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51, Report #305346
Feb 01 2008
06:14 PM
Wachovia Bank holding a cash deposit Drexel Hill Pennsylvania
my husband went into the bank on a thursday morning and filled out a savings withdraw slip for $500.00, and he also filled out a checking deposit slip for $400.00. He was making a cash transfer. he went up to the teller and gave her the slips, she gave him $100.00 cash and a deposit slip for the $400.00 that he deposited into our checking account. i went online to make sure the money was deposited into our account, it wasn't there. I called the bank and talked to the branch manager. I explained what happen (which i thought was a mistake on their end and could be fixed). he told me that it went in as a check deposit. i said that it was cash and it should go in as cash. he said that it was not a cash desposit and it would be availaible for me the next day. I withdrew cash from my saving and desposited cash into my checking acct. they would not put it in as cash, they said it was not cash. i don't understand how they can do that. they sat on my deposit for and collected interest. i thought that was against the law for banks to do that. i would like to do something about this , but what can i do? Mbs20 drexel hill, PennsylvaniaU.S.A.
Entity: Drexel Hill, Pennsylvania
52, Report #195854
Jun 10 2006
08:32 PM
Wachovia National Bank ripoff Class Action Charlotte North Carolina
I have experienced the same problems identified here with my account. I am currently litigating with Wachovia Bank and will not be at liberty to discuss the details at this time. However, I want to be contacted and included in a class action suit with Wachovia National Bank. Please contact me. Thank you. Lynda Centreville, VirginiaU.S.A.
Entity: Charlotte, North Carolina
53, Report #370095
Sep 05 2008
11:42 AM
Wachovia Bank held a local check and cleaned out my account Charlotte North Carolina
I deposited a 4500 check to my checking account at Wachovia on 8/29. It was from another local bank 5 miles down the road, not a bank in Timbuktoo, but after I checked my account it said it would be Sept. 9 before the funds would be available. HUH? Couldn't they call the bank, would not have even been long distance, and verify the funds. So what did Wachovia do? Due to my own negligence I forgot to pay my property taxes so I did have a garnishment. That is why I deposited the funds, to pay that and a very large dental bill. I knew how much money I had in the bank before the deposit and had not spent anything out of it to avoid NSF fees. They also knew how much I had in there but took it upon themselves, without warning or notice to go ahead and make a payment for the taxes on Sept 3. Mind you I had a held check for 4500 in there. They could not wait 3 more days, so I get hit with a 35.00 NSF fee. I too have checked other banks and on local checks, they do not hold funds but 1 or 2 days. I was not asked to sign any form, I was not told that the funds would not be available for 5 days. And on the website it says that funds will be available within 2 business days, which should have been on the 3 of Sept since the banks were closed on the 1st. I have been a customer of Wachovia for over 10 years, when it was First Union, but as soon as these funds clear I will get all of my money out. I guess they are having to charge these fees to pay for the lawsuit they lost. I am on a limited income, I am over 55 and right now I have no money whatsoever because of this so I will sit home and drink water from the tap, can't afford the electricity to make ice, and stale crackers, and I will do without the prescription I just had filled for my blood pressure Darlene High Point, North CarolinaU.S.A.
Entity: Charlotte, North Carolina
54, Report #358055
Aug 01 2008
07:25 AM
Wachovia Bank Charged Overdraft Fee When Money Was in the Account . Nationwide
I had written a check for a small amount less than forty dollars. I have direct deposit into my Wachovia account. I had a direct deposit into my account on July 30. I withdrew all the funds (all except $8 and some change) to pay bills. I deposit a check of $40 later that day(July 30) to cover the check that I had written (the balance was $48 and some change after the deposit). The check had not gone through the account at that time. On August 1st when I went online to check my account, I had a NSF of $35 for the check for $38. I called customer service to question the NSF and why I was charge when I had a balance of $44 at the time. The customer service representative said that the check had gone through on July 30th. I check my account daily and the check had not posted or was on hold on July 30th. I had enough money in the account on July 30 to cover the check that was written, but that customer service representative said that it must have been after the cut off time. The check did not post until July 31, but I was charged NSF for it when there was money to cover the check. I know that when I check my account in a day or two the posting will have changed completely from what it shows today, August 1. Wachovia is famous changing things to benefit themselves as I am learning more and more and that is evident of all the reports filed just with this site. I am sure there are countless numbers of other individuals who have had the same to happen to them. Rome Rome, GeorgiaU.S.A.
