Regardless on time and date we the consumer use our debit cards the bank will always deduct the larger amount first. therefore when balance grows small overdraft fees will apply several times when in cases only one charge causes the overdraft( larger amount).. Example my case.
Actual Date and amounts by customer Starting balance 298.00 my withdraws in order and date Friday $3.00 Saturday $1.95 Sunday $10.00 and $300.00. The $300.00 withdraw should be the only transaction causing a fee of $35.00
Wells Fargo's favor to the consumer. Starting balance $298.00 Late Sundays $300.00 debit becomes the first in priority when posting Monday Followed by $10.00, $3.00, $1.95. These altered postings cause 4 35.00 fee charged to customer.
wells Fargo makes billions due to this consumer flaw. in the bank agreement contract it states its wells Fargo option to determine priority of charges and may choose to deduct the larger debits first. never does the bank show any option.
After several requests to get the bank to explain why do they deduct the larger amounts first therefore disregarding what the consumer believes or intends. The only best answer was " Its in the best interest of the consumer so as to insure funds available to process the larger apparent bills usually rent or car payment". Not true never has the bank ever denied any of my transactions large or small.
Granted this priority determination has no affect to the customer until the balance becomes negative. Than the only benefit is for the Bank.
It obvious what the banks policy's do and for whom benefits from such policies. I've talked to several people of this matter, Few are aware of this bank practice. In some cases one being my doctor after reviewing his statement he realized that all of his bank transactions are not as he intended. always larger amount to lower regardless of what time and in fact on week ends what day he made them.
This is a crime against the consumer and in these difficult time of the economy we need a break from our banks.
I looked into other banks some banks like bank of Stockton and some smaller banks do not practice this fraud on the public. they charge in accordance to time and day the debit was made not by amount.
I feel when starting a new Account with Wells Fargo this posting policy should be covered and even made an option that the customer makes not the Bank.
Please broadcast this consumer rip off. I know so many do not read their bank contract fine print agreement, And if so it misleads by stating priority of posting is an option and may deduct higher amounts first. there is no may about it .
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