Fare thee well, fare thee well, you low down dirty rotten scoundrels…
Fare thee well, to overpriced overdrafts, fare thee well, to sketchy transaction histories, and fare thee well to bad blood and stinky underhanded practices from slimy bankers in charge of a bank that it is “too big to fail”.
On today’s episode of when life gives you lemons
I just have to say straight off the bat, that I now despise Wells Fargo. Not the people working there, the actual bank and banking practice itself. I have banked at Wells Fargo for a little over a year. From the start, I have had issues with their banking system. The way they list the transaction history is so sketchy. The way that a pending charge can linger in limbo for days on end is ridiculous. Or better yet those automatic transactions that bypass being able to cancel with the click of a button. You know the Netflix and Spotify kind. I really find an issue with those practices.
Today was the last straw.
We had money in the account just 4 days ago. We have been watching it diligently. Just to make sure we avoid any kind of potential bank errors and to try this new thing called adulting. A skill we are still learning. So we check the balance online. We call and check it with a bank teller. Then we check it via the texting service. We view it multiple times a day through the online mobile app. All because we are waiting for this one bill to clear… It goes from having enough money in the account to ….negative overnight. Seriously, WTF…
I call and find out that several purchases did not post as pending until after the weekend… seriously? But, I use debit for everything, for this very reason. I bring that up, and the blame is shifted over to the merchants instead. Merchants, who obviously duh, must not have posted their transactions until after the weekend.
Because obviously, they don’t care about making money and can wait for or five days to collect. Way to take responsibility for a super shitty system people. Blame it on the struggling small business owner. The way they balance…or better yet lack of balance is the key phrase here. I’m not the first to complain about their sketchy ledger books. In fact here is a lawsuit against them over something similar, and here and here too. These are just a very small sampling of the legal backlash that this banking syndicate is going through just this year alone.
Come on now, it’s time to catch up to the 21st century, guys
In a world of instant gratification, you would think that they would know where your money was being spent faster than you could spend it. I mean at least my capital one card knows immediately, so why not the bank using my money with interest? It’s all so…fishy…putting it mildly. This banking system has been around for decades. In fact, not many banks have been around as long as Wells Fargo has. And, yet these newer banks have better practices? Weird.
So logically a person would think, that a bank that ‘s got the kind of clout that they do, would have the best technology to go with it…. You would be wrong. Dead wrong. It takes over 24 hours for most transactions to even post, and credit transactions are the worst. Not to mention if you have something being automatically withdrawn, like Netflix, that can take up to three days to show up. Meanwhile, your account shows you have money in there that actually you don’t. And, if you are like me and do everything online and don’t keep track with the paper ledger, then you are screwed.
This bank has the worst technology I have ever experienced.
And they use that to their full advantage to rape and pillage the little guys that live paycheck to paycheck. Because how else are they going to pay for all those lawsuits, right? I have been with banks that cover atm fees. Wells Fargo charges you to use a non-branch atm, to just view your account, not even withdraw money, but to view any money you might have…Then they charge an extra 2.50 on top of any atm fees.
They also charge you 10.00 a month just to have your money in their bank. But, you can get that waived as long as you either have over 1500.00 directly deposited into your account throughout the month. You still have to wait up to 24 hours for it to clear in their system before accessing it Or you can get that fee waived, as long as you use your debit card 20 times in that billing cycle.
And this is just from what I know as someone with a pitiful little personal checking account. I hate to think about what the small business owners who struggle with their finances have to deal with. I honestly think they must have learned their banking practices from the federal reserve because I guarantee that at least the mob would have taught them to take better care of your money…with fewer issues and less interest in overdraft fees.
So the takeaway
The takeaway is simple, fare thee well Wells Fargo, it’s time we start seeing other people. And, it’s high time I start using a damn paper ledger. On the positive side of everything, this has taught me some invaluable life lessons on money management, learning about banking practices, becoming aware of current banking flaws as well as helped me to find really good alternatives to Wells Fargo. Banks Like first Interstate, banks that actually care about and want to keep their good reputation.
Feel free to chime in and give your opinion, I would love to hear about your experiences good or bad.Follow me on Social media