How can I recover excessive fees charged by my bank?

I recently was charged a very excessive fee from Wells Fargo for transferring money from my Savings to my Checking account equaling $120. When I asked the banker in the branch, they stated that every transfer from my Savings to my Checking account after the first 3 times every month, will cost me $10 each. They also stated that this was a law.

I find it hard to believe that they are using my money to make more money for themselves via investments, and then when I go to use my "free online banking" they rape me on fees. I tried to look up the "law" with no luck. How can I present my case to the bank so I can get these b/s fee's refunded to me? I am currently a college student, and don't have he time or money to waste on this kind of b/s from my bank.

I believe the law allows you six pre-authorized transfers per statement period. After that, the bank is allowed to charge and, if one persists in making excessive withdrawals, they can (and probably will) close the account.

The three withdrawal rule applies to checks from a money market account. If you have a money market account and have written three checks from your money market account during the statement period and transferred money more than three times from there, the bank would be within its rights to do what it has done.

It seems to me that you need to ask more questions of the bank. Get them to explain the law to you and don't stop until they give you a satisfactory explanation.

if you've already talked to them and they refused to correct the fees then you could probably make a complaint with the fdic or file lawsuit with an attoreny. however, i'm thinking you won't get very far. just don't use the overdraft protection offered.

They're right about the law. If you initiate more than a certain number of electronic transfers from savings to checking (I forget the number), they can either charge you or refuse the transfer. If this is your first time, they may give you a courtesy or partial refund if you ask nicely enough. You may need to go to the branch manager. Ask them to specify which transfers don't count against the limit (In-branch transfers should be OK). Good luck, and keep an eye on your account.

I don't know if you can recover it. The only thing to do is talk to the manager or someone with some power, and threaten to switch banks. Even if they refund it, I'd switch banks anyway.

Savings and money market accounts do have transaction limits. For some types of transactions like withdrawals and in-person transfers, you only have 3 per month. For pre-authorized transfers, you have 6.

Either the bank doesn't understand the law or you didn't understand their explanation. If you violate the transaction limits, the law states the bank should change your interest bearing account to a transaction account (no interest). Many banks have chosen to charge a service charge instead. If the charges are stated up front, you really have no recourse. The bank might choose to refund the service charges though. It is not a law that they must charge $10 per transaction over 3 so they have full discretion over charging/refunding charges.

I would go to the bank and ask them if they can help you. Tell them that you didn't understand the terms and they didn't explain them up front. You might get them to refund the full amount, or better yet, ask them to split the difference with you so that you get half back. Of course, the bank may tell you where you can go or tell you that you should have read the agreement. In that case, close your account and move to another bank.