Report: Wachovia
Category: Banks
Wachovia Overdraft fee scam Gainesville Georgia
*Consumer Comment ..Why leave? Because even if the other banks do it, it does not make it right.
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Wachovia
Fax:
Gainesville, Georgia, 30506
U.S.A.
Submitted: 11/20/2008 5:40:14 PM
Modified: 11/28/2008 9:26:51 PM
Kelly d.
Gainesville, GeorgiaWe bank with Wachovia (although not for much longer). We had a $75 balance when 4 transactions went through. The transactions were for the amount of $68.15, $42.85, $14.27, $2.06.
Instead of deducting in the amount processed, they deduct in the highest amount first on down. We had enough money to cover the lowest 3 amounts, the 3rd amount went through first though, making the other 3 bounce. We were charged $105 in overdraft fees.
We called Wachovia, first the local branch. The lady said since it was not a banking error, there was nothing she could do. She told us to call the 1800Wachovia number. We talked to one lady, she said there was nothing she could do. She forwarded me to her \'supervisor\' named Chad. He said that there was nothing he could do, the system is set up that way. I tried to speak to his supervisor and he said he didn\'t have one. He then forwarded me to an address to complain. I told him their system was flawed, he didn\'t agree.
We were trying to find someone to talk to that understood what we were saying and to get help with. Right now we are only bringing home $170 a week, and after these transactions this is one entire paycheck for us. I don\'t understand how a company can get away with doing this. They told us we were over drafted, but we had enough money in there for the three transactions we were charged for! Yes, one would have bounced, we would have been fine with paying the 1 over draft fee, but not all 3 of those that would have cleared. (Before anyone says \'oh, don\'t spend it unless you have it.\' The $68 transaction came early for the first time since we had the account, we had just deposited money to cover the $68 the day before it was suppose to come out, yet it came out early anyway.)
Wachovia is ripping off their customers with this scheme. We are out one entire paycheck because of this, we are not rich, we cannot afford $105 out of a paycheck because that is 85% of the entire check for us.
Why are banks getting away with this? We had money to cover all but one of the transactions, yet they charge us anyway.
Kelly d.
Gainesville, Georgia
U.S.A.
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Updates & Rebuttals:
- They understand what you're saying Nikki [11/20/2008 11:06:15 PM]
- Why leave Wachovia? Edgeman [11/21/2008 12:59:35 PM]
- Why leave? Because even if the other banks do it, it does not make it right. Robert [11/28/2008 5:48:46 PM]
Submitted: 11/20/2008 11:06:15 PM
Modified: 11/21/2008 8:55:18 AM
Nikki
Coconut Creek, FloridaU.S.A.
They understand what you're saying
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.
Why leave Wachovia?
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.
Submitted: 11/28/2008 5:48:46 PM
Modified: 11/28/2008 9:26:51 PMRobert
Greer, South CarolinaU.S.A.
Why leave? Because even if the other banks do it, it does not make it right.
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.
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