Entity: Charlotte, North Carolina
55, Report #357993
Jul 31 2008
10:04 PM
Wachovia Bank Unethical Charges on top of unethical charges and more charges Bethel Connecticut
Sadly, Wachovia is not the only bank that rips people off. Most banks that I've dealt with do the same, and there are banks far worse than Wachovia. However, this is what Wachovia did to us: One time, there was a lien put on our account. However, the lien was in no way legal. I went to a lawyer to explain the situation. He agreed, not legal, and charged me $300 to write a letter to the bank explaining that there was no basis for the claim (no judgement, no contract) and it was for an out-of-state alleged fee from 20 years ago. Wachovia immediately released the hold on the money and acknowledged that it was there mistake to put an invalid lien through. However, they refused to refund the $100 lien processing charge they had imposed on the account. If you admit it was your mistake, why would you leave the charge? More recently, on my husband's account, some unauthorized charges were put through. There was not enough in the account, so the charges were rejected-not paid, and he was fined $35 multiple times. He informed the bank that the charges were unauthorized, but they said the charges were still valid and that the only way to stop more unauthorized charges was to pay the fines, close the account and re-open a new one. Yeah, right. Jnlwriter Bethel, ConnecticutU.S.A.
Entity: Bethel, Connecticut
56, Report #381999
Oct 16 2008
04:55 PM
Wachovia Bank Finally got around to scamming me with NSF fees Las Vegas Nevada Nationwide
After 5 1/2 years of being a customer without any problems I guess it was only a matter of time before I was targeted for having a free checking account with a low balance. The first blow came about a month ago when they purposely held a cash deposit for an extra day causing a check to bounce. When pressured for an explanation I got 4 different ones, each of which I was able to refute using their own disclosure statements. After the branch manager made a few calls I was then told it was because my account was originally opened in Florida and that I didn't use a personalized deposit slip. I asked the manager to show me where in the disclosures this is mentioned, and he couldn't. But he stuck to his guns regardless. So even though my deposit was cash, made before 3 PM, and my receipt as well as the online site showed the money was available for withdrawal, it actually wasn't. Because I didn't use a personalized deposit slip. Um... sure... Now they were kind enough to reverse the $22.50 fee, but weren't going to pay the $30 I was charged by my rental agent for bouncing my rent check. I was then talked into opening a new checking account so that this problem wouldn't happen again. I should have known better. So I proceed to have all my auto-debits, monthly credit card billings, my truck payment and insurance, and my direct deposit all changed over to the new checking account. I also go into Wachovia's online billpay service and change all my recurring payments to the new account as well. Well lo and behold, when all those auto payments go out a few weeks later they all try to come out of the old account that had no money in it (I was leaving it open just in case my direct deposit came thru to that account). Cha-ching, $210 in NSF fees. A few days later, Cha-ching again as they double dipped for each payment charging me another $210 in fees. Adding insult to injury they then reversed all the payments they made, which in turn resulted in hundreds of dollars worth of late fees, returned check fees, and in some cases overlimit fees on all my credit cards. All in all I'm in the hole for almost $800. I spent 2 hours on the phone with Wachovia billpay today, and of course, they have no record at all of me changing those auto payments from the old account to the new one. You mean I remembered to change over everything else, but somehow forgot the credit cards? She then tells me she can see that on 9/22 I updated the amount and date of each one of those payments, but not the account. Ok, so I remembered to do that, but still forgot to change the account. Sorry, I don't think so. I very clearly remember changing each and every recurring bill payment from FREE CHK to FREE CHK 02. It's very plain and easy to see on the page -- you'd have to be a total moron not to notice it. And I am far from a total moron. In the 5 1/2 years I've had a Wachovia account I overdrew *ONCE*. Living on less than $800 a month on Social Security Disability I can't afford to make mistakes with my money. For them to have the balls to tell me they have no record of such an update, when I clearly without a doubt did indeed change them, simply reinforces I'm