As a current Wells Fargo employee I have seen the direct deposit advance help people who would have recieved several overdraft fees without this useful tool offered by our company. However I have seen the customers who decided to abuse the service. These are the same people who if the direct deposit advance service was not available they would just go to a payday advance store that would debit the account for the whole amount when the payment is due weather the money is available or not potentially causing several overdraft fees. The Wells Fargo direct deposit advance will pay its self back on the day that the direct deposit hits the account and will not overdraft the account. Therefore like most things in life that are designed to help people in need are most often abused by people who rather than take responsability for their own actions blame the company who provides the service.
In that case I guess we just need to do away credit cards, loans, and lines of credit, that is if we are to assume that everyone that uses these products is not going to be responsable enough to pay them .Of course, the above products require at least a decent credit score with all banks except Wells Fargo of course who arethe only triple A credit rated bank in the United States requires an above average score for any of our products including checking accounts where other finacial institutes will approve you for credit products knowing that the customer will not have the ability to pay it back. In which case there are two scenarios that will play out: one the customer is unable to make the payments, the account goes into default, and puts the customer into a significant amount of debt that can not be stopped by moving your direct deposit into another account until you pay back what is owed. Two, the bank turns around and sells the loan to another financial institution and lets them worry about it. Neither of these are good for the customer.
We went from discussing direct deposite advances to taking away the credit market. I will stick to the direct deposit advance with this comment.
They can do direct deposit advances for 12 months in a row before they are not allowed to any more. Now, maybe 2 or 3 times at most in a row. Again, they are setting people up for failure.
I have seen their strict polices hurt people who needed it the most. A lot of customers fall through the cracks.
OK we can stay with the DDA there is an easy fix for anyone. The reason people get stuck doing it over and over again is because when the direct deposit hits the advance pays itself back, so you can split your direct deposit between two accounts and only pay what you can afford toward the DDA or just start recieving a check until you pay back the DDA. There you go two easy ways to avoid "ruining your life"
When will Wells Fargo put your new policy in effect. However, I doubt anything will change. You have just agreed that their is a problem and determined how to fix it. As soon as the problem is resolved. Please post again with new the new policy.
There is not a new policy. This is a common sense way to get out of the direct deposit advance if it becomes a "habit" and most personal bankers are going to let the customer know of this if they just ask them how to get out of the cycle. Many people do this when they get caught up in doing the advance every paycheck.
You and I both know that most people don't have common sense. Again, Wells Fargo is setting up people to fail. People should have had more common sense to not sign the doted line on a loan that was set up for them to fail. What happen? The entire mortgage community needs the goverment to bail them out for their ignorance. I know Wells didn't have much to do with the mortgage crisis. However, they do the same thing in other banking areas. They set people up to fail.
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As a current Wells Fargo employee I have seen the direct deposit advance help people who would have recieved several overdraft fees without this useful tool offered by our company. However I have seen the customers who decided to abuse the service. These are the same people who if the direct deposit advance service was not available they would just go to a payday advance store that would debit the account for the whole amount when the payment is due weather the money is available or not potentially causing several overdraft fees. The Wells Fargo direct deposit advance will pay its self back on the day that the direct deposit hits the account and will not overdraft the account. Therefore like most things in life that are designed to help people in need are most often abused by people who rather than take responsability for their own actions blame the company who provides the service.
Your right for the most part. However, setting up systems for people to fail in order to produce capitol gain is very unethical.
How many people do you know that hang up on people. When I was there it was very common in the Call Center.
Their aggressive sales tactics are worse than a car saleman. I have been both a Wells Fargo Call Center employee and a car saleman.
In that case I guess we just need to do away credit cards, loans, and lines of credit, that is if we are to assume that everyone that uses these products is not going to be responsable enough to pay them .Of course, the above products require at least a decent credit score with all banks except Wells Fargo of course who arethe only triple A credit rated bank in the United States requires an above average score for any of our products including checking accounts where other finacial institutes will approve you for credit products knowing that the customer will not have the ability to pay it back. In which case there are two scenarios that will play out: one the customer is unable to make the payments, the account goes into default, and puts the customer into a significant amount of debt that can not be stopped by moving your direct deposit into another account until you pay back what is owed. Two, the bank turns around and sells the loan to another financial institution and lets them worry about it. Neither of these are good for the customer.
We went from discussing direct deposite advances to taking away the credit market. I will stick to the direct deposit advance with this comment.
They can do direct deposit advances for 12 months in a row before they are not allowed to any more. Now, maybe 2 or 3 times at most in a row. Again, they are setting people up for failure.
I have seen their strict polices hurt people who needed it the most. A lot of customers fall through the cracks.
OK we can stay with the DDA there is an easy fix for anyone. The reason people get stuck doing it over and over again is because when the direct deposit hits the advance pays itself back, so you can split your direct deposit between two accounts and only pay what you can afford toward the DDA or just start recieving a check until you pay back the DDA. There you go two easy ways to avoid "ruining your life"
When will Wells Fargo put your new policy in effect. However, I doubt anything will change. You have just agreed that their is a problem and determined how to fix it. As soon as the problem is resolved. Please post again with new the new policy.
There is not a new policy. This is a common sense way to get out of the direct deposit advance if it becomes a "habit" and most personal bankers are going to let the customer know of this if they just ask them how to get out of the cycle. Many people do this when they get caught up in doing the advance every paycheck.
You and I both know that most people don't have common sense. Again, Wells Fargo is setting up people to fail. People should have had more common sense to not sign the doted line on a loan that was set up for them to fail. What happen? The entire mortgage community needs the goverment to bail them out for their ignorance. I know Wells didn't have much to do with the mortgage crisis. However, they do the same thing in other banking areas. They set people up to fail.
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