WesBanco is a West Virginia-based bank that has been featured repeatedly on DepositAccounts.com in the past for checking account promotions. It offers personal and business banking products, as well as wealth management products and services.
WesBanco offers several different checking accounts, including a student account that is simple and easy to maintain and a premium account designed to maximize interest earning potential. The banks’ savings accounts come with monthly maintenance fees unless certain requirements are met. Savings account offerings function similarly to the bank’s money market accounts, but differ as far as initial deposit requirements and interest rate thresholds. Certificates of deposits (CDs) are available in term lengths ranging from 3 to 60 months and are offered in several ways. One CD allows for one higher rate switch if the rates increase during the life of the CD, while another CD allows both a switch to the higher rate and one penalty-free withdrawal. There are term restrictions and other potential requirements associated with the aforementioned CDs. WesBanco offers many similar products on its business banking side, as well as cash management and financing services.
WesBanco online banking is set up on a 3rd party domain and offers customers secure access to their accounts to perform account management activities like fund transfers, bill pay, and Microsoft Money financial management integration for budgeting purposes. The bank has also release a mobile app, making it easy and convenient for customers to access and manage their accounts remotely from their smartphone or tablet devices.
WesBanco was originally established in 1870 as the Wheeling Dollar Savings & Trust Company. In 2000, the bank transitioned to its current name and in 2008 it changed its institution class to an insured commercial bank with the FDIC. WesBanco is headquartered in Wheeling, West Virginia, and serves its customers through numerous branches located in the West Virginia-Ohio region.
I bank with Wesbanco. Unfortunately, like many Americans, I fell behind on my bills and probably took some measures that, in hindsight, were less than brilliant. My checking account has what the bank calls "Bounce Protection". This was basically an extra $500.00 tacked on to the end of my account that, should I use more money than was n my account, they would allow me to spend to keep from having returned checks. Of course they still charge a hefty fee ($33) for the use of this money. Now, I realize that this is not intended to be a short term loan, but to pay my bills, I found myself using it that way.
Unfortunately, when you only take home about $1100/ pay period, $500 is a hard sum to make up. I found myself in a vicious cycle. Each payday I could not pay my bills without getting into the "Bounce Protection". As I began to pay closer attention to my bills, I paid the smaller ones first and left the larger bills to last so that they would not be able charge more fees. Usually the smaller bills would not exceed the money I had in my account, but when I would make my car payments, trailer payments and rent I would overdraft the account. However, the bank engaged in a practice where they would re-order my transaction so that the largest transactions were paid first and the smaller transactions last. So instead of having one or two overdraft fees, I would have several. I estimate that the bank was able to make thousands of extra dollars using this practice. Of course this also made it much harder to work down the amount of money to where I could stop using the"Bounce Protection"
I recently took a part time job, and have finally been able to see daylight. With this payroll I had everything paid off to the point that I am going to be able stay out of the "Bounce Protection" This doesn't mean that I have everything paid off, but it does mean that I am going to be able to use the money the bank was taking away from me to pay bills the more patient creditors were allowing me to hold off on. Of course this has all had an adverse effect on my credit rating, which wasn't the best before this.
Yesterday, I sat down to pay bills. I knew that there would be one bill paid that would have put me into overdraft status during the last pay period. When I checked my account I found they had once again re-ordered my transactions, and I paid an overdraft fee of $33.00 for a $9 transaction as well as an additional fee for a $200 transaction. I contacted them through there internal e-mail system for customers and asked them to remedy the problem and refund all the overdraft fees that they have taken out of my account. I also threatened them with filing a complaint if I did not receive satisfaction.
Last night I logged onto my account and found that the bank had responded with what appeared to be a boilerplate response explaining my terms of service and what they were allowed to do. I also found out that the bank put a debit on my account equal to the exact amount I had left in my account under the heading "Pending: Account Memo Post Service". This essentially froze my account. I also found that there are still transactions I made earlier in the day that had not made it into their system.
Since only I and the bank could know the balance, it was obvious to me that the bank was engaging in some sort of retaliation for my earlier complaint. This morning when I checked, I found that they had allowed two of the transactions that hadn't been recorded to be processed as "pending", but since they created a zero balance for me, I am sure they will charge me fees. The line on the debit they made had changed to "Debit Memo" and so far there has been no explanation for their actions.
Wesbanco is still taking punitive actions against me. After essentially freezing my account by removing all the money that had not been obligated, they have gone back and de-obligated the transactions made and charged me overdraft/returned check fees. for their actions. I have attached a copy of the statement showing this. In addition to what is shown, there should also be payments made to Nationwide Insurance, Springleaf Financial, and Capital One totaling almost $500.
I have talked to them and they said they are taking money out of my account for a debt my wife owed on an old account. Looking at the transactions it looks like they have appropriated over $1000 total. Talking to my wife, she says the debt, if there is any should be less than $400. They tell us they "charged off" they debt from the other account in May of 2001,. But until I made a complaint and asked for money back, they took no further action and did not contact us or offer us another option for paying off the debt. to the best of my recollection, the back itself closed the old account prior to 2009 when we went through bankruptcy. I haven't found the paperwork for the bankruptcy, but I'm sure that, as my bank at the time, they were notified of the bankruptcy and either made no claims or the debt was discharged.
Essentially, they have cancelled out all the payments I made this week except 2 small ones, and placed me in extreme financial peril. I don't know how I will be able to recover now. I was beginning to see light on my finances Tuesday, but this bank has thrown me back twice as far as I was on my own.
I have used MS Excel to track two mortgages. One mortgage is from Wesbanco.
The other mortgage seems to have a nearly perfect match (within a penny) between it's balance and what Excel thinks. However, Wesbanco seems atypically high. It seems like it runs higher, and doesn't pay down as quickly. I really haven't looked into it but the amount is over $50 now.
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 WesBanco (WV) had $40.39 million in non-current loans and owned real-estate with $861.32 million in equity and loan loss allowances on hand to cover it. This gives WesBanco (WV) a Texas Ratio of 4.69% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for WesBanco (WV) decreased slightly from 5.83% as of March 31, 2013 to 4.69% as of March 31, 2014, resulting in a positive change of 19.54%.This indicates that the balance sheet and financial strength for WesBanco (WV) has improved slightly in recent periods.
In the past year, WesBanco (WV) has increased its total deposits by $209.45 million, resulting in 4.18% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth WesBanco (WV) has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. WesBanco (WV) has $6.23 billion in assets with $861.32 million in equity, resulting in a capitalization level of 13.83%, which is excellent.
|FDIC Certificate #||803|
|Assets and Liabilities|
|Equity Capital||$815.84 million|
|Loan Loss Allowance||$45.48 million|
|Unbacked Noncurrent Loans||$35.11 million|
|Real Estate Owned||$5.28 million|
|Historic Data - March 2013|
|Equity Capital||$794.52 million|
|Loan Loss Allowance||$51.66 million|
|Unbacked Noncurrent Loans||$35.11 million|
|Real Estate Owned||$4.93 million|
|Profit Margin - Quarterly|
|Return on Assets||1.1%|
|Return on Equity||8.35%|
|Interest Income||$53.54 million|
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