• Report: #467832

Complaint Review: Wachovia

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  • Submitted: Thu, July 09, 2009
  • Updated: Tue, August 04, 2009

  • Reported By:Dallas Georgia
Wachovia
.wachovia.com Nationwide U.S.A.
  • Phone:
  • Web:
  • Category: Banks

Wachovia They overdrafted my account andthen charged me to close it! Atlanta Georgia

*Consumer Comment: More WACHOVIA/Wells Fargo BAILOUT INFO..

*Consumer Comment: That's right..Wachovia didn't get any of the bailout money because......

*UPDATE Employee: A couple of things...

*Consumer Comment: bail outs

*Consumer Comment: Karl you crack me up..

*Consumer Comment: If the Publicly Held banks who received TAXPAYER'S money were taking out- 'SECRET LIFE INSURANCE POLICIES' on their employees....

*Consumer Comment: Sorry about the last post

*Consumer Comment: for the 50th time

*Consumer Comment: you can cancel it, but the bank can still dick you.

*Consumer Comment: cancel overdraft protection...be careful with this too.

*Consumer Comment: cancel overdraft protection...

*Consumer Comment: Response

*Consumer Comment: To Answer The Last Point

*Consumer Comment: Ronny G, The banks are obviously DESPERATE right now, wouldn't you agree? Simply look at this-

*Consumer Comment: Note to Jim...

*Consumer Comment: Note to Jim...

*Consumer Comment: Note to Jim...

*Consumer Comment: Note to Jim...

*Consumer Comment: Sorry, my last reply was for JIM, not Edward..

*Consumer Comment: Edward, you mean well and are sincere, but miss the point...

*Consumer Comment: Exactly Right Jim

*Consumer Comment: Edward - Problem With The Example

*Consumer Comment: Shady Practices

*Consumer Comment: Good Question Edward.

*Consumer Comment: The Tricks With Terms and Conditions

*Consumer Comment: The Tricks With Terms and Conditions

*Consumer Comment: The Tricks With Terms and Conditions

*Consumer Comment: BATMAN...BATMAN...BATMAN...IMAGINE IF MILLIONS OF AMERICANS....

*Consumer Comment: Difference being

*Consumer Comment: In my case the bank messed up.

*Consumer Comment: Imagine if MILLIONS of Americans 'Googled' this- WACHOVIA COMPLAINTS SECRET LIFE INSURANCE POLICIES, and

*Consumer Suggestion: their web sight.

*Consumer Suggestion: their web sight.

*Consumer Suggestion: their web sight.

*Consumer Suggestion: their web sight.

*Consumer Comment: Ronny...

*Consumer Comment: Define the word "free" then..

*Consumer Suggestion: a free account

*Consumer Comment: Well, I don't have Wachovia's account agreement...

*Author of original report: ....more information!

*UPDATE Employee: Another point for Edgeman...

*Consumer Comment: What was the cause of the overdraft?

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I opened an online checking account about 2 years ago and I did it online; it was a free checking account. I used the account but over time ran the balance down to $.23. I forgot about the account and did not use it for several months. I get a card in the mail a couple of months ago saying the account was overdrawn. I emailed the online customer service to close the account and was informed that I could not close the account online, but that they would set the account back to zero, so I could call at my convenience and close it. I have been trying to close the account this week starting on Tuesday, July 7, 2009. I was told that they had sent my account over to recovery and that if I called back on Thursday (today), they would do a waiver of balance and close the account.

Today I called and was transferred to recovery who informed me they were the collection department and would not honor such an agreement. They told me I had to pay $44.72 in order to close the account. I explained that I opened a free checking account online and I did run my balance down to $.23, but I did not overdraw the account, they did! I tried to close this account via their website, the same one I used to open it with. I have done nothing wrong here! Try as I may, I could not get them to change their stance and wound up having to pay them $22.36 in order to settle this and close the account.

Smoke
Dallas, Georgia
U.S.A.

This report was posted on Ripoff Report on 07/09/2009 09:37 AM and is a permanent record located here: http://www.ripoffreport.com/r/Wachovia/nationwide/Wachovia-They-overdrafted-my-account-andthen-charged-me-to-close-it-Atlanta-Georgia-467832. 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

More WACHOVIA/Wells Fargo BAILOUT INFO..

AUTHOR: Ronny G - (U.S.A.)

Copied off CBS news dated Feb 9, 2009...

"Wells Fargo hit the jackpot. It was one of the first banks to get bailout funds - the biggest amount awarded in a single shot: $25 billion tax dollars."

"Troubled WACHOVIA has been bought out by Wells Fargo for $12.7 billion, creating the nation's second-largest bank in terms of deposits. But it might not have happened without the generous support of the federal government and YOUR TAX DOLLARS".
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#2 Consumer Comment

That's right..Wachovia didn't get any of the bailout money because......

AUTHOR: Ronny G - (U.S.A.)

...they failed too quickly.....

Remember back in September???...

"Sunday evening saw Wachovia Bank looking to be bought out by Wells Fargo, but by Monday morning, September 29, Citigroup had closed the deal with the failing bank. According to Times Online, Wachovia becomes the fourth U. S. bank in two weeks to either fail or be taken over by or sold to another bank. Lehman Brothers collapsed first, then Bank of America bought Merrill Lynch. Washington Mutual last week was absorbed by JPMorgan Chase".

Then in October..

"Federal antitrust regulators on Friday approved the acquisition of the troubled bank, the Wachovia Corporation, by Wells Fargo, the West Coast bank, bringing the battle for the bank to an end."

Then in December...
"In the end, there were no fireworks, no venting and few teary eyes at today's formal approval of the sale of Wachovia Corp. to Wells Fargo & Co.

There was just exhaustion and resignation there were more than 600 Wachovia executives, shareholders and employees in attendance to the sealed fate of a venerable bank with deep Winston-Salem roots. The deal is expected to close by Dec. 31.."

Need I go on?

Yeah..tell me to keep a register and that I am fiscally irresponsible. Okay, that holds water coming from this bank or anyone involved with defending them.
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#3 UPDATE Employee

A couple of things...

