• Report: #406152

Complaint Review: Wachovia

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  • Submitted: Tuesday, December 30, 2008
  • Last Posting: Thursday, January 01, 2009
  • Reported By: — lehigh Acres Florida
Wachovia
www.wachovia.com Nationwide U.S.A.
  • Phone:
  • Web:
  • Category: Banks

Wachovia charges more than 3400%, yet awarded massive bailout. Fort Myers Florida


3Author 4Consumer 1Employee/Owner

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Copy of letter sent to Florida Attorney General please keep on file.

I believe it is my duty to inform you of what appears to be an unfair (legal or not) banking charge by Wachovia bank account # xxxxxxxxxxxxx
I was charged $140 for a shortfall of $4.04. this appears to be 3465.35% interest or fee or whatever it may be called.
My question is:
1) Is 3465.35% an acceptable amount for anyone to charge for anything, anywhere?

Please answer yes or no as I am testing equal protection under the law.

My intent is to open the door for myself and others to be afforded the same opportunities presently allowed to Wachovia by state law without fear of government intervention.

I am posting this letter on a public forum on the Internet and will post your response if any on that forum.

Joseph
lehigh Acres, Florida
U.S.A.

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

This report was posted on Ripoff Report on 12/30/2008 9:00:43 AM and is a permanent record located here: http://www.ripoffreport.com/banks/wachovia/wachovia-charges-more-than-340-zd7a5.htm. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
3Author 4Consumer 1Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Well...

AUTHOR: Robert - Irvine (U.S.A.)

SUBMITTED: Tuesday, December 30, 2008

First of all a fee and interest are two different things. You were charged an (Overdraft?) Fee that is the same no matter how much you Overdraft by. You would have been charged the same amount if you went negative by $0.01 or $100+.

You can "test" this all you want. But many people have tried before and the fees have always been ruled legal. I suspect that the response you get back from them will be similar to "If you think you have a case contact a lawyer, as we can not give legal advise."
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#2 Consumer Comment

A Fee Is Not Interest

AUTHOR: Jim - Anaheim (U.S.A.)

SUBMITTED: Tuesday, December 30, 2008

Legally, a fee is not interest so the AG in any state is not going to take up your matter (for several reasons - the main one is that this is a civil matter between you and your bank because you're really disputing the account agreement you have with them, not the interest rate charged) and since the bank can legally charge whatever fee they wish on overdrafts (and you agreed to those fees when you opened the account), your best course of action is to close your account if you're that unhappy. Just know everyone charges overdraft fees of about the same amount and since all banks are the same regarding their practices, what happened to you at Wachovia would happen just about anywhere.

Since the fee is fixed and not tied to how much you overdraft your account, it could not be associated with interest - since interest is tied to how much you borrow (or how much you invest). Either way, the AG won't directly respond to you for the reasons cited.

Best of luck to you.
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#3 Update By Author

Thx

AUTHOR: Joseph Corbett - Lehigh Acres (U.S.A.)

SUBMITTED: Tuesday, December 30, 2008

The "fees" came in before the withdraws therefor pyramiding the fees.

I am only looking for equal treatment, I am absolutely sure beyond all reason that if I charge $140 for a $4.04 mistake to my customers, I will be arrested and locked up. I am going to test this and prove Banks are given special treatment and unfair advantage including trillion dollar taxpayer bailouts yet they charge absorbent amounts for services that cost them a mere fraction of that cost. Again anyone else caught doing this would be jailed immediately. I have never seen such a complaint here and would love for anyone to show a case of equal magnitude.
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#4 Consumer Suggestion

And unfortunately...

AUTHOR: J G Shrugged - Austin (U.S.A.)

SUBMITTED: Tuesday, December 30, 2008

Banks fall under the Federal Reserve, and our country fought a war to see who has more rights (hint: the states lost).

And the Federal Reserve believes that OD fees are fees, not loans, so TIL doesn't apply, etc.

Visit: www.federalreserve.gov
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#5 Consumer Comment

Looking at it the wrong way...

AUTHOR: Edgeman - Chico (U.S.A.)

SUBMITTED: Tuesday, December 30, 2008

It's not that you were charged $140 for a $4.04 mistake. You were charged four overdraft fees because there were four transactions that resulted in a negative balance. The amount of the fees would have been the same if you had overdrafted by $400 or $500 or whatever amount.

You agreed to these fees when you opened your account, didn't you? It wasn't a problem back then, it's only a problem now when a mistake proves to be expensive. Consider it a lesson learned and just move on.
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#6 Employee

Just a Quick Response

AUTHOR: Drachenfuer - Allentown (U.S.A.)

SUBMITTED: Wednesday, December 31, 2008

Just for the record, Wachovia is not recieving any of the bail out package. They can't because as of today, they are no longer Wachovia, but a legal entity of Wells Fargo. But to go a bit further, Wells Fargo is also not recieving any of the bail out either. They did not apply and have no plans to.
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#7 Update By Author

article claims otherwise,Quikie

AUTHOR: Joseph Corbett - Lehigh Acres (U.S.A.)

SUBMITTED: Thursday, January 01, 2009

Read this in the LA times http://articles.latimes.com/2008/sep/29/business/fi-impact29 It also apparently would benefit Wells Fargo & Co. or Citigroup Inc. if one of them were to buy Wachovia Corp. Wachovia, a huge Charlotte, N.C., bank, inherited a giant portfolio of option ARMs in 2006, when it bought Golden West Financial Corp. of Oakland, the parent of World Savings.
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