Dear Wells Fargo Must Die:
We want to let you know that your email dated January 2015, was forwarded to Customer Correspondence for research. We appreciate the opportunity to address your concerns.
We truly regret any inconvenience or frustration you experienced when you learned that your PMA account was assessed Monthly Service Fees once your balance was lowered (to $0 with Wells Fargo mind you) and no longer met the waiver requirements.
We have reviewed your accounts and our records show that the bank exercised its right to setoff your account to offset a balance (in your previous account). Our records show that the account was closed by the bank and was charged off with an overdrawn balance of $79.99 on July 10, 2010. In accordance with the terms and conditions that govern all Wells Fargo deposit accounts, if money is owed to the bank and is not paid, Wells Fargo reserves the right to debit any account on which you are a signer to offset the balance owed. This information would have been disclosed to you in the bank's Customer Account Agreement that you received when your new account was opened.
While the bank empathizes with your situation, please understand that the right to setoff was applied appropriately to repay money owed to the bank. As such we must respectfully decline your request to return the funds that were debited to offset the overdrawn balance of the account.
We realize the information provided may not be the resolution or response you were seeking; however, we hope this letter serves to clarify Wells Fargo's finding s with regard to this matter.
Thank you for contacting Wells Fargo.
Senior Customer Correspondence Specialist
Yes, it does clarify Wells Fargo's position quite well which they have held to repeatedly. We stole your money fair and square and we are keeping it! We wrote it into the customer agreement that we could charge zero-balance accounts repeatedly and then get your money if you were ever stupid enough to do business with us again. So screw off!
Notice how Wells Fargo considers any charges it makes to a zero-balance account as being OWED which must be REPAID.
Wells Fargo has now spent neary $1,000 to keep this valuable $79.99 according to their accounting of customer correspondence expenses and statement mailing costs and have committed to hundreds more by my continuing to receive substantial and expensive statements in the mail which I offered to change to e-delivery if they only refund the account the owe me. E-delivery would save Wells Fargo $100 this year alone. If you think Wells Fargo is on a firm financial foundation, think again. This company does not understand the most basic of business economics.
For details on Wells Fargo's action, see My Wells Fargo Story.