AUTHOR: Striderq - (U.S.A.)

Overdraft protection means you have a second account which can have money transferred into your checking account to avoid the overdraft fee. There will be an overdraft protection transfer fee but not overdraft fees on the items covered. By cancelling this protection, you are not avoiding overdraft fees. You are just doing away with the possibility of a $10 transfer fee keeping you from getting charged $35 per item that posts to the negative.
And Wachovia did not get any of the government's 'bail out' money so that argument is false.
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#4 Consumer Comment

bail outs

AUTHOR: Sgtjoebear - (U.S.A.)

and again another reason why noone should bank with these banks that recieved bailouts from the government! they can't manage their money so why bother with yours.
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#5 Consumer Comment

Karl you crack me up..

AUTHOR: Ronny G - (U.S.A.)

You seem a little whacky..but at the same time it doesn't surprise me if the banks are pillaging the dead..they do it enough to us live ones.
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#6 Consumer Comment

If the Publicly Held banks who received TAXPAYER'S money were taking out- 'SECRET LIFE INSURANCE POLICIES' on their employees....

AUTHOR: Karl - (U.S.A.)

without their knowledge, then isn't it safe to assume that they might also conspire to FINANCIALLY INJURE their customers too?

'Google' this- BANK OF AMERICA COMPLAINTS SECRET LIFE INSURANCE POLICIES, and read that article. Look at WHO was mentioned!!! Didn't ALL of those banks receive TAXPAYER'S money?

'Google' this- FIVE FORMER INSURANCE EXECS FOUND GUILTY OF FRAUD, and read that article! Didn't AIG receive about $180 BILLION in TAXPAYER'S money too?

'Google' this- 3 NEW JERSEY MAYORS AND 5 RABBIS AMONG THOSE ARRESTED, and read that article!

'Google' this- LAWMAKER GOT CHOICE COUNTRYWIDE LOANS, and read it!

'Google' this- PONZI SCHEME, and read the definition at the Wikipedia site. Is it POSSIBLE that the U.S. economy (much of it) is nothing but one GIANT PONZI SCHEME? According to the definition at the Wikipedia site it certainly seems possible, wouldn't you NOW agree?

WELCOME TO AMERICA- IN FRAUD WE TRUST!

P.S. 'Google' the following & watch them on the web-

INSIDE THE MELTDOWN

THE ASCENT OF MONEY PBS

THE OBAMA DECEPTION

AMERICA: FREEDOM TO FASCISM

FRONTLINE THE MADOFF AFFAIR (*Pay attention to the members of the SEC who are questioned in this documentary. Remember, the SEC is supposed to be the 'watch-dog', & the ones responsible for fighting fraud & corruption in our system, right?)

***If our ENTIRE SYSTEM is CORRUPT (which I believe is the case) , then Americans have NO HOPE, wouldn't you agree?
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#7 Consumer Comment

Sorry about the last post

AUTHOR: Ronny G - (U.S.A.)

I had one too many, I should not have been posting here so my apologies for the goofiness..the brunt of the post however is true..
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#8 Consumer Comment

for the 50th time

AUTHOR: Ronny G - (U.S.A.)

Yes, you need to cancel overdraft protection...but do not always expect that to work without a FIGHT.

The beautiful thing is..once you CANCEL overdraft protection..you have eliminated their stance for a defense.

So IF you cancel overdraft protection..AND they still ass-ram you with overdraft fees..fight it with all that you got...and kindly remind them that you have CANCELED OVERDRAFT PROTECTION!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!.

You WILL get your money back if you fight it..I have, it's a wonderful feeling to beat these dousche wads.

Yes I know I spelled DOOOOOOSHE wrong so stick it in your DOOOOOSHE receptacle.
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#9 Consumer Comment

you can cancel it, but the bank can still dick you.

AUTHOR: Ronny G - (U.S.A.)

That's right. Even if you cancel overdraft protection...the bank will still attempt to DICK you over.

So, the trick there is to fight it. If you are persistent enough, the scumbags will admit they were wrong and reimburse you.

Once again..the TRICK is do not give up.
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#10 Consumer Comment

cancel overdraft protection...be careful with this too.

AUTHOR: Ronny G - (U.S.A.)

I did that..and the same thing happened. Now to the banks defense they realized this was a mistake on their part and returned the mountainous cascade of 35 dollar fees..but it took a fight..a big fight..and payments back to me were made in 2 monthly installments.

So YES, I completely agree for many people canceling the OD protection is a great idea..but still watch your back and be ready for a fight if it still allows an overdraft for ANY reason..not only through fault of your own. Not everyone would have been able to get their money back like I did..I have a lot of fight in me. Fed up yes..but still fight until I win.
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#11 Consumer Comment

cancel overdraft protection...

AUTHOR: Justins - (U.S.A.)

It's a service. Your not obliged to use it. Your signed up for it automatically because the bank loves to collect 35$ fees... but you can cancel it at any time.
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#12 Consumer Comment

Response

AUTHOR: Ronny G - (U.S.A.)

Then I guess the debate is going to be about what is "reasonable". I do understand what you are saying and appreciate you doing so with respect.

However, I clearly remember the banks promoting for opening on-line accounts..how it would make things easier and faster and more convenient..all the letters they sent..and every time I sat down with a banker for any other reason..they always would give me a form with a pin number to open an online account. So now we find out that trusting the online statement is "unreliable".

I don't want to be redundant and keep typing or pasting the same things over and over..but the bottom line to me is the bank is using sneaky underhanded tactics to fleece customers..and the predatory practices they are using to target the financially struggling (pay check to paycheck type) the elderly, those on pensions, SS, disability etc..these are the customers who are getting hurt the most..you read it here every day..not the people who are so perfect and responsible "accountants".

So, we can all just rollover and snuggle up with our registers..except "responsibility" for the avalanche of fees that were charged on transactions that had the funds at the TIME of the transaction, spend a week reading the terms and agreements with our attorneys, and chock it all up as a "learning experience"....or..we can fight it and try to change the laws that are allowing the banks to get away with this..or laws they are breaking or stretching (as yet to be determined) that are causing so many people this grief.

