Wachovia Bank Im getting robbed by my bank on a weekly basis east dublin, Georgia

Going only by the online balance is financial suicide.  It's only common sense to know that some transactions you've made might not have been posted at the bank yet.  Keep a register and don't spend money you don't have.  The only person ripping you off, is you.

I normally use my debit card to pay bills and make purchases during the week so that I can monitor my money. this is when the problems start i check my account balance probably 3 times a day trying to make sure that i dont go over my account limit,

- It seems as if you have some common misconceptions of a checking account.  First of all you don't have a limit but a balance.  While you don't come right out and say it, it does not appear that you are using a register.  Or if you are you are not using it correctly.  You must write down each and every transaction you do when you do it.  Even missing one may cause you a problem, especially if you tend to carry low balances.  If you have problem with math buy a cheap calculator(you can find a decent one at a dollar store).  As long as you keep your register up it will show you what you have available at that moment.  As long as you do this and do not spend more than you show available the chances of you overdrafting are almost non-existent.  This does not guarantee that you won't overdraft, as there are always things out of your control.  However, those items out of your control are a very small fraction of reasons people end up in overdraft.

When you keep a register you will probably find you have additional benefits.  In that you don't need to check your balance 3 times a day, because your register shows all of your purchases.  I'm not saying to not check it, just that you don't need to check it as much.  Also, some banks charge if you exceed the number of calls per month.  So if you are calling daily or weekly you may save some of these fees(if you are being charged).

when i call my back to ask why i get them they tell me not to use the Internet banking for checking balance, nor the telephone because their inaccurate some times i need to write my transactions down.

- They are correct.  On-Line banking should be used as a "Check and Balance" to your register.  That is you should use it only to verify that the purchases that show up are yours.  However, until the merchant submits the debit your bank has no idea that you made a purchase.  A perfect example is with Gas Stations.  If you go to a Gas Station they will only authorize $1.  If you look on-line you will only see the $1 as pending.  Even if you pump $40 the Gas Station may take 1-4 days to actually submit the final charge.  So between the time you pumped it and the amount is finalized by the merchant you are going to be short $39 if you rely on the on-line banking and spend that $39 you can overdraft.

well why do they provide those services,

- Here is the why.  Because it makes detecting fraud easier.  Since you have a register that shows all of your purchases.  If a transaction appears on-line you can not match to your register you can immediately notify your bank.  Where before on-line banking the first you found out was either when your bank sent you overdraft notices in the mail or you got your monthly statement in the mail.

I would also suggest that you stop using your debit card.  Budget what you need for the week and take that amount out in CASH.  Use that cash for all of the purchases you would have used your Debit Card for. 

I recently left Wachovia after being with them for years..actually is was First Union, then Wachovia, then Wells Fargo Wahovia. At some point they constantly and relentlessly encouraged me to sign up for online banking. I didn't even want to at first since at the time I was reluctant to do anything involved with finances online since I had heard of the scams and ripoffs. But eventually the bank did convince me..they spoke of how easy and convenient it is..and I won't have to call or come in as often, and direct deposit, electronic bill pay etc..so I went for it..only to find out like you did....

That..it is unreliable and can't be trusted as a means to monitor our account. So thank you banks for the convenience...wonderful. Of course keeping an accurate register is a better and more reliable way to keep track..but it is not 100% because of 2 main reasons..one is that there are so many possible ways to incur an overdraft, and two...your register will never "alter" time, but some banks have figured out a way..I will explain...

You are participating in a "service" known as "overdraft protection". At the time you opened your account the bank most likely did not ask or request if you want this "service", nor did they give you the choice to "opt out". And for good reason..this "service" has earned the banks over 38 billion dollars in fees in 2009 alone. Now most people are aware that they have this protection and it gives then a false sense of security. So lest say for example your direct deposit does not come in until Thursday eve at 10PM every other week. On Wednesday you check your balance (be it on line, by calling or by your register) and you find you have $150.00 available. On Thusday morning on your way to work your car stalls on the highway and you are forced to call a tow truck. The tow truck quotes you $175.00 to tow you to safety..you are in a bind but are now saved....why?? Because you remember you have the wonderful overdraft protection..so you use the debit card knowing full well that it will overdraft..and cost you a fee of $35.00..but that it is an emergency so you accept the wonderful forgiving care about it's customers banks service, and use the card. In your mind..and according to your register and statement..you will owe the bank the $25.00...plus the $35.00 OD fee..which in good faith and AUTOMATICALLY will be taken from your direct deposit that evening.

But...when you wake up Firday morning to check you account balance..you are shocked to see that not only has the bank deducted the towing charge AND the overdraft fee...but all the coffee and cigarettes and gas and lunch or anything else you used the card for that day..which had the funds and cleared that day...now cost you an additional $35.00 EACH..and you are screwed from here to no end financially. You were sodomized with no lube..and left to rot on the street in your broken down car..with no food..your next direct deposit will barely cover the fees so you now take a bottle of sleeping pills with a quart of Jack Daniels to get to sleep.

This is what happened and how the bank altered time...

