advice please.. bank-lawer, sorry long story

[parkerpowersports]

i am getting no where so maybe some one on here can give me a idea.. from the beginning; i have my credit cards processed through north american bancard and am fairly satisfied with them, other than the waiting period for funds. they offer a cash advance through a partner co and advertise in the monthly statements. i fill it out and they advance me 9k. everything is going good, advance helps provide operating capitol and cushion etc.. then comes the branch manager from my personal bank (wells fargo) along with the guy in charge of merchant processing accounts. "i can save you X amount of dollars if you switch to our processing company, and next day funding" i reply "i have a advance/loan with my previous co, there for i cannot switch at this time". his response "i can get that payment switched over no problem" then later i asked again your sure there wont be any problems with the loan? and again "it wont be a problem".. i have the bank branch manager as my witness to the whole conversation. a month later everything has been switched over and all is going ok still exept i noticed they never started deducting the 25% off the top of my transactions like the original agreement. so i called the bank and he said he would check into it, two weeks later i open my bank account like i do every morning and its negative -$8800.00. the company that had advanced me the money had made a debit of $9369.00 which was my balance owed to them. its now been 2 weeks and they havent made any attempts to correct the issue. is it my fault for not checking into it more or his for telling me they could when they really couldnt?

 

[Joker]

The only thing I can say is the banks are here to fock you, not help you.
Good Luck!

 

[djunkie]

The only thing I can say is the banks are here to fock you, not help you.
Good Luck!

Yep. And I'm really starting to hate Wells Fargo. Unfortunately everyone else I've talked to hates their banks too so switching for me may not be worth it. Plus I got so much shit going on with them it would be more work than anything.

 

[Ziggy]

Did you get the promise/agreement in writing? That's what Judge Judy would ask.

 

[pronstar]

Did you get the promise/agreement in writing? That's what Judge Judy would ask.

x2

First mistake is trusting anything WFB says.
Fuck those fucking motherfuckers.

 

[River911]

I'm not totally following your story.

Sounds like the previous credit card co. advanced your credit card AR.

Wells then took over your cc account and paid off your debt to them.

Wells then debited your bank account for the full amount and not 25% of your unreceived AR per (week/month/etc) and now your account is in the red?

Wow. Do you have a relationship manager at Wells? If you do, talk to him/her.

Bottom line fuck Wells Fargo. I dumped their lame asses 3yrs ago and haven't looked back. I still do some banking with them, but only because of our employees.

Those fucks charge me $8.00 for a cashiers check when I have bookoo bucks in our accounts.

 

[lakemadness]

Sounds like a bad deal. I fucking hate CC processors, scum. In many ways they are worse than banks. They are not there to help you, they dont give a fuck about you. They are all about the CC holder.

Not sure what to tell you to do. Try to get to the highest level manager at your branch and explain it to him. Tell him you'll move your shit if he cant help.

I've learned not to mix, or put all of my accounts with one bank/group. Keep a checking account with a bank thats completely seperate from your credit card company, your biz loan bank and you CC processor. Keep your personal checking at a seperate place as well. Banks love to have ALL of your business, and its not to help you "keep everything simple and easy and at a better rate" No, its because its easier for them to fuck you.

Sorry man.

 

[Vmjtc3]

Wells fargo sucks ass, so does every other bank in the nation, credit unions are the way to go. Never had a lick of trouble with the IBEW Credit union. Maybe because they are a union credit union they are better then the rat bastard credit unions

 

[Tom Brown]

Yep. And I'm really starting to hate Wells Fargo. Unfortunately everyone else I've talked to hates their banks too so switching for me may not be worth it. Plus I got so much shit going on with them it would be more work than anything.

I find it sacrilege you aren't patronizing the Credit Union system, brother Junkie.

 

[djunkie]

I find it sacrilege you aren't patronizing the Credit Union system, brother Junkie.

I use them too. I have a savings and a credit line with the ILWU credit union. But I have 2 mortgages, 2 checking accounts, and 2 savings accounts with Wells Fargo. Switching would be a pain right now.