Now we can go back and forth forever and never see eye to eye on this..as some will always say it is the customers fault for over spending or not keeping track of their spending...or a dozen reasons someone may overdraft from error or necessity, but either way many of us feel the banks policies are unfair and possibly illegal. Unfortunately it needs to come to court battles..and honestly I would prefer to poke myself in the eye with a hot dagger then deal with courts and lawyers..but I see no other way. Lodging any complaints or reports here seems to be attracting insult to injury..and a few psychos on both sides of the fence.

In other words other then to vent our frustrations or gripe about what happened to us, and then take heat for it from bank defenders and employees..there seems to be no other real point to this website.
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#13 Consumer Comment

To Answer The Last Point

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

The banks would argue that the most important transactions that need to be paid are the larger ones; i.e. mortgage, car payment, insurance, etc... That makes perfect sense. With the exception of Karl - most everything here makes sense.

But there is something more important here: sorting transactions only affects people who don't have money in their account. If there is $100 available in your account and 10 pending transactions for $99.50, there is no way the bank can sort those transactions in such a way that will overdraft your account. At the end of the day, you would have $0.50 in your account available and $0 OD fees.

What ends up happening is that this person with the 10 pending transactions forgets about a transaction for $50 (auto-debit) that comes through. What happens are a cascade of overdraft transactions. So in reality, the person doesn't have $99.50 in transactions - they have $149.50 in transactions. Who's fault is it forgetting? The bank? NO. Is the bank going to lay the hammer down? YES. Is it going to do it in a way that benefits them? YES. Would any business write terms in an agreement favorable to them? YES - all of them do. So long as the terms are not unreasonable - they do.
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#14 Consumer Comment

Ronny G, The banks are obviously DESPERATE right now, wouldn't you agree? Simply look at this-

AUTHOR: Karl - (U.S.A.)

'Google' this- WACHOVIA COMPLAINTS SECRET LIFE INSURANCE POLICIES, and read that article!

If they're taking out 'SECRET LIFE INSURANCE POLICIES' on their current & former employees, without their knowledge, then isn't it safe to assume that they're in DEEP 'doo-doo'?

Add it all up- 'SECRET LIFE INSURANCE POLICIES' + 'RAISING CREDIT CARD INTEREST RATES' on consumers who were NEVER late on their payments + 'OVERDRAFT FEES' that amount to HUNDREDS of DOLLARS for simple transactions, and you can plainly see that the banks are DESPERATE, wouldn't you agree?

Make sure to 'Google' this- BANK OF AMERICA COMPLAINTS SECRET LIFE INSURANCE POLICIES, and read that article.

Also 'Google' this- JP MORGAN CHASE COMPLAINTS SECRET LIFE INSURANCE POLICIES, and read that one too!

Thank you.
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#15 Consumer Comment

Note to Jim...

AUTHOR: Ronny G - (U.S.A.)

When you stated this...

''an unbalanced consequence to a breach''

Kind of like $175, $225, or $300 in fees for a $2.00 coffee or hamburger. Ok, I'll make it less drastic and obvious. A $35 fee for a infinitely split second decision by the computer to return a check due to a negative balance today, as opposed to an actual bank employee having to manually and physically do this 20 years ago.

Back then it was logical to compensate for the time and effort of the employee. But did that infinitely split second computer decision really cost $35? As in $126,000 per hour? Wow if I only had the job of that computer!

''an unbalanced consequence to a breach''

That's what we've been saying all along."

...it is something that a reasonable person can understand. The problem with the bank defenders and employees is that since it is not in their best interest to "reason" anything to do with fairness..but dwell on "personal responsibility" and "terms and agreement contracts" the reasoning falls on deaf ears.

When in my situation..and yes I admit some responsibility since there was an actual overdraft, I was willing to accept the 35 dollar fee and dispute it with the rent a car business that caused the overdraft. (they told me the hold would not go through for 28 days but it went though sooner). The circumstances however that caused this are not as relevant as what happened when my balance read an amount that was available..so a few small items I purchased DAYS BEFORE the overdraft occurred..mysteriously were re-sequenced to where the OD's were hundreds of dollars..then even OD's ATM transaction fees and balance checking.

I was fortunate to be physically and mentally able to challenge them and recoup most of the funds...but others are not so fortunate. And then they come here to vent a little..or report how they were ripped off..and some insensitive clods start in with the registers and terms nonsense.

I have yet to read ANYONE on this site ask how to avoid overdraft fees..or how to use a register..yet this is the response they get. I fully agree and understand people do need to keep track of their spending..be aware of fees..and read the terms and agreements..but I am waiting for someone to defend this practice of re-sequencing the transactions is done for any propose other then to fleece customers who do overdraft for whatever reason. We are not talking about one 35 dollar fee here.
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#16 Consumer Comment

Note to Jim...

AUTHOR: Ronny G - (U.S.A.)

When you stated this...

''an unbalanced consequence to a breach''

Kind of like $175, $225, or $300 in fees for a $2.00 coffee or hamburger. Ok, I'll make it less drastic and obvious. A $35 fee for a infinitely split second decision by the computer to return a check due to a negative balance today, as opposed to an actual bank employee having to manually and physically do this 20 years ago.

Back then it was logical to compensate for the time and effort of the employee. But did that infinitely split second computer decision really cost $35? As in $126,000 per hour? Wow if I only had the job of that computer!

''an unbalanced consequence to a breach''

That's what we've been saying all along."

...it is something that a reasonable person can understand. The problem with the bank defenders and employees is that since it is not in their best interest to "reason" anything to do with fairness..but dwell on "personal responsibility" and "terms and agreement contracts" the reasoning falls on deaf ears.

When in my situation..and yes I admit some responsibility since there was an actual overdraft, I was willing to accept the 35 dollar fee and dispute it with the rent a car business that caused the overdraft. (they told me the hold would not go through for 28 days but it went though sooner). The circumstances however that caused this are not as relevant as what happened when my balance read an amount that was available..so a few small items I purchased DAYS BEFORE the overdraft occurred..mysteriously were re-sequenced to where the OD's were hundreds of dollars..then even OD's ATM transaction fees and balance checking.