getting scammed. I mean think about it, do you really expect the guy that's framing you to give you proof that he's framing you? So it really was no surprise any evidence of updating my bill payments was wiped from their system. And since I can't otherwise prove I made the changes they're not going to do a damned thing. So as far as I'm concerned they can take their $420 and shove it. I'm not going to pay it. I'm going to have a hard enough time getting caught up on my credit cards (credit counseling here I come...) Let them try to get money out of me. I dare them. Com'n Wachovia, give it your best shot. The most heinous part of all this is that I'm clearly not alone. And despite untold number of people complaining here, and to the BBB, and their state banking regulators (I've done them all) we will never see any justice. It's just business as usual in the banking industry. And it's not like any of our government officials give a damn about us. It seriously makes me want to give up banking altogether. I'm trying to figure out how detached I can get. I have now opened up an account with another bank, but how long is it going to be before they start doing the same thing to me? I mean is this where we've come to in this country, that people are afraid to have bank accounts out of fear of being ripped off by the banks themselves? I swear I am so utterly disgusted right now I can't even describe it. Amvegas Las Vegas, NevadaU.S.A. Click here to read other Rip Off Reports on Wachovia Bank
Entity: Nationwide
57, Report #385899
Oct 29 2008
07:30 AM
Wachovia Bank Received notice that I'm overdrawn $354.91 as of September 17, 2008 Sebring Florida
I'm a 76 year old widow, living on a monthly disability check. I have been receiving overdraft notices from Wachovia Bank, at times on a daily basis. First came a fee of $55.00 and then it changed to $90.00. That seemed a bit high. According to my records I didn't owe them any overdraft fees. In fact my records showed that I had a small balance. Then came the shocker: a letter stating, According to our records, your account is overdrawn in the amount of $354.91 as of September 17, 2008. That is not only ridiculous, it's impossible. The stress this is causing me keeps building and I plan to switch to another bank as soon as possible. Gloria Sebring, FloridaU.S.A.
Entity: Sebring, Florida
58, Report #371783
Sep 10 2008
06:00 PM
Wachovia Bank Unreasonable Insufficient funds fees Flemington New Jersey
Unbelievably Wachovia's posting priorities allow an 83 cent overdraft to a over 50 Seniors account to accrue $140 in insufficient funds fees! After speaking with 3 representatives over the course of an hour they reduced it to a meer $70! All for covering my 83 cent overdraft for a couple weeks till my Social Security Disability check is direct deposited! Sandra Frenchtown, New JerseyU.S.A.
Entity: Flemington, New Jersey
59, Report #265506
Aug 06 2007
09:24 AM
Wachovia Bank Formerly First Union Abuses overdraft fees against cash deposits ripoff Savannah Georgia
Since Wachovia bought out First Union, I am continually hit with $35 overdraft fees on a regular basis. In June, a restaurant errantly charge $118 to my account instead of $11.80. Checking online, I found the error immediately and transfered cash from savings to the checking. I then contacted Wachovia and the restaurant immediately. Wachovia still hit me with two $35 overdraft fees although they could see the restaurant corrected the error. I spoke with several Wachovia representative, but the charges were never reverse. The restaurant reimbursed for the fees. Last week I made a $400 cash deposit in the morning, then made a payment to my cable company. Today I find Wachovia returned my cable payment and hit me with a $35 overdraft fee. Asking around I found several people who have since closed accounts with Wachovia because of Wachovia's overdraft abuse. A fellow employee said he closed his account after making a $600 cash deposit on Friday, but Wachovia did not post it until Tuesday. He was hit with a total of $105 dollars worth of fees for using his debit card over the weekend. My daughter says she closed her account after being hit with close to $200 dollars worth of fees, even though most were reversed she had to fight Wachovia constantly. When she went to open her new account at the other bank, they were quite please and friendly. They told her they get quite a few new customers from Wachovia. If anyone is sponsoring a class action lawsuit against please let me know. I have plenty of names to add. First Union used to be customer friendly, but since Wachovia's buy outm the bank is known as Walk-All-Over Bank. I am closing my account this week and going back to a more customer friendly bank. Mary E Savannah, GeorgiaU.S.A.