 

[shintoooo]

Banks Suck

 

[parkerpowersports]

please guys no opinions on bank quality, they suck yes but im at a loss of what to do, any advice would help. the current status is that ive got msgs with district managers but no one is returning my calls. im out thousands because of this one guy not following through with what he said he could do because he later realized it wasnt possible. again i warned him several times that i had the loan and he assured me it wouldnt be a problem.

 

[Vmjtc3]

please guys no opinions on bank quality, they suck yes but im at a loss of what to do, any advice would help. the current status is that ive got msgs with district managers but no one is returning my calls. im out thousands because of this one guy not following through with what he said he could do because he later realized it wasnt possible. again i warned him several times that i had the loan and he assured me it wouldnt be a problem.

If its not in writing your fucked, if it is show it to them and tell them to make it right or you will seek legal council. Otherwise your at their mercy and they are not going to play ball if they can get out of it anyway.....

 

[EpicOne]

two weeks later i open my bank account like i do every morning and its negative -$8800.00. the company that had advanced me the money had made a debit of $9369.00 which was my balance owed to them.

So you had $569 in your account prior to the debit? Wells and the previous company that debited your account are going to go at it for awhile. Wells probably tried to reject the debit and it still went though as they didn't catch it soon enough. Wells is of course now jacking you on OD fees everyday until they reach the max that they are allowed to charge under financial reform. Had this been before Dodd-Frank, you'd be even more jacked.

I would let the two finance companies(CC Processors and Wells) duke it out and start cashing your checks elsewhere so you have some money to live off of until that OD is settled. If you have an account elsewhere, I'd use that bank until they figure it all out. At the same time, if most of your receipts are paid with a credit card than Wells gets the money before you do in order to bring that OD balance lower.

Situation sucks for sure but not much you can really do until all the dust there settles. Although they might not be talking to you, I can assure you they are trying to figure out an OD of that amount themselves.

 

[EpicOne]

So a funny story about Wells Fargo:

I was in WF earlier in the week dropping some coin into my mom's account. It was a sizeable amount(check) so as I sat there, the teller told me that I needed to wait for a second and she walked away from me leaving me at the window. So she walks away and goes to a phone at her manager's desk. So as I stand there, my cell phone starts ringing(I bank at Wells also). I answer my phone and it's the teller verifying if I wrote the check or not. I politely said yes and I'm standing at the window waiving at you.

 

[jetboatmatt]

Go back into the bank and talk to the same people and tell them to fix it now or you will be in contact with a lawyer!! Don't be nice at all!! Have them reverse all of it!! Maybe have a friend dress in a suit and pretend to be your attorney!!! Just be a jerk and you will get results!! It sucks to have to do it but it will work!!!

 

[pronstar]

Maybe have a friend dress in a suit and pretend to be your attorney!!!

LMAO :thumbsup

 

[PVHCA]

EPIC ONE seems to know his shit, I'd PM him for proper council. Just hope his whore GF doesn't accuse you of creepin her out, LOL!!

 

[Baja Big Dog]

please guys no opinions on bank quality, they suck yes but im at a loss of what to do, any advice would help. the current status is that ive got msgs with district managers but no one is returning my calls. im out thousands because of this one guy not following through with what he said he could do because he later realized it wasnt possible. again i warned him several times that i had the loan and he assured me it wouldnt be a problem.

You keep asking for help, but you are not very descriptive in what ever deal you made with the devil (the CC co). You HAD so sign something from teh CC co, what did it say about transferring the account

 

[mbrown2]

EPIC ONE seems to know his shit, I'd PM him for proper council. Just hope his whore GF doesn't accuse you of creepin her out, LOL!!

LOL

 

[mbrown2]

So a funny story about Wells Fargo:

I was in WF earlier in the week dropping some coin into my mom's account. It was a sizeable amount(check) so as I sat there, the teller told me that I needed to wait for a second and she walked away from me leaving me at the window. So she walks away and goes to a phone at her manager's desk. So as I stand there, my cell phone starts ringing(I bank at Wells also). I answer my phone and it's the teller verifying if I wrote the check or not. I politely said yes and I'm standing at the window waiving at you.

Thank the patriot act...