I was fortunate to be physically and mentally able to challenge them and recoup most of the funds...but others are not so fortunate. And then they come here to vent a little..or report how they were ripped off..and some insensitive clods start in with the registers and terms nonsense.

I have yet to read ANYONE on this site ask how to avoid overdraft fees..or how to use a register..yet this is the response they get. I fully agree and understand people do need to keep track of their spending..be aware of fees..and read the terms and agreements..but I am waiting for someone to defend this practice of re-sequencing the transactions is done for any propose other then to fleece customers who do overdraft for whatever reason. We are not talking about one 35 dollar fee here.
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#17 Consumer Comment

Note to Jim...

AUTHOR: Ronny G - (U.S.A.)

When you stated this...

''an unbalanced consequence to a breach''

Kind of like $175, $225, or $300 in fees for a $2.00 coffee or hamburger. Ok, I'll make it less drastic and obvious. A $35 fee for a infinitely split second decision by the computer to return a check due to a negative balance today, as opposed to an actual bank employee having to manually and physically do this 20 years ago.

Back then it was logical to compensate for the time and effort of the employee. But did that infinitely split second computer decision really cost $35? As in $126,000 per hour? Wow if I only had the job of that computer!

''an unbalanced consequence to a breach''

That's what we've been saying all along."

...it is something that a reasonable person can understand. The problem with the bank defenders and employees is that since it is not in their best interest to "reason" anything to do with fairness..but dwell on "personal responsibility" and "terms and agreement contracts" the reasoning falls on deaf ears.

When in my situation..and yes I admit some responsibility since there was an actual overdraft, I was willing to accept the 35 dollar fee and dispute it with the rent a car business that caused the overdraft. (they told me the hold would not go through for 28 days but it went though sooner). The circumstances however that caused this are not as relevant as what happened when my balance read an amount that was available..so a few small items I purchased DAYS BEFORE the overdraft occurred..mysteriously were re-sequenced to where the OD's were hundreds of dollars..then even OD's ATM transaction fees and balance checking.

I was fortunate to be physically and mentally able to challenge them and recoup most of the funds...but others are not so fortunate. And then they come here to vent a little..or report how they were ripped off..and some insensitive clods start in with the registers and terms nonsense.

I have yet to read ANYONE on this site ask how to avoid overdraft fees..or how to use a register..yet this is the response they get. I fully agree and understand people do need to keep track of their spending..be aware of fees..and read the terms and agreements..but I am waiting for someone to defend this practice of re-sequencing the transactions is done for any propose other then to fleece customers who do overdraft for whatever reason. We are not talking about one 35 dollar fee here.
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#18 Consumer Comment

Note to Jim...

AUTHOR: Ronny G - (U.S.A.)

When you stated this...

''an unbalanced consequence to a breach''

Kind of like $175, $225, or $300 in fees for a $2.00 coffee or hamburger. Ok, I'll make it less drastic and obvious. A $35 fee for a infinitely split second decision by the computer to return a check due to a negative balance today, as opposed to an actual bank employee having to manually and physically do this 20 years ago.

Back then it was logical to compensate for the time and effort of the employee. But did that infinitely split second computer decision really cost $35? As in $126,000 per hour? Wow if I only had the job of that computer!

''an unbalanced consequence to a breach''

That's what we've been saying all along."

...it is something that a reasonable person can understand. The problem with the bank defenders and employees is that since it is not in their best interest to "reason" anything to do with fairness..but dwell on "personal responsibility" and "terms and agreement contracts" the reasoning falls on deaf ears.

When in my situation..and yes I admit some responsibility since there was an actual overdraft, I was willing to accept the 35 dollar fee and dispute it with the rent a car business that caused the overdraft. (they told me the hold would not go through for 28 days but it went though sooner). The circumstances however that caused this are not as relevant as what happened when my balance read an amount that was available..so a few small items I purchased DAYS BEFORE the overdraft occurred..mysteriously were re-sequenced to where the OD's were hundreds of dollars..then even OD's ATM transaction fees and balance checking.

I was fortunate to be physically and mentally able to challenge them and recoup most of the funds...but others are not so fortunate. And then they come here to vent a little..or report how they were ripped off..and some insensitive clods start in with the registers and terms nonsense.

I have yet to read ANYONE on this site ask how to avoid overdraft fees..or how to use a register..yet this is the response they get. I fully agree and understand people do need to keep track of their spending..be aware of fees..and read the terms and agreements..but I am waiting for someone to defend this practice of re-sequencing the transactions is done for any propose other then to fleece customers who do overdraft for whatever reason. We are not talking about one 35 dollar fee here.
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#19 Consumer Comment

Sorry, my last reply was for JIM, not Edward..

AUTHOR: Ronny G - (U.S.A.)

oops
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#20 Consumer Comment

Edward, you mean well and are sincere, but miss the point...

AUTHOR: Ronny G - (U.S.A.)

You wrote..."The consequence to overdrafting is between $30-$38 per transaction which is enforcable because it offers a reasonable penalty for breach. Now you all may deem the amount as unreasonable, however the courts have found it as such."

Has we BOTH have stated over and over.........and..........over... again...we are NOT arguing over the fact that the banks charge an overdraft fee per say..and although I feel the $35 dollar "wackoff-allovaya" charges PER overdraft is high..at least compared to my credit union..that as well in not in our argument. What is in our argument is the CASCADE of fees that occur when the bank charges MULITIPLE overdraft fees for transactions that took place when the FUNDS WERE AVAILABLE...the re-sequencing scam is what causes it to "smoke screen" the whole affair...but bottom line to me is not "well tough luck learn for next time, take it up the wazoo like a man..the terms and conditions allow blah blah barf..." but it is that the bank knows DAMN well the funds were available...and it says so on our statements..you know the ones that will be brought into court as evidence..by the HUNDREDS.

