I hate phone companies, I hate cable companies and I definitely hate banks. And Wells Fargo just did something to me recently that made me crawl right out of my skin.
If you read this blog regularly, you'll remember a rant I had against U.S. Cellular back in November. To refresh your memory, I got thoroughly pissed at the company that I've spent well over $25,000 with in the past 12 years and it turned out they wanted to jack me around when I tried to get a new Blackberry at the promotional price.
Here's the latest story:
I work for a Canadian company and I'm paid in American funds drawn on a Canadian account. When I'd take my check into one of the Wells Fargo branches in the Quad Cities, the tellers will stop, look my check up and down, have to get the bank manager, look something up in the procedures book and finally allow the check to be deposited. The whole time, other people in line are looking at me thinking, "What is this guy trying to pull over on the bank?"
It would get so bad that I just started depositing my check into a Wells Fargo ATM. That way I didn't have to stand there while they went through the motions of not knowing what to do with a Canadian check paying out in American funds. I'd let some faceless, nameless person down the line figure it out.
It worked great for a long time - I've worked for the company for nearly four and a half years. But a week ago, I got a rude awakening.
I was paying some bills and I wanted to transfer some money from my checking account to pay on my Wells Fargo credit card. I got on the Internet for Wells Fargo on-line banking. I was shocked to see that I had no money in my checking account and that my credit card had been charged nearly $2500 in overdrafts from my checking account.
I saw that five days after I deposited my check, they reversed the transaction. I immediately called Wells Fargo and talked to a young lady who told me that the situation was being handled by the Wells Fargo ATM division - a part of the company that is completely separate from the Wells Fargo banking division. I was told I had to wait until 9 a.m. the next morning to call them up.
Promptly at 9 a.m. the next day, I got a hold of a lady with the ATM division. She proceeded to tell me that my check is a foreign check and they don't allow deposits of foreign checks into ATM's. I explained to her that it was, indeed, a foreign check (drawn on the Bank of Canada - the country's central bank, for God's sake!), but it was in American funds. She said it didn't matter - it was still a foreign check.
I said, "I've been depositing my checks from the same company into the ATM's for quite some time. Why all of the sudden you decide to quit taking my check?"
She said, "We've never accepted foreign checks in the ATM system. We do a series of random audits and you got caught this time."
"Got caught"!!?? She made it sound like I was a common criminal. Well, that lit my fuse. I said, "Why didn't you take the check and send it through the regular Wells Fargo channels?"
She said, "We're a separate entity from Wells Fargo banking."
I said, "Aren't you owned by Wells Fargo?"
She said, "Yes, we're a part of Wells Fargo, but we have nothing to do with the banking part of the business."
I was perplexed and dumbfounded at the same time. I said, "So, let me get this straight. You're a part of Wells Fargo, but not the banking side."
She sort of hesitated and then slowly said, "Correct."
"And anything I do on the ATM side is not part of Wells Fargo banking."
She began to stutter and stammer an answer and I finally said, "Look, before you embarrass yourself further and make me more mad, just tell me what you did with my check."
She said they sent it back to me on February 23 - two days after they reversed the transaction. I asked, "Was it sent by regular mail or certified mail?"
She sort of stopped for a moment and replied, "Regular mail."
I exclaimed, "Regular mail?!"
She said, "I believe that's how it goes, yes."
I said, "So, let me get this straight. You sent my check back to me via regular mail for (amount) that has been endorsed, one week after I deposited it, and two days after you turned it down and allowed a number of checks already written against the deposit to bounce."
(Actually, they didn't bounce - as I said I have credit card overdraft protection, but that still costs money each time an overdraft kicks in.)
"Well, you shouldn't have used the ATM to deposit a foreign check. It's against our rules."
I explained to her that I didn't know that it was against Wells Fargo policy to deposit a foreign check. "I've been doing it for so long, I didn't think there was any problem in doing so!"
Well, I knew I wasn't going to get any where with this lady. And I know I just made her day calling her first thing in the morning and letting her have it. I knew she couldn't do anything other than tell me about the company policy and that the check had been sent back to me on the 23rd.
I still wasn't satisfied, so I went in to see the branch manager at the local Wells Fargo office near our house. The manager, and I'll give him a shout out because he was a helpful and decent guy - Corey Martin - looked up my account and saw my predicament. When I asked him if they really did have a bank policy about not being able to deposit foreign checks into an ATM, he sort of squirmed and began to hem and haw.
I said, "Come on, just say it. I'm a big boy. I can take it."
He said, "Yes, there is a policy, but it's one of those 'fine print' policies that no one except for a handful of bank employees know about."
He explained to me that, yes, the Wells Fargo ATM arm was under the same umbrella as Wells Fargo banking, but they were two complete different entities. They have two separate company policies as to how to collect money from another bank.
When I said something about why didn't they just send the check through the regular Wells Fargo banking channel, he said because they are separate entities they don't work together. Not even in the least.
Corey did tell me that as soon as the check showed up (if the check showed up) to deposit it through a teller and he'd take care of all the charges on my credit card and subsequent fees charged to my card for the overdraft protection. He said, "Just call me or come over to my office if you come to this branch and I'll take care of it all right away."
He commiserated with me in my disgust with the whole situation. I was just incredulous at how callous the ATM side of Wells Fargo seemed to be. Corey said, "You have to understand, we have a lot of fraud through ATM's. It's our biggest problem. People deposit a check for $10.00 and punch in $1000.00 for the deposit. Sometimes it's a mistake, but most of the time it's someone trying to float some money in the system."
He said that foreign checks are flagged because of Homeland Security rules. He said, "I'm sorry that she said that you 'got caught'. I would have used a better phrase, but with the amount of deposits that they have to process there's no way that we can fully catch and flag every foreign deposit that comes through."
He finished by saying, "Honestly, any check with a large amount should be deposited with a teller. Yes, it may not show up in our system until the next day, but at least it's in the bank and not in limbo with an ATM. If it were up to me, I'd outlaw all deposits in ATM's. But they are so darned convenient."
With that, I felt better. And then I promptly left the bank and went on the road for the next six days. I figured that if they sent the check on the 23rd from Arizona, it should show up by the 28th at the latest.
The 28th came, no check. March 1st came, again, no check. Cindy called me about 5 p.m. on Friday night as I was getting ready to work a dealer event in Kansas City and she said, "Will, there's no check here."
I said that if it didn't show up tomorrow, I'd have to call our accounting person in Canada and have her stop payment on the check and then issue me a new one. I knew that would be a monumental hassle, but I'd have to do it.
It did show up on Saturday. Fully intact. Had a letter stapled to it that, in summary, said that it was against Wells Fargo policy to deposit foreign checks in ATM's. The only problem? The lady lied to me. The letter was written on Feb. 23rd, but the post mark on the envelope said it was sent Feb. 26th. Bastards.
So, 17 days after I initially deposited the check, I will deposit it again today. What a hassle. Thankfully, it didn't kill me financially, but it very easily could have.
But it's just another one of those things that banks can do - and will do - to make your life miserable and to find more ways to get money out of you. As bank stocks continue to climb on record amounts of profits generated - all the while taking away more free services or coming up with inane rules to make working with them a disheartening experience - it's clear to me that banks are nothing but a cheerless and disheartening industry designed to crush your will to live. All the while, they're smiling as they take your deposit over the counter as they rummage through your pockets for nickels and dimes.