 

[Outdrive1]

So is the 9k cushion already gone? Or do you have it somewhere else?

 

[Rexone]

As said above if you don't have it in writing you are likely gonna be out of luck especially on the loan part of it. All banks are there for them, not for you. They could give 2 shits if you're out of money and have no working capital. Of course they'll be happy to loan you some when you don't really need it other than for some investment.

I've dealt with most the major banks and none seem to be much different than the next beyond the sales fluff you get going in.

 

[Rexone]

So is the 9k cushion already gone? Or do you have it somewhere else?

From what I got out of his original post the -8800 is that cushion, essentially gone.

 

[C-2]

You keep asking for help, but you are not very descriptive in what ever deal you made with the devil (the CC co). You HAD so sign something from teh CC co, what did it say about transferring the account

X2. Your description is somehwhat difficult to interpret, but based on it....

Most likely, YOU are still bound by the terms of the old loan agreement and it sounds as if the CC processing was part of it; or that if you terminated your CC processing agreement, it would be a default of the loan. Sounds like the loan was a perk offered, but tied to the CC processing.

If that's the case, it has nothing to do with your current bank and the representations made by them. Clearly, the current bank did not know the deal between you and your past CC processing bank. And not to be a dick, but there's no way, shape or form that you should have relied on your current bank's representations since it appears you, yourself, did not understand the terms of the old loan. Perhaps that would be different if your current bank was forwarded a copy of your old agreement and the current bank said no problem...but doesn't sound like it.

You should get a copy of the old loan agreement and read thru it. See if it identifies a default clause and the remedy (to debit the full amount of the loan upon default). See if that's specifically identified and agreed to in the agreement.

In the agreement/contract you should also find the state where you agreed jurisdiction lies, and whether or not there's an arbitration clause. That will help you decide if legal recourse is readily available, or if it's cost prohibitive because you're in Parker, and you agreed to litigate in Virginia (for example).

Sorry to hear about it That sux.

 

[Vmjtc3]

Go back into the bank and talk to the same people and tell them to fix it now or you will be in contact with a lawyer!! Don't be nice at all!! Have them reverse all of it!! Maybe have a friend dress in a suit and pretend to be your attorney!!! Just be a jerk and you will get results!! It sucks to have to do it but it will work!!!

If you show up with a lawyer of the real or fake variety you will be told sorry we can not talk to you have your attorney contact out attorney.

 

[WATERDOG]

So they loaned you 9K and charged $369 fee? In 2 weeks you've gone from -$9369 to -$8800. taking 25% off the top as a payment, you've had $2,276 in transactions processed over the last 2 weeks. Am I missing something?

 

[Racey]

Credit processors are one of the scummiest industries in the nation, fuck those guys...... I've been through all kinds of shit with them in the past :thumbsdown

 

[parkerpowersports]

You keep asking for help, but you are not very descriptive in what ever deal you made with the devil (the CC co). You HAD so sign something from teh CC co, what did it say about transferring the account

my fault for not reading into it more, but i told him i could not switch companies until the loan was paid back and he said he was going to check into it, then came back and said he had checked into it and it wouldnt be a problem. i trusted he had done the research.

 

[parkerpowersports]

So is the 9k cushion already gone? Or do you have it somewhere else?

the money was used to get caught up and fix equipment and i had a small cushion but for the most part its gone yes.

 

[parkerpowersports]

X2. Your description is somehwhat difficult to interpret, but based on it....

Most likely, YOU are still bound by the terms of the old loan agreement and it sounds as if the CC processing was part of it; or that if you terminated your CC processing agreement, it would be a default of the loan. Sounds like the loan was a perk offered, but tied to the CC processing.

If that's the case, it has nothing to do with your current bank and the representations made by them. Clearly, the current bank did not know the deal between you and your past CC processing bank. And not to be a dick, but there's no way, shape or form that you should have relied on your current bank's representations since it appears you, yourself, did not understand the terms of the old loan. Perhaps that would be different if your current bank was forwarded a copy of your old agreement and the current bank said no problem...but doesn't sound like it.