So if you or anyone else wishes to rubut this.. that is fine..as long as you rebut in regards to what our actual rip-off complaint is..and do so with common courtesy, respect, rationality and fairness. I am not saying that you have done so or otherwise, but to the ones that are name calling and getting personal just because I am speaking my mind about what myself and many others feel is an injustice..and myself and others are passionate about it..and sharing information regarding the class action suits...is no reason to insult, belittle or act like a raving lunatic with tourettes syndrome.

You next write specifically to me...

"Now to you Ronny. A class action lawsuit, even if settled, would offer you $78; even Edward would agree to that based on past practices. If you REALLY want the opportunity to recover all of your money, you should seriously take the bank to small claims. As an individual, you have that right. Now you may not be successful, but if you're out hundreds or even a few thousand, that's the route to pursue. If you pursue class action, you would have to share your award with the rest of the class filing, which would be in the thousands, and the thousands would end up with $78 each."

I don't care about the money anymore..I am not angry about my personal loss..as I have recovered most of it through relentless fighting at the bank..something an older or disabled..or someone without transportation may not have been able to do as I did. And through my relentlessness, I got the banks to see my side and recovered much of it, not all..but much.

Regardless this goes beyond what I personally recoup..and I am not on some kind of principle crusade, I am not a lunatic or into the Illuminati and all kinds of other things i have been accused of or called. I just feel when a business is conducting unfair, unethical, shady, sneaky..however you want to view it..but IS clearly taking advantage of and targeting a specific "group", that the predatory practices should be stopped. I have a good feeling that the publicity alone may inspire congress to act already..I have heard Obama himself speak about some of these practices they use to unmercifully fleece us, so we feel the time is now to act..and we shall.
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#21 Consumer Comment

Exactly Right Jim

AUTHOR: Edward - (U.S.A.)

''an unbalanced consequence to a breach''

Kind of like $175, $225, or $300 in fees for a $2.00 coffee or hamburger. Ok, I'll make it less drastic and obvious. A $35 fee for a infinitely split second decision by the computer to return a check due to a negative balance today, as opposed to an actual bank employee having to manually and physically do this 20 years ago.

Back then it was logical to compensate for the time and effort of the employee. But did that infinitely split second computer decision really cost $35? As in $126,000 per hour? Wow if I only had the job of that computer!

''an unbalanced consequence to a breach''

That's what we've been saying all along.
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#22 Consumer Comment

Edward - Problem With The Example

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

Poor Ronny hasn't gotten this since it hit him, but I digress. I'll get to him later.

In the example both you provided, the contract would be null and void because it offers an unbalanced consequence to a breach. No court would allow anyone to repossess a house if they bounced an account because the court would deem the consequence as overly harsh. I won't even get into the firstborn, the finger, etc.... The consequence to overdrafting is between $30-$38 per transaction which is enforcable because it offers a reasonable penalty for breach. Now you all may deem the amount as unreasonable, however the courts have found it as such.

Now to you Ronny. A class action lawsuit, even if settled, would offer you $78; even Edward would agree to that based on past practices. If you REALLY want the opportunity to recover all of your money, you should seriously take the bank to small claims. As an individual, you have that right. Now you may not be successful, but if you're out hundreds or even a few thousand, that's the route to pursue. If you pursue class action, you would have to share your award with the rest of the class filing, which would be in the thousands, and the thousands would end up with $78 each.
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#23 Consumer Comment

Shady Practices

AUTHOR: Edward - (U.S.A.)

Ronny, I got the spelling RIGHT this time. The cover has been lifted on many of these 'shady practices', as you call them, by many banks. They and their supporters are fooling FEWER and FEWER customers with these lame, and laughable defenses used time and time again. Should a customer pay a fee when they overdraft? Of course, no one disputes that. The dispute is ADDITIONAL fees reaped by shady and unscrupulous tactics. But wait, more advice from Ashley:

Quote from Ashley: ''If you don't like the terms, then stop doing business with them''.

I forgot to address this piece of advice for Ashley earlier. After you sign the initial Terms and Conditions with Ronny because you AGREE and see nothing shady, THEN Ronny sends you the REVISED Terms and Conditions, you are certainly free to take your business elsewhere.

There's just one problem Ashley. The damage has already been done. You're still out of a house, a child, and a finger. But the best of luck to you at the new business. As for the defense of this ONLY happening if you overdraft, which you'll NEVER do because you're a responsible customer. Well, no reason not to sign Ronny's INITIAL Terms and Conditions that you ''would never dream of agreeing to''.
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#24 Consumer Comment

Good Question Edward.

AUTHOR: Ronny G - (U.S.A.)

I also do not understand why if I use my other VISA debit card the transaction is posted immediately on my online statement..and my "available" funds are what I have "available", I do not have to do any accounting. If I try to process a transaction that would even take me one cent over my available balance..the transaction would be declined and all is well. Why can't my wachovia debit card work more like that..it seems like a calculated plan of the bank to make it more likely to overdraft, and to get the cascading fees from the re-sequencing scam.
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#25 Consumer Comment

The Tricks With Terms and Conditions

AUTHOR: Edward - (U.S.A.)

Hey Ashley, here's the trick. Ronnie would FIRST write up a Terms and Conditions contract stating nothing out of the ordinary and you WOULD LIKELY agree to it. But in Ronnie's Terms and Conditions he would also state they can be changed at any time. So after you sign and agree to Ronnie's nice and neat, first draft Terms and Conditions, about a month later he'll send you the REVISED Terms and Conditions stating he NOW has 'the right to take your house, your first born and a finger if you overdraft'. Guess what Ashley?

All EXCELLENT points by Ronnie in his post, which cannot be disputed with sound logic, as I just demonstrated. As an example of one of the OTHER tricks alluded to by Ronnie, here's my STILL UNANSWERED question on ANY report:

You SWIPE your card at Arby's on the 12th. After this card swipe your Available Balance is still POSITIVE and that money has been HELD and SET ASIDE, waiting for Arby's to come get it. Two days later on the 14th Arby's submits the request for payment and the transaction is POSTED, while the funds were STILL ON HOLD.

