I'm starting to hate Wells Fargo.

9,444
3,609
Joined Nov 24, 2009
I got a letter from Wells Fargo because I've been making too many transfers from my savings to my checking.

They don't mind if I drive to the bank and use their ATM or have a banker transfer the funds but if I use THEIR app or THEIR website or THEIR automated system then I'm penalized.

I can't even allow automatic transfers from saving to checking to prevent overdraft fees.

I've been getting charged $15 every time.

**** Regulation D

:smh:
 
2,967
755
Joined Feb 17, 2008
Whats the point in a savings avcount if u keep on tranferring doe? :nerd:
i don't even have a savings account, the interest rate is basically inflation :lol: :x :smh:

closed mine when i was 18 or 19. better off saving up 1k or a few grand and putting it in a mutual fund, roth IRA, or some type of CD for 10+ years
 
9,444
3,609
Joined Nov 24, 2009
Whats the point in a savings avcount if u keep on tranferring doe? :nerd:
I have my direct deposit go straight there. I never leave too much money in my checking in case I lose it, I've had issues in the past. I got the letter because I went to Chicago and they didnt have any banks so I had no choice but to use the app.
 
4,591
1,821
Joined Nov 25, 2004
I got a letter from Wells Fargo because I've been making too many transfers from my savings to my checking.

They don't mind if I drive to the bank and use their ATM or have a banker transfer the funds but if I use THEIR app or THEIR website or THEIR automated system then I'm penalized.

I can't even allow automatic transfers from saving to checking to prevent overdraft fees.

I've been getting charged $15 every time.

**** Regulation D

:smh:
That's a federal thing, not a Wells Fargo thing. I think it's like 6 a month or something. But yea, stupid as hell, it's my money, let me transfer it around as I please
 
8,353
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Joined Jun 1, 2013
sounds like you got to spend your money wiser
His spending habits shouldn't factor into what the bank does and does not charge him.  His spending habits are his business.

The point is he shouldn't be charged for transferring funds.

I'm with Chase and PNC.  So far I haven't had that problem. Perhaps switch over to them?
 
Last edited:
3,949
1,194
Joined Nov 16, 2001
Your beef isn't w/ Wells. It's with the Office of the Comptroller of the Currency for Regulation D. You're going to run into the same exact thing with any bank you're at. If your interest rate is anywhere near where it is at Wells, you're better off not even having a savings account because you're going to spend more on transfers than you'll make in interest. If you still want a savings account, just make larger transfers each time so you don't have to make as many.
 
909
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Joined Oct 3, 2003
His spending habits shouldn't factor into what the bank does and does not charge him.  His spending habits are his business.
The point is he shouldn't be charged for transferring funds.

I'm with Chase and PNC.  So far I haven't had that problem. Perhaps switch over to them?
Read up on Reg D, this is not a Wells Fargo screw job, its a regulation that applies to all banks in US. OP would still get the notice if he was at another bank with his transferring habits.
 
9,444
3,609
Joined Nov 24, 2009
[QUOTE url="/t/542470/im-starting-to-hate-wells-fargo#post_18168202"]
sounds like you got to spend your money wiser
His spending habits shouldn't factor into what the bank does and does not charge him.  His spending habits are his business.
The point is he shouldn't be charged for transferring funds.

I'm with Chase and PNC.  So far I haven't had that problem. Perhaps switch over to them?
[/quote]

I wasn't even going to address that spending habits comment. I started that 52 week challenge thread for a reason, lol.. my money is ok. I just don't like not being able to transfer my money when I want and how. I don't always feel like driving to the bank.
 
9,444
3,609
Joined Nov 24, 2009
Your beef isn't w/ Wells. It's with the Office of the Comptroller of the Currency for Regulation D. You're going to run into the same exact thing with any bank you're at. If your interest rate is anywhere near where it is at Wells, you're better off not even having a savings account because you're going to spend more on transfers than you'll make in interest. If you still want a savings account, just make larger transfers each time so you don't have to make as many.
Gotcha, I read up on it but wasn't sure if all banks were doing it. Do you think credit unions are affected by this?
 
