I posted about the drama with my corporate REIT landlord wanting to "no longer handle paper checks" and requesting all tenants to start paying via ACH / debit card % credit card on file with them. I declined to do this back in August & Glory Hallelujah, October's rent check was claimed unrecieved, got a Notice to Pay or Quit etc, so ended up paying by debit card that is now on file with them (their mission accomplished)
Based on advice received here, I moved all monies
except next month's rent moved to another a/c within Wells Fargo, and turned off "Overdraft Protection" for the debit card. I intend to close this a/c at move out, and thar would be that.
I woke up this morning to an "advisory" email from Wells Fargo about my stupidity in turning off "Overdraft Protection" and how I should be reconsidering it. But the part in bold freaks me out:
___________________________________________________
This letter is to confirm that Debit Card Overdraft Service will not be added to (or is being removed from) the above-referenced checking account. If the service is being removed, this will occur effective October 12, 2022. Here is some information that may be helpful.
What you need to know
If you do not have enough money in your checking account or in accounts linked for Overdraft Protection (such as a savings account or credit account):
·Your ATM and everyday (one-time) debit card transactions will be declined. You will need to have cash, credit card, or another payment source to complete your purchase.
*· Checks and other transactions such as Bill Pay, ACH, and debit card transactions that you have established for recurring payments (such as utilities or health club memberships) may continue to be paid into overdraft (at our discretion) and our standard overdraft fees will apply.*
· Consider other optional services to help you manage your account and ways to avoid overdrafts or declined debit card purchases.
Blah blah blah... oh & blah blah blah...Alternatively, blah blah blah ... You could also bleh blah bleh blah BLEH BLAH
We appreciate your business and look forward to continuing to serve your banking needs. Thank you for choosing Wells Fargo.
Deposit Products Group
Consumer & Small Business Banking
____________________________________________________
Here's my question - THE POINT of turning off "overdraft protection" is DEFEATED IF Wells Fargo, in its infinite wisdom & sacred "discretion", decides to HONOR previously paid debit card transactions such as rent even if I have requested that it not & if the a/c has been closed & drained to ZERO BALANCE & card reported lost or stolen?
What kind of SCAM is this? Is there a way to tell them to NOT honor any transactions esp debit card transactions on a DRAINED a/c? Maybe a letter from a lawyer? Should I simply move our savings a/cs out of Wells Fargo's clutches when I still can to prevent this?
Based on advice received here, I moved all monies
except next month's rent moved to another a/c within Wells Fargo, and turned off "Overdraft Protection" for the debit card. I intend to close this a/c at move out, and thar would be that.
I woke up this morning to an "advisory" email from Wells Fargo about my stupidity in turning off "Overdraft Protection" and how I should be reconsidering it. But the part in bold freaks me out:
___________________________________________________
This letter is to confirm that Debit Card Overdraft Service will not be added to (or is being removed from) the above-referenced checking account. If the service is being removed, this will occur effective October 12, 2022. Here is some information that may be helpful.
What you need to know
If you do not have enough money in your checking account or in accounts linked for Overdraft Protection (such as a savings account or credit account):
·Your ATM and everyday (one-time) debit card transactions will be declined. You will need to have cash, credit card, or another payment source to complete your purchase.
*· Checks and other transactions such as Bill Pay, ACH, and debit card transactions that you have established for recurring payments (such as utilities or health club memberships) may continue to be paid into overdraft (at our discretion) and our standard overdraft fees will apply.*
· Consider other optional services to help you manage your account and ways to avoid overdrafts or declined debit card purchases.
Blah blah blah... oh & blah blah blah...Alternatively, blah blah blah ... You could also bleh blah bleh blah BLEH BLAH
We appreciate your business and look forward to continuing to serve your banking needs. Thank you for choosing Wells Fargo.
Deposit Products Group
Consumer & Small Business Banking
____________________________________________________
Here's my question - THE POINT of turning off "overdraft protection" is DEFEATED IF Wells Fargo, in its infinite wisdom & sacred "discretion", decides to HONOR previously paid debit card transactions such as rent even if I have requested that it not & if the a/c has been closed & drained to ZERO BALANCE & card reported lost or stolen?
What kind of SCAM is this? Is there a way to tell them to NOT honor any transactions esp debit card transactions on a DRAINED a/c? Maybe a letter from a lawyer? Should I simply move our savings a/cs out of Wells Fargo's clutches when I still can to prevent this?
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