Wells Fargo Direct Deposit Advance

Submitted by Lorri on Thu, 07/17/2008 - 05:36

Has anyone had experience with Wells Fargo Bank and the deal they offer customers who have direct deposit on their account? You can "take an advance on your own paycheck". Of course, there is a fee to do this and its like $2.00 for every $20.00 borrowed. The whole thing plus the fee comes out with your next direct deposit.

To me this is exactly like a PDL, the same kind of trap once you do it, it becomes necessary to keep doing it. The only thing you can't advance more than half of your direct deposit.

I guess I am posting this so everyone who is with Wells Fargo is forewarned.

It sounds like a pay day advance but a little cheaper on the fees. Is this your primary account or do they deduct from your bank account.

Sun, 07/20/2008 - 00:39 Permalink

This was my one and only account. And as soon as my paycheck would be deposited the amount plus the fees would be withdrawn. So naturally I would need the money, so I would have to re-advance again. And yes, it is exactly like a payday advance, except a little cheaper and done under the "respected name" of Wells Fargo.

Sun, 07/20/2008 - 00:58 Permalink

You are right Lorri. Since your paycheck gets deposited in Wells Fargo account, I think it would not be wise to take any advance from this account. Moreover, once your salary gets credited in your account, you cannot even see it, because more than half of the amount will get transferred into Wills Fargo account and you will have no hold over it.

Tue, 07/22/2008 - 04:37 Permalink

Needless to say, I no longer bank with Wells Fargo...not because of the advance deal however.

Tue, 07/22/2008 - 04:41 Permalink

I also closed my account there..but I did have direct deposit before I left the bank.

Wed, 07/23/2008 - 15:24 Permalink

Oh, I don't think that I would like that, I would be spent so far a head of my pay range, a pay at a time I would probably spend my way right into debt. That is definately not for me. I get in a hurry to pay things down and I can see that becoming a bad habit for me.

I could see where it would be useful, but if you have the personality like myself it could be a way to dig a big hole too.

Wed, 07/23/2008 - 21:20 Permalink

Seems like you like the experience was good for you Lorri, if I am reading this right. I use our local bank, like to have my money close to home, I can use the online banking and bill pay, it works for me. I used to have a line of credit on my account for about $1000, I closed it out because I found myself using it when it really was not necessary, so it was more of a headache than a help. It would cover any checks that came in, it was convenient but I found myself over spending instead of conserving money.

Thu, 07/24/2008 - 02:56 Permalink

Yes, it was a definitely a learning experience. It was there when I needed it and I used it. But, the problem like everything else is you have to pay it back and the money is not/was not available. Lesson learned--definitely.

Fri, 07/25/2008 - 23:14 Permalink

as long as you have learned something then it was not a total loss.

Sat, 09/06/2008 - 21:09 Permalink

Yeah---stay away from Wells Fargo (j/k). :lol:

Mon, 09/08/2008 - 06:10 Permalink

I don't know much about wells fargo, but lord knows I have a few other companies under my belt that would go on this list Lorri, LOL

Wed, 09/17/2008 - 02:39 Permalink

These companies are loan sharks. It should be illegal to charge such high rates of interest.

Thu, 09/18/2008 - 01:58 Permalink

What bugs me is that they always act like they want to HELP people. When really it all boils down to money/

Thu, 09/18/2008 - 06:09 Permalink

It is so easy to be taken advantage of these days. People try to get help so they can get back on their feet so tehy put their trust into comanies like these only to end up in worse shape.

Fri, 09/19/2008 - 00:15 Permalink

I just really think it makes getting help upsetting and confusine. You really don't know which way to turn or which door to open when all but a few have wolves behind them.

Sun, 09/21/2008 - 00:35 Permalink
Shannon (not verified)

if youre living beyond your means and you have to keep taking DDA's to survive...you need money management classes. the wells fargo DDA is a lifesaver in a pinch (like a vacation or car trouble) but not something to use all the time (like if youve overspent this pay period by buying 12 pairs of shoes you didnt need.) you will get stuck in a loop. on the brightside though, they only charge 150% interest instead of the 500% the payday loan places do.

Tue, 07/14/2009 - 14:05 Permalink
Zach T. Plenty (not verified)

I split my direct deposit 50/50 between Wells Fargo and US Bank. This way, I have more than the $500 DDA limit available - at any given time.

By using both banks, I have more than 1 full paycheck of NET PAY in DDA available at any given time.

The DDA is less expensive than a PAYDAY LOAN and most banks are willing to provide a repayment term of over 30 days. Most PAYDAY loan companies provide terms of 14-18 days.

