Wachovia Overdraft fee scam Gainesville Georgia

I have an Attorney - Who wants to join this class action?

I already hired an attorney to sue Wachovia. If anyone wants to join this lawsuit please contact me at mbk20001@yahoo.com, or call me at 646-453-3614. It doesn't matter what State you are in because it is being filed in Federal court.

HERE IS MY STORY:

I too have been hit by Wachovia's over draft fees. Believe it or not, in one day, I was hit by over $1,000 in overdraft fees. The bank allowed me to be hit by multiple duplicate electronic charges from Paypal and charged me $35 for each one. Then it went into another account of mine to pay the overdraft, which caused that account to go into overdraft. It was insane. They ended up taking over $500 after they reimbursed me. I was hit with other overdraft fees due to their re-sequencing and posting delay scam.

I found out the truth. They are scamming people by doing the following:

Scam Ingredience:

(1) Delay posting account balances

(2) Delay posting charges

(3) Re-sequence and pay charges from high to low


THE OVERDRAFT SCAM:

Bank Balance = $100

If you went into overdraft on a single charge and the bank paid the charges in order by DATE (Day#1 then Day#2 charges) even if it re-sequenced them from high to low, you would only pay one single overdraft fee of $35. But by delaying the postings they can batch them together on a single day and then re-sequence them to increase the $35 overdraft fee to $105.

OVERDRAFT FEE $35:

Charges Day#1: $10 + $10 + $5 = $25 (account balance = $75)
Charges Day#2: $65 + $35 = -25 (You only pay one overdraft fee on the $35 overdraft)

OVERDRAFT FEE (by delayed charge postings) $105:

Batched Charges Day#2: $65 + $35 + $10 + $10 + $5 = $125 charges (3 overdraft fees = $105)

This is a sorry practice. That is why you would leave them. Even if other banks do it, it is still wrong. I am sure there are some banks that do not rip of their customers. It is not a problem with overdraft fees, it is a problem with the banks changing the order charges hit, so they can charge you EXCESSIVE fees. Pay attention to the complaints, and you might understand what is being stated.

This is a sorry practice. That is why you would leave them. Even if other banks do it, it is still wrong. I am sure there are some banks that do not rip of their customers. It is not a problem with overdraft fees, it is a problem with the banks changing the order charges hit, so they can charge you EXCESSIVE fees. Pay attention to the complaints, and you might understand what is being stated.

This is a sorry practice. That is why you would leave them. Even if other banks do it, it is still wrong. I am sure there are some banks that do not rip of their customers. It is not a problem with overdraft fees, it is a problem with the banks changing the order charges hit, so they can charge you EXCESSIVE fees. Pay attention to the complaints, and you might understand what is being stated.

This occurrence would have gone the same way at any other major bank. It seems like you are leaving them because you overdrafted your account and don't like the fees that you agreed to when you opened your account.

Don't get all worked up because you feel they don't understand what you're saying. They understand exactly what you're saying. That's why they process the payments that way, to get the most money. Most banks do it that way.

This is how they used to do it, and you could look at it this way.

In the past they would have paid the $68.15. They would have bounced the other 3 and charged you 3 bounced fees (they were around $25 each back then). They would have then returned the other 3 to the merchants (back in check writing days). The merchants would have each charged you $25 and you would have looked bad to them and telecheck.

In the past, your fees would have been $150 for the same transactions.