But when the Arby's transaction posts on the 14th it's still charged a fee, even though the funds were supposedly sitting there on hold for it. That's precisely why the funds were held. Wachovia's logic for charging the fee is there were not enough funds (Unvavailable Funds) to cover the Arby's transaction, because those funds were on hold for the transactions made AFTER it on the 13th and 14th. How can that be when the Arby's funds were held first?
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#26 Consumer Comment

The Tricks With Terms and Conditions

AUTHOR: Edward - (U.S.A.)

Hey Ashley, here's the trick. Ronnie would FIRST write up a Terms and Conditions contract stating nothing out of the ordinary and you WOULD LIKELY agree to it. But in Ronnie's Terms and Conditions he would also state they can be changed at any time. So after you sign and agree to Ronnie's nice and neat, first draft Terms and Conditions, about a month later he'll send you the REVISED Terms and Conditions stating he NOW has 'the right to take your house, your first born and a finger if you overdraft'. Guess what Ashley?

All EXCELLENT points by Ronnie in his post, which cannot be disputed with sound logic, as I just demonstrated. As an example of one of the OTHER tricks alluded to by Ronnie, here's my STILL UNANSWERED question on ANY report:

You SWIPE your card at Arby's on the 12th. After this card swipe your Available Balance is still POSITIVE and that money has been HELD and SET ASIDE, waiting for Arby's to come get it. Two days later on the 14th Arby's submits the request for payment and the transaction is POSTED, while the funds were STILL ON HOLD.

But when the Arby's transaction posts on the 14th it's still charged a fee, even though the funds were supposedly sitting there on hold for it. That's precisely why the funds were held. Wachovia's logic for charging the fee is there were not enough funds (Unvavailable Funds) to cover the Arby's transaction, because those funds were on hold for the transactions made AFTER it on the 13th and 14th. How can that be when the Arby's funds were held first?
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#27 Consumer Comment

The Tricks With Terms and Conditions

AUTHOR: Edward - (U.S.A.)

Hey Ashley, here's the trick. Ronnie would FIRST write up a Terms and Conditions contract stating nothing out of the ordinary and you WOULD LIKELY agree to it. But in Ronnie's Terms and Conditions he would also state they can be changed at any time. So after you sign and agree to Ronnie's nice and neat, first draft Terms and Conditions, about a month later he'll send you the REVISED Terms and Conditions stating he NOW has 'the right to take your house, your first born and a finger if you overdraft'. Guess what Ashley?

All EXCELLENT points by Ronnie in his post, which cannot be disputed with sound logic, as I just demonstrated. As an example of one of the OTHER tricks alluded to by Ronnie, here's my STILL UNANSWERED question on ANY report:

You SWIPE your card at Arby's on the 12th. After this card swipe your Available Balance is still POSITIVE and that money has been HELD and SET ASIDE, waiting for Arby's to come get it. Two days later on the 14th Arby's submits the request for payment and the transaction is POSTED, while the funds were STILL ON HOLD.

But when the Arby's transaction posts on the 14th it's still charged a fee, even though the funds were supposedly sitting there on hold for it. That's precisely why the funds were held. Wachovia's logic for charging the fee is there were not enough funds (Unvavailable Funds) to cover the Arby's transaction, because those funds were on hold for the transactions made AFTER it on the 13th and 14th. How can that be when the Arby's funds were held first?
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#28 Consumer Comment

BATMAN...BATMAN...BATMAN...IMAGINE IF MILLIONS OF AMERICANS....

AUTHOR: Karl - (U.S.A.)

'Googled' this- WACHOVIA COMPLAINTS SECRET LIFE INSURANCE POLICIES, and made copies of that article and then went into Wachovia branches all over the USA and handed them out to all the EMPLOYEES working there!

Batman: Oh my, Robin, that would certainly raise some eyebrows, wouldn't you agree?

Robin: Jumpin' jahosafat Batman, it WOULD raise LOTS of eyebrows!!!

Batman: I'll bet that the American people are 'Googling' right now.

Robin: Golly-gee-willakers, Batman, you're probably right!

Batman: Where's Alfred, Robin?

Robin: He's in the Bat-cave on the Bat-computer. I think he might be 'Googling' right now!

Batman: Tell him to gas up the Bat-mobile. We're headed to Washington to HELP the American PEOPLE.

Robin: Okey-dokey, Batman. Whatever you say!

Batman: Bring along some good CD's that we can listen to.

End.
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#29 Consumer Comment

Difference being

AUTHOR: Ashley - (U.S.A.)

"" If I wrote up a terms and conditions contract that stated 'I have the right to take your house, your first born and a finger if you overdraft' would not make it legal. We can stop these monsters and info on how we are going to do this is coming soon so stay posted. ""

The difference being, I would never dream of agreeing to that contract.

However you DID agree to your bank's contract. No one is forcing you to use that bank. If you don't like the terms, then stop doing business with them.
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#30 Consumer Comment

In my case the bank messed up.

AUTHOR: Ronny G - (U.S.A.)

All I know is that in my case the fees that were charged my on my "free" checking account were not supposed to occur. Hence the bank made good because I was persistent enough when fighting them. However there are many other shady practices going on with this bank and I am not the only VICTIM...not to mention the issue I am having now where this bank..using THEIR ATM machine...did not dispense the cash and the screen stated "this transaction can not be completed at this time" or something to that effect..it gave me no cash, no receipt and the card came back out.

Come home to check my online statement and sure enough the amount I DID NOT RECEIVE at the ATM is being processed. When I called the bank (a very time consuming process to get an actual human..if you want to call anyone who answers a phone there human) I was told "sorry, the system is down, your funds should be returned to your account in 2-3 days". So.."should" be returned in 2-3 days? Why should they deny me access to my money due to an error on their part? And if so..am I not entitled to some kind of "fee"? After all...if an "error" on my part caused me to hold their money for 2-3 days (such as an overdraft) I would be charged 35 dollars..PLUS all the "re-sequencing" which is the scam where many previous transactions that occurred and should have been processed DAYS BEFORE the overdraft occurred but were mysteriously "held"..and any NSF's it would cause.