You should get a copy of the old loan agreement and read thru it. See if it identifies a default clause and the remedy (to debit the full amount of the loan upon default). See if that's specifically identified and agreed to in the agreement.

In the agreement/contract you should also find the state where you agreed jurisdiction lies, and whether or not there's an arbitration clause. That will help you decide if legal recourse is readily available, or if it's cost prohibitive because you're in Parker, and you agreed to litigate in Virginia (for example).

Sorry to hear about it That sux.

after having gone back it does state that its none transferable. i agree i should have read into it more, i trusted they had checked into it. they had come to me, i didnt go to them and they assured me several times that there wouldnt be any issues.. now i look bad due to his mistake. its impossible to calculate the actual damage caused by this hit but it hurt me bad. and now im unable to get in contact with anyone but my branch manager and hes not able to do anything.

 

[parkerpowersports]

So they loaned you 9K and charged $369 fee? In 2 weeks you've gone from -$9369 to -$8800. taking 25% off the top as a payment, you've had $2,276 in transactions processed over the last 2 weeks. Am I missing something?

not exactly, they loaned/advanced me 9k, the total i was to pay back was in the 12k range and it was over a period of 2 months that i had paid into it all but $9369. i average 5-9k a month in credit card transactions

 

[JBS]

after having gone back it does state that its none transferable. i agree i should have read into it more, i trusted they had checked into it. they had come to me, i didnt go to them and they assured me several times that there wouldnt be any issues.. now i look bad due to his mistake. its impossible to calculate the actual damage caused by this hit but it hurt me bad. and now im unable to get in contact with anyone but my branch manager and hes not able to do anything.

Can you unwind this deal and go back to the original processor/lender?

 

[Outdrive1]

Who made the debt from your account? The old processing company? You should have gotten a new account if they had permission to make a debt from that account. Second why would Wells cover a 9k overdraft?

 

[parkerpowersports]

Can you unwind this deal and go back to the original processor/lender?

already did, they took me back but not giving me a dime back. and now they will never lend again..

 

[parkerpowersports]

Who made the debt from your account? The old processing company? You should have gotten a new account if they had permission to make a debt from that account. Second why would Wells cover a 9k overdraft?

yes the old processing co, if they had permission it was in the fine print. and thats a good question.

 

[JBS]

already did, they took me back but not giving me a dime back. and now they will never lend again..

Sorry to hear

That sucks:thumbsdown

 

[RiverDave]

Nate I'm not familiar with what's google on in this thread.. But it's reading like an impossible situation to me..

Short story shorter.. U had a loan for 10k. Someone approached and said we can do better and pay off old loan. Old loan was not transferrable so they took the entire amour from your bank acct. New loan no longer valid because the 9k overdraft? Is that the scenario?

 

[parkerpowersports]

branch manager just left, they are working on getting me the same type of loan through their company to cover the money im out. plus a few $ to get me rolling again.. 2 weeks with no money screwed me big time.

 

[EpicOne]

branch manager just left, they are working on getting me the same type of loan through their company to cover the money im out. plus a few $ to get me rolling again.. 2 weeks with no money screwed me big time.

Sorry I don't post on weekends. This would be the solution but you actually had more bargaining power when you were overdrawn. At that time, you should have requested a line of credit or a short term loan to pay back the monies that you were overdrawn at the time. That would have been the best bargaining chip for you as you might have been able to pin it on the rep. At the same time, Wells Fargo merchant service guys are basically support to a branch and not necessarily part of it.

 

[parkerpowersports]

Sorry I don't post on weekends. This would be the solution but you actually had more bargaining power when you were overdrawn. At that time, you should have requested a line of credit or a short term loan to pay back the monies that you were overdrawn at the time. That would have been the best bargaining chip for you as you might have been able to pin it on the rep. At the same time, Wells Fargo merchant service guys are basically support to a branch and not necessarily part of it.

they still havent done anything, its still overdrawn and they are just working on getting the loan started. but what im getting from all angles is, that no matter what he promised me (as long as its not in writing) is meaningless. i should have done my homework instead of trusting my personal banker.

