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Don't bank with Wells Fargo

 
weegie
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User ID: 1461067
United States
07/09/2011 11:21 AM
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Don't bank with Wells Fargo
We recently closed our account at Wells-Fargo. AFTER we closed it they took a draft from an insurance company and are now charging us an overdraft charge. THEY screwed up and didn't close the account...and now will NOT close the account because it is "overdrawn". RUN like hell from these f*n thieves.

Last Edited by weegie on 07/09/2011 11:22 AM
Anonymous Coward
User ID: 1460976
United States
07/09/2011 11:30 AM
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Re: Don't bank with Wells Fargo
They have been considered crooks for ages. They had a terrible reputation back in the 70's to be sure.
there are some links here that show that's just how they do business.
[link to www.creditinfocenter.com]
Anonymous Coward
User ID: 1458368
United States
07/09/2011 11:33 AM
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Re: Don't bank with Wells Fargo
Its always a good idea to leave a checking acct open so that any outstanding checks can clear.
Anonymous Coward
User ID: 1377908
United States
07/09/2011 11:38 AM
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Re: Don't bank with Wells Fargo
Don't blame it on the bank, blame it on the banking laws. I had BofA and another independent bank do the same thing. The banking laws give them the authority to honor any drafts or checks that were legally authorized to continue EVEN AFTER THE ACCOUNT IS CLOSED!

They are ALL CROOKS!
Anonymous Coward
User ID: 1292314
United States
07/09/2011 11:41 AM
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Re: Don't bank with Wells Fargo
Don't blame it on the bank, blame it on the banking laws. I had BofA and another independent bank do the same thing. The banking laws give them the authority to honor any drafts or checks that were legally authorized to continue EVEN AFTER THE ACCOUNT IS CLOSED!

They are ALL CROOKS!
 Quoting: Anonymous Coward 1377908


Writing checks and then closing the account so they can't get paid makes the account holder responsible, not the bank. Don't write checks if you don't intend to allow payment to be applied. It's called stealing.
Anonymous Coward
User ID: 1377908
United States
07/09/2011 11:43 AM
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Re: Don't bank with Wells Fargo
In this case, it sounds like the OP had an on-going bank draft (monthly) that was authorized to continue. I had it explained to me that it was very important that you contact the company creating the draft to cancel the authorization before you close your bank account...
Anonymous Coward
User ID: 1461087
United States
07/09/2011 11:44 AM
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Re: Don't bank with Wells Fargo
They stole my house :(
Anonymous Coward
User ID: 1257704
United States
07/09/2011 11:55 AM
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Re: Don't bank with Wells Fargo
I read ("Community banks are the way to go.") Community banks regenerates the money to the "Community" you live in. In other words the money that a Community bank makes "Stays in the community"

Unlike big banks,any profit's it generates goes out of state or out of the country.
banana2
Anonymous Coward
User ID: 1257704
United States
07/09/2011 11:59 AM
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Re: Don't bank with Wells Fargo
bump
Anonymous Coward
User ID: 1257704
United States
07/09/2011 11:59 AM
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Re: Don't bank with Wells Fargo
bump
Anonymous Coward
User ID: 1460976
United States
07/09/2011 12:08 PM
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Re: Don't bank with Wells Fargo
Don't blame it on the bank, blame it on the banking laws. I had BofA and another independent bank do the same thing. The banking laws give them the authority to honor any drafts or checks that were legally authorized to continue EVEN AFTER THE ACCOUNT IS CLOSED!

They are ALL CROOKS!
 Quoting: Anonymous Coward 1377908


Writing checks and then closing the account so they can't get paid makes the account holder responsible, not the bank. Don't write checks if you don't intend to allow payment to be applied. It's called stealing.
 Quoting: Anonymous Coward 1292314


If you possessed adequate reading comprehension skills you'd have understood that THE BANK FAILED to STOP DRAFTING. In other words. it was entirely the Banks fault. I doubt you understand.
vacuumhead
User ID: 1384464
United States
07/09/2011 12:12 PM
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Re: Don't bank with Wells Fargo
Go with a Credit Union. The three tellers there all know my name and one of them even asks how our cats are doing.
A few years back when Discover for no reason decided to raised my interest rates to near 30%, I obtained a credit card through the Credit Union, where the interest rate has consistently held at 7.3%.
You accounts have nearly the same government protections as the commercial banks and your debit cards likewise work equally as well nearly everywhere.
Anonymous Coward
User ID: 1292314
United States
07/09/2011 12:18 PM
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Re: Don't bank with Wells Fargo
Don't blame it on the bank, blame it on the banking laws. I had BofA and another independent bank do the same thing. The banking laws give them the authority to honor any drafts or checks that were legally authorized to continue EVEN AFTER THE ACCOUNT IS CLOSED!

They are ALL CROOKS!
 Quoting: Anonymous Coward 1377908


Writing checks and then closing the account so they can't get paid makes the account holder responsible, not the bank. Don't write checks if you don't intend to allow payment to be applied. It's called stealing.
 Quoting: Anonymous Coward 1292314


If you possessed adequate reading comprehension skills you'd have understood that THE BANK FAILED to STOP DRAFTING. In other words. it was entirely the Banks fault. I doubt you understand.
 Quoting: Anonymous Coward 1460976


It is not the responsibility of the bank to stop an automatic draft. It is the account holder that must contact the vendor and cancel the automatic draft. It's the same thing as writing a check. Read the terms of your agreement with the bank, then you'll understand.
vacuumhead
User ID: 1384464
United States
07/09/2011 12:29 PM
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Re: Don't bank with Wells Fargo
In this case, it sounds like the OP had an on-going bank draft (monthly) that was authorized to continue. I had it explained to me that it was very important that you contact the company creating the draft to cancel the authorization before you close your bank account...
 Quoting: Anonymous Coward 1377908

The banks have the option to to cancel the draft if they like.
When I had to reauthorize my updated debit card, the Credit Union discontinued the monthly draft from the gym.
Anonymous Coward
User ID: 1292314
United States
07/09/2011 12:39 PM
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Re: Don't bank with Wells Fargo
How do I change or cancel an automatic withdrawal or payment?
To change or cancel an automatic payment you’ve arranged with a company, please contact that company directly. We are unable to change or cancel your agreement with them.


