Quote:
Originally Posted by Olorin
I don't think the ruling would call for a refund of every overdraft fee. WF is supposed to refund the OD fees that were a result of this policy--so if one day, a person got hit by 4 OD charges because they were ordered biggest to smallest, they would have been hit by at least on OD fee regardless of what order they were processed. And if the test to see which OD fees to refund is to reorder the charges in chronological order, that customer might still be hit with 2 or 3 of the 4 OD charges.
So on any given day that OD charges were triggered, the customer would still owe at least one of them (otherwise there would have been no OD in the first place), and possibly more.
What I don't understand is why a bank that is pulling in over a billion in profit is being so aggressive with a policy that most customers and potential customers will be outraged by when they find out about it--especially if it only brought in 203M over 4 years. Why risk the PR hit for 50M/year when you're pulling in 2B overall?
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Yes, see, any OD fees I have ever had to pay were indeed a direct result of this. I even bitched about it once or twice on IW....how deceptive my bank is. It almost feels like It's out to get you rather than there to help you save money. And I have two houses with them not to mention credit card lines so I daren't leave. I have called them in the past, demanding they remove some OD fees that had no business being there. They complied for the most part.
And of course, people say to me, "Oh, you should write everything down". But in this day and age of quick lunches and card swiping for almost every purchase, it is just not practical. WF knows this and saw an opportunity to profit from it. Their online banking system creates the illusion informative real-time tracking, only to barrage you with charges on Tuesdays that you had completely forgotten about. I have had charges show up weeks late that stores confirmed were already processed. I mean, you will see the old ladies at the grocery store in front of you, with their chequebooks in hand and holding up the queue as they document it all. I am sure they never incur such fees. But I don't have the time, I admit it, but because of that should my own bank be able to screw me so badly just because I like to make use of it?