Wells fargo overdraft fees

Is there a legal limit to the amount of times a bank can charge your account an overdraft fee in a day? Or for the same check being put through again and again? My bank charged me 5- $35 dollar NSF fees today.


I'm freaking out. They aren't willing to work with us at all, even though they KNOW I have a direct deposit going in there in two friggin hours. We are pretty screwed now because everything is bouncing and by the time they are done, my check will pretty much be gone anyway... help!

Posted on November 12, 2009 at 2:21 pm
heartsetfreebylove
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(24) Comments

jackieg
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They can charge as many times as an item is presented and there are not funds, and you'll prob have more fees from the parties you wrote checks to, NSF means the item was returned, overdraft means it was paid, and the banks charge for both.
Posted on November 12, 2009 at 2:25 pm
Kaytana17
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That sounds about right for nsf fee's.

Posted on November 12, 2009 at 2:28 pm
heartsetfreebylove
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I have two NSF's and three overdrafts and there were only two checks out...


I'm so mad about this bank switch. It screwed everything up! I was hoping we could make it till tomorrow without anymore so I could pull my money out and open an account elsewhere, but looks like that isn't going to happen

Posted on November 12, 2009 at 2:28 pm
kristinkay
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I don't think there is a limit - check your contract with the bank. When you opened up an account with them you agreed to their terms.


Most banks also calculate deposits and withdrawals on a daily basis - so if you deposit $100 at 4pm and spent $75 at 3pm with your debit card you are probably fine. Although sometimes, especially if you have had NSF issues before they will hold whatever deposits you make for a while so they won't actually be available on the same day.


When you write a check the legal requirement is that you have money in the account to cover the check - if you knowingly write a check without having the money in your account you are committing fraud, so I probably wouldn't try to argue with them about the deposit you have coming in 2 hours - since they would counter that you needed to have that money in the account even before you wrote the check.

Posted on November 12, 2009 at 2:29 pm
jackieg
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Credits always post before debits, but if tomorrow is your payday then that is the first day those funds would be available...and they probably won't let you close your account with a negative balance.
Posted on November 12, 2009 at 2:30 pm
kristinkay
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You also need to have a zero balance to close an account so if you have any NSF charges that are causing you to be in the negative you won't be able to close the account until you pay for those. 

Posted on November 12, 2009 at 2:30 pm
NIKA00
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it doesnt matter if you have a direct deposit hitting your account in 30 mins or 2 hours. plus banks cant guarantee you are getting a direct deposit either. i worked for one, we couldnt see any pending dd's in the system we used. plus it just dont matter to them. if the money is not in the account at the time it was presented then thats it. you can calculate how much you are going to get if you know you have overdrafts and nsfs. sorry :(

Posted on November 12, 2009 at 2:31 pm
danidabi
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Nope they won't let you close with a negative balance:(


Also I have never seen them back down on reversing fees, as kristin mentioned you need to have the funds in the account when you write a cheque. I once had 2 cheques bounce on my account years back and they reversed it because it was a genuine error....I accidently deposited a cheque into my savings account instead of my chequing account. The banking info reflected it:)

Posted on November 12, 2009 at 2:42 pm
heartsetfreebylove
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Since my paycheck is getting deposited, the account will not be negative, so I will be able to close it.


 

Posted on November 12, 2009 at 3:17 pm
Ladyjenn
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Just get a line of credit, so it will come off of there instead of insufficient funds.  But I still get some small fees associated, but $10 is better than that.  Yeah Wells Fargo is annoying....I agree.

Posted on November 12, 2009 at 3:23 pm
NIKA00
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all banks are annoying with those darn NSF'S. i mean i get the logic completely. but i just hate how they post all the large items first and then the small ones last so you get multiple fees. thats what i will NEVER understand!!

Posted on November 12, 2009 at 3:26 pm
sheri215
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i hate nsf fees!  the bank put a hold on a check one time which caused me to go negative by $.35 and they still charged me nsf fees!!  how dumb. 


but unfortunately i don't think there's much you can do to get around it.  you should go in and try talking to someone in person and they may be willing to knock one off. 

Posted on November 12, 2009 at 4:00 pm
MariahMarriesinMay
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Go into the branch, they will probably work with you on reducing the overdrafts!!!!!!

