At the time of The Mortgage Crisis, I had friends who had been totally screwed over by Wells Fargo Bank, and the stories they told about the unwillingness of Wells Fargo to give a single ounce of consideration, let alone admit any wrongdoing, were awful. My own experiences with Wells Fargo were that MrsHound and I had Mastercard and Visa accounts with them for, as of now, well, over forty years. Also, a few years back, our mortgage was taken over by them, and we had to make our payments to them the last fifteen or so years until it was paid off. In all these dealings, they were difficult at best and miserable at worst to deal with, over even the smallest of issues. One instance stands out when I made a credit card payment and inadvertently transposed a couple of numbers and on a payment of something like $150.00, the payment actually made was like 20¢ short. The good people at Wells Fargo refused to reverse the fee, something like $29.00, that they imposed for failing to make the full payment by the due date.
So, I drive to Wells Fargo, and go inside and go up to the teller’s window, present the check, my ID, and my Wells Fargo Mastercard. Well, it turns out that it matters not a bit the the check is written on a Wells Fargo account if the person cashing it does not have a checking or savings account there, they will not cash the check without imposing a fee. It mattered not one iota that I had these credit card accounts there or that I paid them thousands and thousands of dollars over many years in mortgage payments. No checking account and no savings account meant that they would keep $7.00 of my $45.52 in fees, a whopping 15.4%.
These “small” fees add up, and cost consumers a fortune and add millions of dollars of profit to the coffers of Wells Fargo, and other banks. These are the types of things that were not addressed by the The Dodd–Frank Wall Street Reform and Consumer Protection Act, but should have been. If ever there is Congress that cares at all about the well-being and needs of the people, rather than about ignorant tea bagger wackos who vote against their best interests and the common good, then maybe, someday, there might be legislation that prohibits such practices.