We Make Money, Not Friends
Over at epigone (does anybody know what the means?) kmarks opines Don’t use Wells Fargo as your bank. While can’t vouch for Wells Fargo’s suckitude being worse than, for example, the torture of CitiBank, I have a funny tech story about this.
According to an engineer I work with, a friend of his who worked at Wells Fargo came up with the following clever hack to make more money flow from you pocket into theirs. Say you have three bounced checks with values of $21, $34, and $152. Now let’s say you, for whatever reason, only have $82 in your account at the time those checks are cashed (and I believe there is a minimum 4 business days for clearing a check). Well the hack is that they cash the checks starting with the highest value first. So first they process the $152 check which takes your account to $-70. Boom, that’s a $33 penalty fee *and* your account is now negative even though you had enough money in your account to cover those smaller checks. So guess what, $99 in penalties when only $33 is mathmatically necessary.
Link to Vanguard, the only financial institution that doesn’t suck
Filed under: all talk, lifehacking, sucky companies · 2 Comments
I agree that Wells Fargo is a big vulsure! They exract from the elderly!
My advice stay as far away from the heat as you can, so as to not get burned as I did
Your logic is flawed. It is irresponsible to write bad checks. If you believe a bank should cover your check until you have posted sufficient funds why would you want to bank there? The bank that would cover your check until the funds are there would be out of business rapidly taking any funds you might have in deposit as they file bankruptcy. Does anybody recall the Savings and Loan scandalls?