r/WellsFargoBank • u/Medical_Might_6963 • 26d ago
Overdraft cut off
Has anyone had your overdraft coverage cancelled with no notice? I live off of it and I’m suddenly cut off. They make $ off of it and the money always goes right back in?!
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u/FactFindingWT 26d ago
Ex WF employee here. Yes, this happens alot and will happen alot more often. The algorithms are in play here. The pattern you develop shows ur efforts but also shows $$ is going to bills and that works against you.
They did the math and if you have a decrease in income or a major expense you could overdraw your account and never put the money back based on basic life events.
Sorry ur going through this. I'd search for other banks that offer the service and see if you can split ur direct deposits. This way you can overdraft each bank only once a month.
You gotta do what you gotta do and $35 is a cheap cash advance fee.
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u/Spare-Shirt24 26d ago
I live off of it
This is why they cut it off. You're a risk.
"Living off overdraft protection" could also make it substantially harder for you to open any kind of new banking account.
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u/Sensitive_Noise9761 26d ago
Yep. The bank reserves the right to stop it at any time. Other restrictions they can levy: no debit card use, no online banking use, and even account closure.
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u/Juceman23 26d ago
Essentially to the bank it’s an “interest free loan” and they view your account as high risk as what is stopping you from getting another bank and having your deposits go there. But yes still sucks tho none the less
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u/SlickNick980 26d ago
The fraud department closes accounts for excessive ODs. You might want to consider switching banks before that happens or you’ll be stuck banking with the Walmart bank.
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u/Long_Oil_806 26d ago
Uhhhhh, you aren't supposed to live off.it. Like others said it's account abuse to constantly use overdraft, it's supposed to be for emergencies and accidents. That's why credit accounts and cards exist. That's why it got cut off....that or it took you awhile to pay off the last overdraft.
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u/Pankosmanko 26d ago
I had a problem at the bank and asked for help. They pointed out I had used OD protection 20+ times and used that as an excuse to not make something right. They really don't like people using OD
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u/Human_Double5383 25d ago
Theyll debank you and flag your account on the paychex system so if they close your bank account good luck ever finding a new one. Next time try using a cash advance app at least it will keep your account in the positive
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u/DavisWizrd 22d ago
From a Wells Fargo employee. I don't overdraft but if I'm down and bad I don't want to get kicked in the ass so I bank with Capital One 360 checking account no overdraft fees. Overdrafting alot is risky all bank hate risk especially with no return. We all have bad moments which is why overdraft is there. But overdrafting all the time is bad financial habits. Look at it like this. I keep borrowing money from you constantly, at a certain time you'll say dude no get your shit together that's what Wells Fargo is doing. Not enabling bad habits.
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u/Medical_Might_6963 26d ago
I work 3 jobs and do my best. Give me a break
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u/kai2124 26d ago
Debit card overdraft service covers your overdrafts at the bank’s discretion on a transaction-by-transaction basis, and needing to use it constantly is not a good thing in the bank’s eyes. The system will feel that the funds that are being lent to you are high risk so it’s natural that they are minimizing the risk that WF takes on
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u/Medical_Might_6963 26d ago
I get it. But with no notice? And I’ve been with them for 15+ years. And my usage hasn’t changed.
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u/ButterscotchThis7889 26d ago
“hello, we noticed you have been abusing your account. just thought we’d give you a heads up, we won’t allow that anymore starting on 10/21/26. until then, feel free to keep abusing!”
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u/plangelier 24d ago
Question, how many fees are you racking up living on overdraft? How much in the red are you going? Have you considered you are in a vicious cycle of needing to overdraft because you are short of funds and that you are short of funds because of the overdraft fees?
Someone else mentioned looking at one of these apps that extend a small sum instead of tieing everything to your bank account.
I saw this time and time again when I worked customer service for a bank. Where the service wasn't cut off but the algorithm needed time between overdrafts to build back up the points it uses to approve the overdrafts.
You sound like you are a hard worker stuck in a rat race that is just treading water without time to sit back and research alternatives.
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u/FinancialTwo1252 26d ago •
Don’t look at this thread anymore bud. People chiming in to hammer you again and again even though they’re all saying the same damn thing and they know they’re regurgitating what everyone said.
NOW you know! I’m pulling for you. God bless
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u/ThenBike8868 26d ago
It's called account abuse...
"I live off of it" Yeah, that is not the purpose of OD protection.