Entity: Savannah, Georgia
60, Report #265066
Aug 03 2007
01:56 PM
Wachovia Bank Charged suspicious overdraft fee Ripoff Springfield New Jersey
I have been a customer of Wachovia Bank for many years, originally having started the account as First Union. I have been rather annoyed at them in the past, but nothing compares with the contempt I feel about the company today. While reviewing my last statement I found that I had accidentally overdrafted my account. There were two overdraft fees of $35.00. To find out what went wrong I re-calculated the transactions as seen below: 7-09 Cash Deposit $120.00 $120.49 7-11 Purchase $52.91 $67.58 7-13 Purchase (actual date of purchase 7-12) $14.99 $52.59 7-13 Purchase (actual date of purchase 7-12) $6.09 $46.50 7-13 OVERDRAFT FEE $35.00 $11.50 7-16 Purchase (actual date of purchase 7-12) $47.16 $-35.66 7-16 OVERDRAFT FEE $35.00 $-70.66 I realized that I had overdrafted by $0.66, but I could not understand the reason I was charged two overdraft fees, and I was panicked as to why a $0.66 overdraft now had my account at -$70.66. I went to the bank to ask why the error occured. The woman helping me was treating me as if I was not worth her time. She looked up my account on the computer and after a long time presented me with the fact that after my purchase on the 11th a hold had been placed on the rest of the available balance in my account. After I explained my reasoning that the deposit had been made in cash, and the fact that I would have had no knowledge of a hold on my account at the time, assuming that all was in order, how could I be held responsible for the first overdraft charge? After some stubbornness on both sides, she agreed to repost the $35.00 back to my account. Even though I had gotten what I wanted, the more I thought about the situation the more angry I became. I felt betrayed that the institution I had put my trust, was in fact, under the law, stealing from me. By using holds they could manipulate at any time to cause my account to become overdrafted, and it is somehow legal for them to do so. And furthermore, they made me feel as if I was somehow irresponsible. But how irresponsible is it to place a hold on an account without informing the customer, and then keep letting them make charges on a held account, only to further rack up more overdraft fees? Holds on accounts don't seem to make any sense. They protect the bank, not the customer. A true hold should be designed to stop the account holder from further withdrawing their account, in which case it does not, it lets them keep spending, unknowing of any hold, and only hits them with fees afterwards. The law needs to be changed, in order to protect account holders, not banks. They are in effect, robbing us, all under the law. Though I was able to fix this situation, it should never have occured. And now I feel afraid and angry for the rest of Wachovia's customers, who may have had the same thing done to them. I still have not had the $35.00 reappear in my account, but when it does I plan to never trust Wachovia again, and will be closing my account for good. Hinkypunk Springfield, New JerseyU.S.A.
Entity: Springfield, New Jersey
61, Report #236543
Feb 19 2007
05:13 PM
Wachovia Bank Don't feel so alone and an idiot Charlotte North Carolina
I just found this site. I have been harrassed by Wachovia here. They push you to use the Web Site (Web Banking) You can't do this. It will cost you even though they say it's free. They are dishonest. Transactions are held back. If you have a deposit going in it will go in last so that they might be able to charge you NSF of $35!! You can be short by as little as $12 and they will charge you 3x$35 before posting the deposit or automatic deposit from my work place. They have no mercy. Too big to care. Afraid this is the future. I would change but I have my car payment, insurance and other items coming out automatically that would be a headache to change. Along with my automatic pay check every two weeks. I don't make enought to keep a lot in my savings account. Taxes are killing me. Beat up the middle class Wachovia. Karma awaits. Mary Charlotte, North CarolinaU.S.A.
Entity: Charlotte, North Carolina
62, Report #408157
Jan 05 2009
11:29 AM
Wachovia Bank Lying to Steal from your Account without Authorization Irvine California
In December of 2008, I received a call from a representative of Wachovia Bank. They asked if I would write a post dated check to pay for a payment which was behind by 15 days. I told her that I would mail the payment on the 1st of the month to bring the payment current and did not have the money in the account. The sent a request for the payment to my bank without authorization and caused me considerable fees for nsf, which I had already told them prior to them stealing the money out of my account. Prior to me seeing my statement I sent them the payment as promised. Now they are holding 2 payments and I have fees that should have never been charged. Is there a class action suit available and who is the regulatory agency responsible for these theives. Wachovia Bank is Gangster! Lowell Long Beach, CaliforniaU.S.A.
Entity: Irvine, California
63, Report #418615
Jan 31 2009
03:20 PM
Wachovia Bank Ripps off consumers with Fees and they dont care! Orlando Florida
Yes, you are all correct. i too am a victim of theft by this bank. I even proved it by calculating the amount my account would need to fall to before they would assume the practices that you all outline. For me it was 500 dollars then they would hold payments for days and as all of you I have regular routine payments that clear the same day each month so it was easy to catch them As well I had the same problem with the cash deposit, I even have emails from the CSR's that say 2 pm is the cut of then the other says 4pm is the cut. SOB need to get thier story straight and we consumers need to protest maybe we should send mail to Barak! Sob's took over 700 dollars of my money and they dont care. Wachoviavictim orlando, FloridaU.S.A.
