that is not yours so dont talk about stealing.

[Fleeced247]

Yah, It does suck that Wells Fargo said they were changing their policy over a month ago and haven't done diddly as of yet...

...thanks for the tip on HSBC...I'll have to check there policy out...