I will say this..a class action suit is coming for this and any other banks that are stealing from their customers..and the bank suggesting to "use a register" is not going to cut it. A register does NOTHING for the financially struggling paycheck to paycheck person that is subject to overdraft fees out of error or necessity...nor is stating that just because something is written in the terms and conditions means it is legal. If I wrote up a terms and conditions contract that stated "I have the right to take your house, your first born and a finger if you overdraft" would not make it legal. We can stop these monsters and info on how we are going to do this is coming soon so stay posted.
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#31 Consumer Comment

Imagine if MILLIONS of Americans 'Googled' this- WACHOVIA COMPLAINTS SECRET LIFE INSURANCE POLICIES, and

AUTHOR: Karl - (U.S.A.)

made multiple copies of that article & went into Wachovia banks all over the USA and handed them out to ALL of the EMPLOYEES working there?

WOW!

That would be something, wouldn't it?

Just think, ANYONE could do it, right? And you'd be alerting the many honest Wachovia employees of possible 'hanky-panky' by their employer, correct?

P.S. Don't forget to 'Google' & watch all of the following on the web-

THE OBAMA DECEPTION

THE ASCENT OF MONEY PBS

INSIDE THE MELTDOWN

AMERICA: FREEDOM TO FASCISM

9/11 PRESS FOR TRUTH

FRONTLINE THE MADOFF AFFAIR

*Thank you.

SPREAD THIS ALL OVER THE WORLDWIDE WEB!!!
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#32 Consumer Suggestion

their web sight.

AUTHOR: Nancy - (U.S.A.)

This is what it says on the Wachovia web sight under free checking. SEE I TOLD you. Only the monthly service charge is FREE. Most banks will not let you close an account over the internet.

Open your account today with $100

The minimum opening deposit for Free Checking is $100, then you'll enjoy:

No minimum balance
No monthly service charge
No Direct Deposit required
Avoid Fees with Overdraft Protection
We know that things happen, so we've made it easy for you to avoid overdrawing your Wachovia Free Checking account. Simply link it to another Wachovia deposit or credit account to avoid overdraft charges.

First time NSF/Overdraft fees without overdraft protection can cost you $22. With overdraft protection, you pay a lower Transfer Fee instead:

Source of Overdraft Protection Funds Transfer Fee
Another Wachovia checking, savings or money market account $10 per transaction
Wachovia Line of Credit $10 per transaction
Wachovia Credit Cardtransfer amount will be treated as cash advance $10 per transaction
(charged to credit card)

In addition to the above, you can sign up for free Balance Alerts through Online Banking with BillPay, and receive your account balance daily or be notified when your account balance falls above or below the amount you set.

Checking Account Transaction Fees
Stop Check Payment, $25-$31 depending on state
Standard Checks, $18-$20
Non-Wachovia ATM Withdrawals or Inquiries, $2 note 6
Incoming Domestic Wires, $10-$15 depending on state
Outgoing Domestic Wires, $25
For a complete list of fees, please request the Schedule of Fees and Funds Availability from 800-WACHOVIA (800-922-4684).
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#33 Consumer Suggestion

their web sight.

AUTHOR: Nancy - (U.S.A.)

This is what it says on the Wachovia web sight under free checking. SEE I TOLD you. Only the monthly service charge is FREE. Most banks will not let you close an account over the internet.

Open your account today with $100

The minimum opening deposit for Free Checking is $100, then you'll enjoy:

No minimum balance
No monthly service charge
No Direct Deposit required
Avoid Fees with Overdraft Protection
We know that things happen, so we've made it easy for you to avoid overdrawing your Wachovia Free Checking account. Simply link it to another Wachovia deposit or credit account to avoid overdraft charges.

First time NSF/Overdraft fees without overdraft protection can cost you $22. With overdraft protection, you pay a lower Transfer Fee instead:

Source of Overdraft Protection Funds Transfer Fee
Another Wachovia checking, savings or money market account $10 per transaction
Wachovia Line of Credit $10 per transaction
Wachovia Credit Cardtransfer amount will be treated as cash advance $10 per transaction
(charged to credit card)

In addition to the above, you can sign up for free Balance Alerts through Online Banking with BillPay, and receive your account balance daily or be notified when your account balance falls above or below the amount you set.

Checking Account Transaction Fees
Stop Check Payment, $25-$31 depending on state
Standard Checks, $18-$20
Non-Wachovia ATM Withdrawals or Inquiries, $2 note 6
Incoming Domestic Wires, $10-$15 depending on state
Outgoing Domestic Wires, $25
For a complete list of fees, please request the Schedule of Fees and Funds Availability from 800-WACHOVIA (800-922-4684).
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#34 Consumer Suggestion

their web sight.

AUTHOR: Nancy - (U.S.A.)

This is what it says on the Wachovia web sight under free checking. SEE I TOLD you. Only the monthly service charge is FREE. Most banks will not let you close an account over the internet.

Open your account today with $100

The minimum opening deposit for Free Checking is $100, then you'll enjoy:

No minimum balance
No monthly service charge
No Direct Deposit required
Avoid Fees with Overdraft Protection
We know that things happen, so we've made it easy for you to avoid overdrawing your Wachovia Free Checking account. Simply link it to another Wachovia deposit or credit account to avoid overdraft charges.

First time NSF/Overdraft fees without overdraft protection can cost you $22. With overdraft protection, you pay a lower Transfer Fee instead:

Source of Overdraft Protection Funds Transfer Fee
Another Wachovia checking, savings or money market account $10 per transaction
Wachovia Line of Credit $10 per transaction
Wachovia Credit Cardtransfer amount will be treated as cash advance $10 per transaction
(charged to credit card)

In addition to the above, you can sign up for free Balance Alerts through Online Banking with BillPay, and receive your account balance daily or be notified when your account balance falls above or below the amount you set.

Checking Account Transaction Fees
Stop Check Payment, $25-$31 depending on state
Standard Checks, $18-$20
Non-Wachovia ATM Withdrawals or Inquiries, $2 note 6
Incoming Domestic Wires, $10-$15 depending on state
Outgoing Domestic Wires, $25
For a complete list of fees, please request the Schedule of Fees and Funds Availability from 800-WACHOVIA (800-922-4684).
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#35 Consumer Suggestion

their web sight.