However, we can place a stop payment to prevent the payment from posting to your account. The stop payment will remain in effect for 6 months.

To have a stop payment order placed on your account, please call us at 1-800-TO-WELLS (1-800-869-3557) and provide us with the following information:

Date of transaction
Amount of transaction
Account number
Name of originating company
Type of stop payment request (one-time or all future payments)
ATM or Debit Card number (if it is a recurring payment made with your ATM or Debit Card)


More information about stop payments

Placing a stop payment order does not release you from any contractual agreements. You may still be held to the terms of the agreement you have made.
There is a stop payment fee. For fee information for your account, please refer to your Consumer Account Fee and Information Schedule or call us at 1-800-TO-WELLS (1-800-869-3557).

[link to www.wellsfargo.com (secure)]
The6thFloor

User ID: 1263459
United States
07/09/2011 12:47 PM
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Re: Don't bank with Wells Fargo
I have been looking to move away from Wells Fargo and have found a community bank I am considering. They seem quite healthy financially. Be curious to see if they will give me a chance to refinance my house.
www.the6thfloor.com
weegie (OP)

User ID: 1461067
United States
07/09/2011 03:15 PM
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Re: Don't bank with Wells Fargo
Its always a good idea to leave a checking acct open so that any outstanding checks can clear.
 Quoting: Anonymous Coward 1458368


It was NOT an outstanding check. We had NO outstanding checks. It was an unauthorized draft by an insurance company that was already TOLD to stop drafting our account. It should have been returned unpaid.
weegie (OP)

User ID: 1461067
United States
07/09/2011 03:16 PM
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Re: Don't bank with Wells Fargo
Don't blame it on the bank, blame it on the banking laws. I had BofA and another independent bank do the same thing. The banking laws give them the authority to honor any drafts or checks that were legally authorized to continue EVEN AFTER THE ACCOUNT IS CLOSED!

They are ALL CROOKS!
 Quoting: Anonymous Coward 1377908


Writing checks and then closing the account so they can't get paid makes the account holder responsible, not the bank. Don't write checks if you don't intend to allow payment to be applied. It's called stealing.
 Quoting: Anonymous Coward 1292314


We didn't write any checks. It was an unauthorized draft on a CLOSED account. Fuck you, I don't steal.
Ilikecandy

User ID: 1420549
United States
07/09/2011 03:19 PM
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Re: Don't bank with Wells Fargo
sigh
All tyranny needs to gain a foothold is for people of good conscience to remain silent.
Thomas Jefferson
Anonymous Coward
User ID: 1292314
United States
07/09/2011 03:30 PM
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Re: Don't bank with Wells Fargo
Don't blame it on the bank, blame it on the banking laws. I had BofA and another independent bank do the same thing. The banking laws give them the authority to honor any drafts or checks that were legally authorized to continue EVEN AFTER THE ACCOUNT IS CLOSED!

They are ALL CROOKS!
 Quoting: Anonymous Coward 1377908


Writing checks and then closing the account so they can't get paid makes the account holder responsible, not the bank. Don't write checks if you don't intend to allow payment to be applied. It's called stealing.
 Quoting: Anonymous Coward 1292314


We didn't write any checks. It was an unauthorized draft on a CLOSED account. Fuck you, I don't steal.
 Quoting: weegie


My response wasn't to your post. It was to AC 1377908. I'm not going to return your fuck you, because I can see that you didn't read the agreement with the bank. I'll simply suggest to you that in the future you should go over the terms of your bank account thoroughly. Learn from this. If you issued a stop payment and can show evidence that you cancelled the automatic draft in a timely manner with the company who sent it through, then you should pursue getting that money back using the legal system. But thanks for the fuck you anyway. It gives your case so much more credibility.

whatever
Just Me
User ID: 1443283
United States
07/09/2011 04:08 PM
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Re: Don't bank with Wells Fargo
I had issues with them a couple of years ago too. Big issues. Settling my brother's estate in Washington. They were holding 60k plus of his funds.

Sent all legal proper paperwork certified return receipt ---- uh uh, they claimed they LOST it, oh oh, but found a copy.

Lots of paperwork to settle a deceased person's estate, not to mention timelines, etc. Fortunately I had all my documentation and green cards.

Fortunately I had the State of Washington on my side (I was probating from another state). And I ended up having to file a complaint with the U.S. Comptroller, the big cheese, and guess what, all of a sudden they rushed it through.

Yeah, I agree, run. NEVER did get my brother's safe deposit contents, whatever they may have been, God only knows.

Will never do business with them after this experience, totally incompetent, and I couldn't help but think it was done on purpose to keep the digits on their books a bit longer. They were having financial difficulties during this time frame according to news reports, so it didn't surprise me, but it sure did raise my blood pressure a few notches with all the run arounds I received for a YEAR. The estate technically could have been settled within a month or two of them receiving all my paperwork, it took almost a YEAR.

I already had the WA DOR and State of Washington sign-off's, etc. There was no legal reason to delay releasing my deceased brother's funds to the family heirs for so long, and then the run around, oh we lost the paperwork.

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