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Wells Fargo Direct Deposit Advance

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Lorri



Joined: 15 Jul 2008
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Posts: 246



254 Magic Points

Subject: Wells Fargo Direct Deposit Advance
 
Posted on Thu Jul 17, 2008 5:36 am  

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.
erb1953



Joined: 31 Dec 2007
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Posted on Sun Jul 20, 2008 12:39 am  

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.
Lorri



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Posted on Sun Jul 20, 2008 12:58 am  

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 And as soon as my paycheck would be deposited the amount plus the fees would be withdrawn.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.
Justin

Justin

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Posted on Tue Jul 22, 2008 4:37 am  

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.
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Lorri



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Posted on Tue Jul 22, 2008 4:41 am  

Needless to say, I no longer bank with Wells Fargo...not because of the advance deal however.
JPolito830



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Posted on Wed Jul 23, 2008 3:24 pm  

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



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Posted on Wed Jul 23, 2008 9:20 pm  

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.
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erb1953



Joined: 31 Dec 2007
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Posted on Thu Jul 24, 2008 2:56 am  

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.
Lorri



Joined: 15 Jul 2008
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Posted on Fri Jul 25, 2008 11:14 pm  

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.
goodnatured



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Posted on Sat Sep 06, 2008 9:09 pm  

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



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Posted on Mon Sep 08, 2008 6:10 am  

Yeah---stay away from Wells Fargo (j/k). Laughing
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goodnatured



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Posted on Wed Sep 17, 2008 2:39 am  

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
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Lorri



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Posted on Wed Sep 17, 2008 4:17 am  

no need to say more
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fireyone



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Posted on Thu Sep 18, 2008 1:58 am  

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



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Posted on Thu Sep 18, 2008 6:09 am  

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