AUTHOR: Nancy - (U.S.A.)

This is what it says on the Wachovia web sight under free checking. SEE I TOLD you. Only the monthly service charge is FREE. Most banks will not let you close an account over the internet.

Open your account today with $100

The minimum opening deposit for Free Checking is $100, then you'll enjoy:

No minimum balance
No monthly service charge
No Direct Deposit required
Avoid Fees with Overdraft Protection
We know that things happen, so we've made it easy for you to avoid overdrawing your Wachovia Free Checking account. Simply link it to another Wachovia deposit or credit account to avoid overdraft charges.

First time NSF/Overdraft fees without overdraft protection can cost you $22. With overdraft protection, you pay a lower Transfer Fee instead:

Source of Overdraft Protection Funds Transfer Fee
Another Wachovia checking, savings or money market account $10 per transaction
Wachovia Line of Credit $10 per transaction
Wachovia Credit Cardtransfer amount will be treated as cash advance $10 per transaction
(charged to credit card)

In addition to the above, you can sign up for free Balance Alerts through Online Banking with BillPay, and receive your account balance daily or be notified when your account balance falls above or below the amount you set.

Checking Account Transaction Fees
Stop Check Payment, $25-$31 depending on state
Standard Checks, $18-$20
Non-Wachovia ATM Withdrawals or Inquiries, $2 note 6
Incoming Domestic Wires, $10-$15 depending on state
Outgoing Domestic Wires, $25
For a complete list of fees, please request the Schedule of Fees and Funds Availability from 800-WACHOVIA (800-922-4684).
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#36 Consumer Comment

Ronny...

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

"Usually?? I always thought 'free' in this context means you are NOT charge ANY fees.
This bank pulled the same thing on me..and the $5.00 charge caused all kinds of overdraft fees. So, I had to take MY time..and use MY gas to drive to a Wachovia branch..and have a pow-wow. It took a while,,but they realized THEY were in error. I certainly was enrolled in a FREE checking account..and that $5.00 fee was NOT supposed to be charged to me..so they refunded all overdraft fees (EXTREMELY rare thing for this bank to do) and I was sent on my merry way."

A free checking account means that it is free from the monthly service fees that other accounts have. It does not mean that the user is free from dormancy fees, overdraft fees, out-of-network ATM fees or any of the other fees stated in the terms and conditions. If the OP had read the terms and conditions, he or she would have seen this.
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#37 Consumer Comment

Define the word "free" then..

AUTHOR: Ronny G - (U.S.A.)

"Usually, a FREE checking account
means that they will not charge you a monthly service fee."

Usually?? I always thought "free" in this context means you are NOT charge ANY fees.
This bank pulled the same thing on me..and the $5.00 charge caused all kinds of overdraft fees. So, I had to take MY time..and use MY gas to drive to a Wachovia branch..and have a pow-wow. It took a while,,but they realized THEY were in error. I certainly was enrolled in a FREE checking account..and that $5.00 fee was NOT supposed to be charged to me..so they refunded all overdraft fees (EXTREMELY rare thing for this bank to do) and I was sent on my merry way.

" Instead of doing everything through email, get away from the computer and get off your butt and acutally go to branch and talk to an actual person. And be nice, you can get a lot farther that way"

Speaking of "being nice"..I don't think telling this person to get away from their computer and get off their butt is very nice actually. Unfortunately for this person a trip to the bank might have saved some hassle as it did for me..but it was this persons choice to have an online account...who are you to tell them where they should go or where their butt should be? That was extremely rude and showing little compassion for this person who is being ripped off by this horrible horrible bank..do you work for Wachovia by any chance?
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#38 Consumer Suggestion

a free account

AUTHOR: Nancy - (U.S.A.)

Usually, a FREE checking account means that they will not charge you a monthly service fee. But all the other fees can still apply. Instead of doing everything through email, get away from the computer and get off your butt and acutally go to branch and talk to an actual person. And be nice, you can get a lot farther that way
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#39 Consumer Comment

Well, I don't have Wachovia's account agreement...

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

Having never banked with them, I don't have one of those agreements handy. The fee should be listed in their fee schedule. You might also try looking in your account agreement's table of contents. Look for "dormant account" or some kind of similar language.
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#40 Author of original report

....more information!

AUTHOR: Smoke - (U.S.A.)

Now here is where it gets "sticky". I did contact customer service via email and they informed me of my options. They told me they would reset my account back to active, no harm no foul. I could then call at my convenience and close the account. None of that actually happened. When I went back to the email that I received inside the Wachovia login window, of course I could not log in to print out the email exchanges. I thought I had this worked out based on the email and do not need to hear it is my fault, etc. Nothing that I have been told to date by Wachovia employees has been true. Until I got to recovery that is! BTW- this was supposed to be "Free Checking"? Where in the mice-type would I have gone to see this practice of charging dormant fees? Why couldn't they just close the account? Why the practice of accessing fees to cause my positive balance to be overdrawn? I did follow the proper channels and I got ripped off!
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#41 UPDATE Employee

Another point for Edgeman...

AUTHOR: Striderq - (U.S.A.)

I'm sorry to hear that this happened to your account. But it sounds like Edgaman got this correct. If there is no customer generated activity in your account for the length of time specified by your state (usually about 12 months) then the account is declared dormant and a $5 fee per month is charged. This fee can cause your account balance to go into the negative which can cause the account to be closed by Recovery. However, as I stated there has to be absolutely no customer generated activity for at least 12 months (same states are 18 months). 90 days before the account is scheduled for dormancy we send a letter to the last known address to inform you of the pending status change. The letter allows you to sign and return it or to call and request your account remain active. Additionally you would have received your statements during this time or an e-mail if you had on-line statements.You had about a year to close the account with a positive balance but unfortunately it wasn't done. I hope this turns out well for you.
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#42 Consumer Comment

What was the cause of the overdraft?

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

I believe that Wachovia has a "Dormant Account Fee" in their schedule. I don't have a copy of it so I'm not entirely certain but other users have commented about that fee.

If you forgot about the account, you probably were charged this fee for every month that passed by with no activity. If that's the case, this is entirely on you.
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