The banks will at the end of the day re-sequence and manipulate your transactions from highest first..to lowest. They claim this is done as a "courtesy", in other words the assumption that the larger transaction was more important..IE a mortgage, rent, car payment etc. Now this is a crock since you have overdraft protection..it does not matter which transaction caused the overdraft...in other words if a tow caused it.or the rent caused it to go over by 25 dollars...it was covered ..right?

Now this re-sequencing is what brought on all the ADDITIONAL fees. The bank had to have altered time for fees that had transactions and cleared..to suddenly be charge an overdraft fee..which is IMPOSSIBLE if the funds were there..so how were the funds not there? That is the question. Even your register will show this..so it is not enough in this case to have helped.

For now you need to be very careful of course that you do not overdraft..and you need to take some responsibility now that you know what the bank is going to do. Does this make it right??? I don't think so..but it is war..and all is fair.

There is a law firm you can google...."Finkelstein Thompson LLP" which are currently investigating claims that several banking institutions are systematically re-sequencing their customer's checking and electronic debit transactions from the highest to lowest dollar amount instead of posting the transactions in the order in which they were actually received.  It is alleged that the practice of re-sequencing electronic debits from largest to smallest maximizes the bank's profits from overdraft fees by putting the customers' accounts into a negative balance as quickly as possible.  Many customers claim they had sufficient funds in their accounts to cover the transactions when they made the purchase and when the bank authorized the charges. 


It is alleged that Wachovia, among other banks, are in violation of 12 U.S.C. 4303(b)(1) for their failure to disclose that the condition precedent of a pre-existing overdraft could cause the assessment of additional overdraft fees.  Instead, the banks have been lying to consumers that the condition precedent was insufficient funds.

  {The true reason why you were assessed the additional overdraft fees that you did NOT cause is because you actually had a pre-existing overdraft in your account that the bank used to manipulate your account to create additional overdraft fees by a creative accounting practice}.

{The bank then falsely accused you of being at fault for the additional overdrafts you didn’t cause by lying to you about having insufficient funds in your account.  In fact, without the pre-existing overdraft(s) in your account (condition precedent), it would have been IMPOSSIBLE for the bank’s creative accounting practice to have assessed additional overdraft fees against you that you did not create}.

{That is why the bank engages in tactics to make you overdraft your account. For example, the bank will not immediately post your correct available balance or the bank will drop a hold on your account to only apply it later to make you believe you have more available funds in your account then you do. The bank will also split two pre-existing overdrafts created on the same date so it can create additional overdraft fees on two different posting dates instead of one}.

In addition...many of us have been and are continuing to attempt to get some laws changed to better protect banking customers....

H.R. 946, introduced in the US House of Representatives on February 8, 2007, would increase regulation of overdraft loan programs. The proposed legislation would Amend the Truth in Lending Act (Regulation Z) to clarify that overdraft fees are covered, require written consent before enrollment in the overdraft loan program, require financial institutions to warn the customer when an ATM withdrawal will trigger a fee, and prohibit financial institutions from changing the order of check clearing or delaying the posting of deposits solely to increase overdraft fees. This bill was referred to committee in April 2007 and died in committee.

As of February 2009, the FDIC was taking comments on the issue.

Online Banking doesn't immediately post your transactions when you do them. That is why they have something called a register so that you know how much money you have and what you can spend.

I use one and I don't overdraft. Its very simple really!

I make a purchase and then I write it down so that I know how much I have.

Stop trying to blame the bank because you are not able to handle your money properly.

"Online Banking doesn't immediately post your transactions when you do them. That is why they have something called a register so that you know how much money you have and what you can spend.

I use one and I don't overdraft. Its very simple really!"

Does your magic check register keep track of holds that many merchants apply in many cases and the customer isn't aware of?  If so, you posses psychic powers and should be rolling in money.

You still want to watch the account to see what transactions that have gone through and if there is a hold you have the merchant call the bank to have it released.

Oh and by the way use cash if you have an issue with check holds. Easy solution

...which is only useful if you actually open it and write down transactions. 3rd grade math and record-keeping skills ARE involved, however, so deadbeats should grab their kids' math books and study up BEFORE opening a checking account.

By the way, Chris, you asked:

Does your magic check register keep track of holds that many merchants apply in many cases and the customer isn't aware of? If so, you posses psychic powers and should be rolling in money.

Nothing psychic about READING terms and conditions (even at merchants, who display such terms CLEARLY in writing) and WRITING (another elementary school skill) transactions IN YOUR CHECK REGISTER THE MOMENT THEY ARE INITIATED.

Don't spend more money than you have available in your account. It's a concept so simple, my 6-year old comprehends it.

Here's hoping you achieve his level of education regarding keeping an accurate register, Chris...

“Nothing psychic about READING terms and conditions (even at merchants, who display such terms CLEARLY in writing) and WRITING (another elementary school skill) transactions IN YOUR CHECK REGISTER THE MOMENT THEY ARE INITIATED.”

 

The amount of merchant holds are obviously not in the bank’s terms and conditions and more often than not are not listed by the merchant either.  Therefore, even one incorrect entry into your check register makes the entire thing useless.

 

“Here's hoping you achieve his level of education regarding keeping an accurate register, Chris...”

 

I have plenty of education and a do a keep an accurate register.  My problem is there are many more factors involved than just “not being able to do simple math”.