Wells Fargo Bank and Debit Cards

Dear Wells Fargo Bank Debit Card Customers:

If you have a Wells Fargo Debit Card, BEWARE!!!

Wells Fargo Bank, like at least 13 other major banks in America who service debit card accounts, according to Business Week Magazine dated November 10, 2008, approves transactions when your purchases exceed the balances in your account, and then hit you with enormous fees.

Wells Fargo Bank will charge $35 per overdraft, and even though they will notify you by mail of the problem, they will continue to allow these fees to accumulate.

It is easy for a customer to quickly run up Hundreds of Dollars worth of fees.

The technology exists, and the type of debit cards exist, to disallow such transactions from taking place. But to "maximize shareholder wealth", Wells Fargo has chosen to allow these fees to accumulate. This problem takes advantage, in particular, of those struggling financially.

It is like throwing a block of concrete to a drowning victim.

Why would Wells Fargo prey upon such customers?

Do they need the money that bad?

The Federal Reserve has identified this service as potentially abusive, according to Business Week Magazine.

I would hope that our elected representatives would jump on the bandwagon to reign in such abuses.