Friday, October 2, 2009

Bank. Robber.

Just when I thought the NFL lying about bank injuries might win Corporate Scumbag of the Week, now comes the news that Wells Fargo pockets the difference when customers make small math errors on ATM transactions.

Do they let people keep the money if they make a small math error in the other direction?

Hypothetical question asker, please don't be so naive.

You might think that Matty Boy, extremely mathy guy, is reporting on this just to look out for the little guy. Well, first off, I don't bank at Wells Fargo, though I used to many years ago, so this doesn't effect me directly, unless Chase does the same thing. (It might, for all I know.) But I do more math by hand than most people since I'm at the board for hours every day, so I probably make more math total errors than the average person, though I hope I make a lower percentage of math errors than the man on the street.

Consumer protection shouldn't be a politically charged topic, but sadly, it is. Instead of the attitude being that we need to fix this, those who are getting paid by the financial service industry to look the other way put up distractions or just simply refuse to act. Yes, Republicans protect these scumbags, but Democrats do, too.

Call your congresscritter. Don't take no for an answer.


Distributorcap said...

and how about the exorbitant fees for services - they want to charge me $25 for a certified check

Matty Boy said...

I sent my credit card payment on time last month, but it didn't get to them until it was late.


dguzman said...

Ah, I see I'm not the only one who's been hit with the $39 credit card late fee -- even a minute after 5pm (their time), and it's almost forty bucks. The finance charge each month is miniscule compared to that late fee!

Emphyrio said...

There's a simple way to avoid math mistakes on deposits. Just deposit one check at a time. If you have five checks, use five deposit envelopes and five separate transactions. As long as you're using your own bank's ATM, you won't be charged (but it will cost the bank slightly more).