6,149
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Joined Apr 2, 2009
Everyone is affected by it. Why would you have direct deposit go into a savings account? Why not just have 2 checking accounts?
 
28,652
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Joined Dec 9, 2002
I think they charge you a fee if you have just a checking with no saving. I have both with a save as you plan that transfers a dollar to savings every time I swipe my card. It's annoying and I find myself having to transfer between accounts a lot, but whatever.
 
99,924
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Joined Jun 1, 2011
Been with them since 2010. No complaints other than every once in awhile I get random $8 charges for...something.
 
9,444
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Joined Nov 24, 2009
Everyone is affected by it. Why would you have direct deposit go into a savings account? Why not just have 2 checking accounts?
tbh I don't even like having money in banks. I have no problems keeping my money in a safe, its not like its gaining a lot of interest anyway. i just keep the account because of the accessibility, direct deposit and easier to pay bills.
 
19,563
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Joined Apr 27, 2009
Your beef isn't w/ Wells. It's with the Office of the Comptroller of the Currency for Regulation D. You're going to run into the same exact thing with any bank you're at. If your interest rate is anywhere near where it is at Wells, you're better off not even having a savings account because you're going to spend more on transfers than you'll make in interest. If you still want a savings account, just make larger transfers each time so you don't have to make as many.
Gotcha, I read up on it but wasn't sure if all banks were doing it. Do you think credit unions are affected by this?
every place is going to charge after doing _ amount of transfers a month, i know when i had BofA it was after 3 transfers. a credit union will get you better intrest rates though. i get like 6.8% on my first $500 and like 1.3% after that
 
47,699
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Joined Feb 12, 2005
Your beef isn't w/ Wells. It's with the Office of the Comptroller of the Currency for Regulation D. You're going to run into the same exact thing with any bank you're at. If your interest rate is anywhere near where it is at Wells, you're better off not even having a savings account because you're going to spend more on transfers than you'll make in interest. If you still want a savings account, just make larger transfers each time so you don't have to make as many.
 
14,879
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Joined May 26, 2003
I dont see how people hate banks lol I been with BoA forever never had issues, never had any crazy fees or anything lol I dont see how a bank makes spending money difficult for you guys.
 
71,545
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Joined Apr 4, 2008
you're costing them money by taking cash out of your savings. one dollar to you equals like nine to them so they penalize you to make things up on their end. most banks charge that fee, you should be happy not paying it at all when you transferred in person. try to only put the money you're never gonna touch in your savings and leave the rest in checking that you'll need for bills and purchases.
 
3,949
1,194
Joined Nov 16, 2001
Your beef isn't w/ Wells. It's with the Office of the Comptroller of the Currency for Regulation D. You're going to run into the same exact thing with any bank you're at. If your interest rate is anywhere near where it is at Wells, you're better off not even having a savings account because you're going to spend more on transfers than you'll make in interest. If you still want a savings account, just make larger transfers each time so you don't have to make as many.
Gotcha, I read up on it but wasn't sure if all banks were doing it. Do you think credit unions are affected by this?
It depends. I did it once w/ ING about 5 years ago and they just gave me a warning first that if I did it again, they would shut the account down. The reason for the charge is because banks pay a higher rate of insurance to the FDIC for savings accounts than checking, hence the limited withdrawals. Reg D is standard across banks & credit unions (not sure if it's called the same for CU's though).
 
68,174
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Joined Dec 29, 2008
Wells Fargo sucks

they cashed someone elses check from my account for $950; HOW THE HELL DOES THIS HAPPEN?!?!

I called a million times, raised hell in branches and all they kept saying was we have to do an investigation and wouldn't give me my $950 back so I threatened legal action and I was dead serious about it and they finally credited $950 back to my account.

But it was unbelievable how bad the service was and the fact they would not own up to it and give me my damn $950 back; after that incident I left them and I had been with Wachovia for 10+ years before WF bought them and never had one issue.
 
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