Even while experiencing difficult financial scenarios, most banks will let their customers work with the internal collections department. They can help you create easy payment options IN ORDER TO REPAY THE DDA and keep the account open and active.

***WARNING***CAUTION***
TAKE HEED AND LISTEN TO
THE TRUTH THAT LIES WITHIN!
***WARNING***CAUTION***

Before becoming eligible for a DDA,
US Bank FORCES all customers to wait 6 months after opening the checking account.

Wells Fargo is quite lenient in comparison; DDA is available after a MERE 2 months.

Fri, 10/09/2009 - 15:27 Permalink
Ranjit Modi (not verified)

Can I direct deposit from my Bank of America account to Wells Fargo Checking or Savings account ? If yes, pls. send me the form with Account No and Routing No. Pls. respond immediately. Thank you.

Sincerely,
R Modi...

Thu, 12/30/2010 - 20:20 Permalink
jessi (not verified)

I was shocked to see thie option on the menu to get a loan on my direct deposit. I figured it was worth the two dollars per 20, as I had bills to pay, and a pawn or cash advance cost alot more. To my suprise, they do not offer Direct deposit advances in FL!!! I really dont get it or still believe it. Why????

Wed, 08/31/2011 - 01:17 Permalink
Leslie (not verified)

I closed my account the day they said they told me since I don't have direct deposit they will be charging my account, not only that but I had to maintain some ridiculous balance. Perhaps someone should start charging companies oh like Dr's would don't pay their employees by direct deposit. Why should I have to be penalized. This is BUll Shit.

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There are a few ads,But in my view, They don't really interfere with the buyer experience. yes, They're annoying and slightly distracting if you have so many users paying monthly to use your site, do you really need ads on the home page? nevertheless, I digress the ads are just obtaining ads, And they are certainly not the obnoxious "There are hot singles in your area" advertisements.

receiving a match

in order to Tinder, Match will highlight one profile at a time, and you will decide to match them or skip them. (distinict Tinder, Match gives you significantly more information on the person, So it's not just the blind swipe based on whether you think they're hot or not.)

I have to indicate how nice it is to only see one person at a time. if you're given too many matches at once, You have no idea where to start looking and might miss someone important during the rush. With one by one, You're forced to more consider the person and their intentions, And I wouldn't very impressed if this is part of what makes Match so successful.

Match will take your skips to gather info regarding what you like (Or more so what you aren't happy with), And use complete picture of the to give you more honed in matches the next time around in hopes of getting you closer to your special someone faster. You could easily get 10 or more matches within the first day, through how active you are.

apart from the matching game, another way to find interested folks is to check your interests tab. proper, You'll see other people who have come across your profile and "loved" the car, Given that you' "Yes credit rating" or perhaps a "top" Not really sure what the visible difference on these is, But it's basically telling someone that you are interested without having to wait for them to swipe on your profile. you may also send someone a wink, that may be the dating site version of Facebook poking, But more a little wild. effortlessly, you direct message people, And people can message you without being a match which means you'll have some randoms in your inbox. unfortunately, You can filter your messages to block quickly or under a certain age (Or elevation) and also other specific values. I considered that was a nice touch and a way to keep from getting overwhelmed with 50 unread messages.

People on Match take dating absolutely, and it's awesome

The singles on Match have always been genuine. you might get a few corny pickup lines (Totally faithful, provide a choice), But besides that, it's mostly people being friendly, releasing themselves, Or asking a question to get the hang of you better.

Tue, 07/30/2019 - 20:13 Permalink
Jacob Smith (not verified)

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Sat, 08/24/2019 - 13:38 Permalink
Jacob Smith (not verified)

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Sat, 08/24/2019 - 13:38 Permalink
Jessica Grigori (not verified)

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Tue, 09/03/2019 - 23:40 Permalink
qpidnetworkkgg (not verified)

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Sun, 10/20/2019 - 05:35 Permalink
Pedro Phuc (not verified)

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Tue, 10/22/2019 - 09:57 Permalink
jones kenny (not verified)

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Wed, 10/23/2019 - 22:47 Permalink
David Carbajal (not verified)

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Sun, 10/27/2019 - 21:36 Permalink
Jim Scot (not verified)

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Thu, 10/31/2019 - 18:56 Permalink
Gladys Walker (not verified)

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Fri, 12/06/2019 - 07:35 Permalink
Mila Henry (not verified)

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Thu, 12/26/2019 - 08:22 Permalink