Posted on November 12, 2009 at 5:27 pm
caribear
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Look in the Account Disclosures or the Statement of Fees.  Most banks (especially the big ones) now have a limit to how many OD/NSF fees they will charge to an acct at one time.  The bigger banks do have a system to see what ACH credits & debits are pending, but they don't take that into account because until the transaction actually hits your account they don't actually have the money (I have seen direct deposits pending and then the company withdraw it) and therefore they won't consider you having the money.  Credits are posted before debits, but at the bank I used to work for, the credits came in after 12am and the debits cleared between 11pm-11:59pm.  This always confused customers, however, the credits are being posted the morning they are supposed to and the debits the night they are supposed to.  I hope that all makes sense.  PM me if you have more questions.


As for refunds, if they are customer friendly (which most of the banks aren't these days because they are loosing so much money too) they will want to keep you as a customer and will waive most if not all the fees this first time.  If you want to keep the account with WF, sit down with someone to try to understand how their system works.  I have to say though, good luck with that, because most branch personnel are not trained well enough to understand it themselves.

Posted on November 12, 2009 at 5:53 pm
WinnieS
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All the Bank and Credit card late fees are rediculous. 

Posted on November 12, 2009 at 5:56 pm
d1rtymart1n1
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having worked at a bank before, i can say that the account holder's past banking history will also affect if they reverse charges or not


if you have a "clean" record - and it looks to be an isolated incident, then more than likely they will lean towards reversing it.  if you have a history of multiple nsf occurrences then it is highly unlikely the bank will reverse anything - kind of like how credit companies review your credit history - if you have a clean record - it's more likely to get a loan or cc, if you have a history of late payments or no payments, you wont be getting any loans or cc in the near future...    and when i say "you" i mean "you" in general, not you personally


also - "floating" a check is fraud.  account holders must have the money in their account on the date of the check...  if you thnk about it - the check is a legal note in lieu of cash - which is why it's fraud if on the day you write it there is not enough funds in the account to pay it


if you are thinking of joining a credit union - remember they require that all members have a minimum that the account has to have to keep the account open... and if you guys have a history of nsf at wachovia or wells or any other bank, you may not even be able to open an account since banking institutions do a background check of all banking history prior to opening any account... 


as a possible solution - do you have a savings account you can link to your checking so that when a check comes in - if there isnt enough in your checking, it will pull from your savings?


 

Posted on November 12, 2009 at 8:31 pm
MountainBride
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Oh no!  That's no fun, I'm sorry :(  You guys must be really stressed.


I wouldn't jump on closing the account - every bank will have pretty much the same policy, it's so easy to be really hacked off about this but WF was just acting as banks do when you write bad checks.  Every other bank will do the same thing, and some have fees as high as $40+ for one overdraft: and an overdraft is $.01. . .silly, it sucks. . .but they make a lot of money on NSF fees.  


Another reason you might reconsider closing the account:  all of the NSF's could land on your chexsystems report - and a history of them will clue in future banks to decline you for an account.  You could be without a checking account. . .and that SUCKS.  If you think NSF fees are bad, try paying a % of each check you cash at a sketchy check cashing place. . .you don't want to go there.


In addition to linking your accounts, can you and DH sit down and spreadsheet / account for EVERY single penny that goes in / out?  Hearts, years ago I used have this 'paycheck-to-paycheck' problem, my heart goes out to you, it's not fun. . .and I remember before you were struggling with this.  What I have learned is that it DOESN'T have to be that way.  Those NSF fees put you further behind you know?  And sometimes we don't realize where every single penny is going. . .I sat down one day and figured out just how much money I was making.  It was a LOT more than I thought I was!  I thought. . .'how can I be so broke when I'm making $400 MORE every month than I'm *technically* spending?'  


But money is really slippery - every little $1 - $10 purchase adds up.  Find out where that money is going. . .  PM me if you want to chat :)

Posted on November 12, 2009 at 11:50 pm
Sankofa24
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@heart: I HATE WELLS FARGO/WACHOVIA. my bank account is 159.00 negative!!

Posted on November 12, 2009 at 11:51 pm
katygirl
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I do hate Wells Fargo and most banks but definitely ditto everything D1rty already said. My best friend was a teller at Wells and BofA for years and she would always reverse peoples charges with a "clean record"but def ditto on what Cari said too....I don't think they are that nice anymore :) Balance that checkbook girl!

Posted on November 13, 2009 at 12:25 am
miss_em2010
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@dirty - I am part of a credit union and we do not have to keep a minimum $$ in our account so that may vary by type of CU.

Posted on November 13, 2009 at 2:25 am
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