• Report: #542336

Complaint Review: First Union - Wachovia Bank

  • Submitted: Sat, December 19, 2009
  • Updated: Sat, December 19, 2009

  • Reported By: Sheila — philadelphia Pennsylvania USA
First Union - Wachovia Bank
Internet United States of America

First Union - Wachovia Bank Anyone can access and take your money; you responsible for fees, Internet

*Consumer Comment: I agree this bank does everything in your report..

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This bank's practices are horrendous. The bank has several flaws which create significant hardhips for the consumers; and to top it off, it is rare to find customerservice representatives willing to assist with problems. Some of the problems are inaccurate account information, allowing accounts to be debited several times and then charging the consumer the fees, even after the problem has been discovered, failing to refund the consumer all the fees, debiting overdraft fees before taking the money from the overdraft protection to create higher fees for the consumer. Attaching overdraft fees to accounts even if money put into the account prior to the update, simply because a check or company dates check or draft for a different dat.

Lastly, they allow all teyps of fraudlent activity to occur on the consumer's accounts without questioning the activity; they then refuse to refund all the fees associated with the transaction.

This report was posted on Ripoff Report on 12/19/2009 02:08 PM and is a permanent record located here: http://www.ripoffreport.com/r/First-Union-Wachovia-Bank/internet/First-Union-Wachovia-Bank-Anyone-can-access-and-take-your-money-you-responsible-for-fe-542336. 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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#1 Consumer Comment

I agree this bank does everything in your report..

AUTHOR: Ronny g - (USA)

..which is one of many reasons I left this bank a while ago.

I was with Wachovia since they were First Union. They were my first bank account. I went at least 10 years without a single problem with them.

I actually liked the bank once they became Wachovia for several reasons. One was the tellers were typically very friendly..and two...they had a location just about every half mile so there was never long lines or a wait.

But during the last few years..I think the lack of lines was due to customers closing accounts and doing business elsewhere..as that bank became a ruthless failure and are now taken over by Wells Fargo, purchased using none other then TARP funds...aka, OUR tax dollars to add insult to injury.

As far as part of your complaint..years ago a merchant made an error and it caused an overdraft. Then due to the banks manipulations..the single overdraft caused a cascade of compounding overdraft fees to occur. I went to the bank and explained to the banker what happened.

The bank told me if the merchant refunds the charges..they will refund the overdraft fees...which the merchant did refund the charge..and the bank reversed all the overdraft fees caused by the merchant error. And this was the RIGHT thing to do..since it was not my fault in the least. It was the fault of the merchant..and the fault of the BANK for covering the mistake against my will and allowing this to happen..which could of very well have been fraud.

If you believe there was fraudulent activity on your account and the bank is basically telling you they won't or can't do anything..you are being lied to. Request a Federal Regulation E dispute form..and the bank must by law assist you and return the money. If it has been more then 60 days the bank can use this as a loophole to avoid responsibility so in that case let the bank know you have been trying to get their assistance well before 60 days..and their refusal to assist is why it took so long.

Nowadays they extend no courtesy and take no responsibility. They do not care about their customers satisfaction or financial well being and they only care about collecting fees in any way they can, regardless of right or wrong. Hence..this bank ONCE AGAIN is a defendant in a lawsuit. You may want to consider joining in. Here is a press release from a law firm from late October...

MIAMI--(EON: Enhanced Online News)--Marking a substantial step forward in litigation over the banking industrys abusive and excessive overdraft fee policies and practices, plaintiffs' counsel announced that bank customers have filed a series of nationwide class action lawsuits against Bank of America, Wachovia, U.S. Bank, JPMorgan Chase and Citibank. The complaints were filed in the United States District Court for the Southern District of Florida in Miami, where all federal lawsuits brought against the banking industry for abusive overdraft fees have been coordinated before the Honorable James Lawrence King.

"The collection of excessive overdraft fees, usually around $35 per transaction, impacts millions of Americans each year and has become a multibillion-dollar profit center for the banks," explained lead plaintiffs counsel Bruce S. Rogow. "In many instances, these overdraft fees cost customers hundreds of dollars in a matter of days, or even hours, when they may be overdrawn by only a few dollars. Charging a $35 overdraft fee when a college student uses her debit card to buy a cup of coffee is unconscionable."

How Bank "Overdraft Protection" Works and Why the Abusive Collection of Overdraft Fees is a National Concern

Today, when customers open checking accounts, banks provide debit cards for the withdrawal of cash from ATM machines and the purchase of goods and services. Many bank customers are not aware that as part of the process of obtaining the debit card, banks automatically enroll their customers in "overdraft protection." The overdraft protection kicks in if the customer spends more than he or she has in the account to cover the purchase, up to a limit of a few hundred dollars.

Banks could simply decline to honor customer ATM or point-of-sale transactions if the account lacks sufficient funds, or could warn customers that if they go through with the transaction an overdraft fee will be assessed. In fact, until a few years ago, most banks simply declined debit transactions that would overdraw an account.

"Banks do not record charges and purchases on ATM or debit cards in the order they actually occur," stated plaintiffs counsel Michael W. Sobol of Lieff Cabraser Heimann & Bernstein, LLP. "Instead, banks reorder the charges and purchases so that the largest charge or purchase is the first one paid by the bank. This manipulative practice is intentionally designed, the complaints allege, to maximize overdraft fee revenue."

"If you buy your kids a $15 meal at McDonalds on your debit card and your account was overdrawn, that lunch actually cost you $50," added Mr. Sobol. "The bank wont decline the debit transaction, nor will the bank tell you that you have overdrawn your account and is about to turn your $15 lunch into a $50 expense."

In 2007, banks collected more than $17 billion in overdraft fees. That number nearly doubled in 2008, as more and more consumers struggled to maintain positive checking account balances. In 2009, banks are expected to bring in up to $40 billion in overdraft charges from nearly 50 million customers.

"While all bank customers have been affected, these overdraft fee policies disproportionately affect young people, the elderly and the poor, who are most likely to maintain low account balances," noted Mr. Rogow. "Moreover, these fees have the tendency to create a domino effect, resulting in even more fees."

Further Information for Bank Customers

Bank customers assessed overdraft fees who wish to learn more about this litigation should visit www.bank-overdraft.com where they can submit their complaint to plaintiffs counsel.

Lieff Cabraser Heimann & Bernstein, LLP
Michael W. Sobol, 415-956-1000
Bruce S. Rogow, 954-767-8909
Permalink: http://eon.businesswire.com/news/eon/20091020005332/en/fee/overdraft/lieff-cabraser

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