Entity: Orlando, Florida
64, Report #417025
Jan 27 2009
06:53 PM
Wachovia Bank 6 Fees for 3 Charges?!! Why is that right??!! Nationwide
Wachovia's daily cut-over is at 2:00pm here in Georgia, therefore anything that happens after that time is considered to have occurred on the next business day. I am too upset to write in any great detail, but the long and short of it is that I had one item to be presented for payment and 2 pending before the 2pm deadline, was charged 4 overdraft fees of $35 each. This happened on a Friday, so I waited until the next business day (Monday) to call, with the expectation that I would be able to have the additional fee removed once everything had been posted and/or cleared; only to learn that I had received an additional 2 overdraft fees of $35 each. When I called to say that I received 6 fees for 3 charges, I was advised that this was correct, because of blah, blah, blah.... No one can make me understand how 3 transactions legitimately deserve 6 fees! This is not the first time and I am of limited means. I believe these banks make most of their money off of poor people and that all their practices are predatory in nature. Mary Marietta, GeorgiaU.S.A.
Entity: Nationwide
65, Report #334289
May 22 2008
02:46 PM
Wachovia Bank Beware for hidden charges. Charlotte North Carolina
I have a checking and savings account, as time went by it continually and gradually decreased due to hidden charges and I called customer service and didnt get my money back. Im sorry for future victims of this RIP-OFF! i just want to prevent this hidden charges to anybody, beware of each charges they could pile up. Leo phillipsburg, New JerseyU.S.A.
Entity: Charlotte, North Carolina
66, Report #334243
May 22 2008
11:06 AM
WACHOVIA BANK plays the shell game to get your money Allentown Pennsylvania
After a litany of unbelievable screw-overs by Wachovia, I have closed my account after more than 20 years. I will mention four, the most egregious: 1. Closed my savings account and deposited the $ in my checking account. The next day I withdrew the $ to open a savings account elsewhere. The next day, i get their magic OD postcard. Ready? They did a bank sweep and moved the money BACK into my CLOSED savings account so that when I withdrew it from checking, it wouldn't be there and they could get me with OD fees. No one has been able to explain this. I did get the OD fees credited, as a one-time convenience they said. HA! 2. Got a home equity line of credit. My original mortgage was through Wachovia, and had been paid off for years. I had to show them proof of homeowner's insurance. I did. (It was the same as my original loan, but nevermind) THEY BOUGHT ME HOMEOWNER'S INSURANCE OF THEIR CHOOSING AND AT THEIR RIDICULOUS PRICE ANYWAY!!! The card never worked. Every time I tried to use it it came back stolen. Every time from first attempt on. Which meant I had to use my debit card -- more OD fees for them! They replaced the card. It showed up as a new account AND THEY BOUGHT ME HOMEOWNER'S INSURANCE AGAIN!! 3. I paid off and closed the home equity line of credit (as the card always comes up stolen anyway I couldn't use it). That was 3 months ago. I still get a statement with fees and have to call or go in every month to remind them I CLOSED the account! 4. So what was the straw that broke this camel's back? When, after numerous requests, they sent me my tax information -- postmarked APRIL 15th!! Laura allentown, PennsylvaniaU.S.A.
Entity: Allentown, Pennsylvania
67, Report #442429
Apr 09 2009
08:51 PM
Wachovia Bank Allowed Illegal Access to my Checking Acct. Birimingham Alabama
I am the representative payee for a relative's Social Security account. On 3/27/09 I checked the balance on line and found a -565.00 balance. I have had this acct. since 1996 and it never once has been overdrawn nor have I ever had a debit card for this account. I immediately went to the bank. My relative is learning disabled and Social Security determined that he can not manage his own money. He is not to have and has never had access to this checking acct. He had his own acct. at Wachovia which became overdrawn, was closed, and sent to collections in November of 2009. After spending two hours at the bank I was told that in November of 2009 when his acct. was closed that their computer did a search for his Social Security number and linked his debit card from his closed acct. to the Social Security acct.. My relative just happened to call the bank to determine the status of his closed acct. and was told that he had a balance in the bank. That is when his spending spree began. I was intially told by the bank representative that I would get all funds back as the bank employee who opened up the relative's personal acct. in 2007 had made an error. She then called her manager and said she would get back with me later in the day. I was told that I would be responsible for all of the ATM transactions that my relative had made on the card which amounts to approximately $500. They did agree to remove the overdraft charges. I am on an extremely limited budget. I will never ever bank with Wachovia ever again. BEWARE! Angela Hueytown, AlabamaU.S.A.