 

[EpicOne]

they still havent done anything, its still overdrawn and they are just working on getting the loan started. but what im getting from all angles is, that no matter what he promised me (as long as its not in writing) is meaningless. i should have done my homework instead of trusting my personal banker.

No such thing as a personal banker at Wells Fargo. Just high pressure sales guys who barely made it through high school.

Leverage the OD into a loan with acceptable terms. Have you ever sat down and realized what a Merchant Card Advance actually costs you? If you have the time and want to talk, PM me your number and I'll call you tomorrow. I'll explain the ramifications of the OD as well.

 

[gqchris]

Someone I know of in my circle of acquaintances works in this "Credit Card " advancing industry. Put it this way.....he used to be making 25k a month running stated income home loans during the boom. Now he does this.

These super inflated loans are the new "hot thing" right now.

I wouldnt trust these crooks if I was on my last penny. To me it stinsk of PayDay loans and CashCall.

Not to knock you Parker, I know when times get tough we do what we have to do. But like others had said, Im sure you broke your agreement with Scum Bags and they probably have a clause to debit your bank.

Just run low right now, and go with other ways to cash checks and process.

Use http://www.squareup.com , free reader for your smartphone , screw processors.

 

[gqchris]

Have you ever sat down and realized what a Merchant Card Advance actually costs you? .

Exactly. I hate that these fucks are getting away with scamming people in times of need.

 

[Outdrive1]

Exactly. I hate that these fucks are getting away with scamming people in times of need.

Sounds like legal loan sharking. Payday loans also fuck people who have no clue what they're getting into.

 

[C-2]

It sounds like the bank account is currently ok, or not in danger of being shut down, which is good.

Do they still have "debit scores" that banks use to score bank accounts? I know they used to, and having a bad score, just like a credit score, could make it hard to open any new bank accounts. They report open and closed accounts and accounts closed involuntarily by the bank.

Parker, make sure they agree not to nail that score if the bank account goes fubar.

 

[parkerpowersports]

they were the only ones that were willing to give me money when i needed it and it helped big time. the shop was on a roll till this happened..im so fucking pissed off about the whole situation that i cant even focus long enough to finish the simplest of tasks. and to top everything off im having to find a new house to rent this month and move right after christmas. im going to read every word of every contract i ever sign from now on.. and a 9-5 is sounding better n better every day.

 

[River911]

Can I give you some advice?

Bump your charges. Especially in the summer.

I trashed my toon ladder at the sandbar. Took it off, took it to you. One of your guys welded it up. Picked it up 1/2hr later. He did such a good job I won't be ordering a new one (at $200 or so) anytime soon.

He charged me $20. Which I appreciated. But I would have gladly paid $40.00 and not thought twice about it.

I'm all about being fair. But you gotta get it when you can get it.

Otherwise you won't get it, and someone else will

 

[Riverbound]

Can I give you some advice?

Bump your charges. Especially in the summer.

I trashed my toon ladder at the sandbar. Took it off, took it to you. One of your guys welded it up. Picked it up 1/2hr later. He did such a good job I won't be ordering a new one (at $200 or so) anytime soon.

He charged me $20. Which I appreciated. But I would have gladly paid $40.00 and not thought twice about it.

I'm all about being fair. But you gotta get it when you can get it.

Otherwise you won't get it, and someone else will

I agree with what he said.....except when it comes to charging me

Sent from my Droid using Tapatalk

 

[parkerpowersports]

Can I give you some advice?

Bump your charges. Especially in the summer.

I trashed my toon ladder at the sandbar. Took it off, took it to you. One of your guys welded it up. Picked it up 1/2hr later. He did such a good job I won't be ordering a new one (at $200 or so) anytime soon.

He charged me $20. Which I appreciated. But I would have gladly paid $40.00 and not thought twice about it.

I'm all about being fair. But you gotta get it when you can get it.

Otherwise you won't get it, and someone else will

i would have been the one who welded it, my thinking is that if i charge you too much on something small, when you have a big job youll remember and give the next guy a chance.. my labor rate is 60/hr 60 mins in one hour = 1$ a miniute 20 mins = $20.. welding has $20 minimum.. your ladder maybe took 10..