A young friend of mine, Adam, whom I know well and who has demonstrated high personal standards of honesty and integrity told me this story. While Adam was in the process of relocating to attend college he left in place his checking account with a balance of 20 dollars at a Wells Fargo Bank. At his new location he went to a branch of Wells Fargo to add money to his account with the intention of transferring his account to his new location. The bank told him he was overdrawn by 15 dollars because in the meantime the bank had charged him a "low balance" fee. He complained and was informed that the charge was standard bank policy, and there was nothing that could be done. He would have to pay the fee. He informed the bank that he had no intention of paying the fee. He abandoned his account and left , never to set foot in a Wells Fargo Bank again. At this point it would seem no Bank would be so ridiculous to charge still another fee on top of what had already been charged, but Adam told me that after he walked out he received two notices: one that his account had been charged an additional 35 dollars overdraft fee and one for not removing the overdraft . Can this possibly be true? If so, what began as a positive +20$ balance would have become, through bank fees, a net -85$ balance. He has opened another account at, needless to say, another bank. He has no intention of giving as much as a penny to Wells Fargo. One would think it impossible for any bank to have management so short sighted as Wells Fargo's; yet this indeed seems to be the case. I don't think I'd be interested in Wells Fargo's stock. Recently, Adam, received an offer from a chemical dye company at a starting salary of 70,000$ per year.
Absolutely that is true. Bank of America pulled that shit on me many moons ago when I was moving money from them to someone else. I forgot about the account, it fell below a minimum balance required, and when it went negative it kept going more negative each month because there was that "overdraft" or negative balance fee they tacked on each month. They eventually contacted me somehow and told me the situation, and I told them to politely fuck off. Never heard from them again, and will never again do business with them. I believe there is legislation gaining traction now in Congress to make that practice illegal. Bernie Sanders is the sponsor, or co-sponsor on that? Cannot recall.
I had no idea this could happen, because it doesn't make any sense from a business standpoint for banks to treat their customers this way.