Entity: Birimingham, Alabama
68, Report #551755
Jan 09 2010
08:22 PM
Wachovia Bank - First Union overdraft ripoff Charlotte, North Carolina
I am also a victim of this overdraft fee by the above bank. i have lost easy 500 to them in overdraft fees. i want justice and my money back. other banks charge 35 dollars or less and the above bank is charging me 70 dollars per overdraft which is outragious
Entity: Charlotte, North Carolina
69, Report #544925
Dec 24 2009
09:43 AM
Wachovia Bank, National Association Outrageous Overdraft fees Charlotte, North Carolina
On 12/21/09 and 12/22/09 Wachovia Bank charged my account $315 in overdraft fees over a 24hr period. They put the highest withdrawal amount through first and then charged $35 for a $10.95 withdrawal, a $13.00 withdrawal etc. and also charged overdraft fees on pending debit charges that had not gone through yet. I was charged $35 nine times and despite three phone calls and an email to the bank they refused to remove any of the overdraft fees. I am a single mom and needless to say our Christmas was ruined. I would not recommend anyone to bank with Wachovia because they purposely set up the system to make money off overdraft fees. They consider it an important part of their profits for their shareholders. I deposited $460 in cash on 12/22/09 to cover the overdraft fees and any outstanding payments for the 21st and 22nd but they held the deposit until the 23rd therefore they could charge more overdraft fees. They will charged you overdraft fees on pending debit card charges and yet will hold cash that you deposit after 2pm until the next day, although any charges you make up until midnight that night will be charged overdraft fees. I also want to let everyone know that they had absolutely no desire to work with me and would not remove even one of the overdraft fees. They did not care at all that is was Christmas and I was left with absolutely no money for food for the rest of the week as my whole pay went to overdraft fees.
Entity: Charlotte, North Carolina
70, Report #1032331
Jun 20 2007
10:07 PM
Wachovia Bank Multiple overdraft fees on one overdraft Severna Park Maryland
I've been a customer of Wachovia Bank for a little over a year now, and I rarely have over five or six hundred dollars in my account at any one time, so I have accepted that the bank really doesn't care about my business. On several occasions I have lost track of my account balance by a few dollars and have received over a hundred dollars in fees because of one overdraft. This last time, I had roughly a hundred dollars in my account, made a couple thirty dollar purchases and then several small ones (you know, coffee, cigarettes, ten bucks for gas). Monday morning, I checked the online balance and it said thirty dollars, made two purchases totaling twenty dollars, and came home to find that i had incurred 105 dollars in overdrafts that day. In fact, I had bounced by a little over a dollar, but ALL PENDING transactions were charged overdrafts. Honestly, and maybe i'm just an idiot here, if only one transaction went negative, wouldn't you assume that I would be charged ONE overdraft? I ended up with yet another overdraft the next day when one of the check card holds went through(even though it had already been added in to make my account negative). I can see the logic in making the penalties severe to prevent abuse, but isn't the 35 dollars to cover a few dollars enough? why do they need to overdraft things that NEVER OVERDRAFTED??!! It's a slightly different problem from the one you are discussing, but I think that if you're going to talk about legality of fees, these ones are more likely to arouse SOME kind of response from the people who regulate banks. Devin Baltimore, MarylandU.S.A.
Entity: Severna Park, Maryland
71, Report #258820
Jul 05 2007
11:23 AM
Wachovia Bank, N.A. Wachovia Bank Overdraft Policy Paying from Largest to Smallest is Deceptive Saginaw Texas
The week I opened my account in May 2007 I went into a Wachovia branch on a Friday afternoon. I hadn't yet started using my account and there was only $50.00 from the initial deposit. I asked about buying a $50.00 graduation gift certificate. She said they were $1.50 and could only be deducted from my account (they couldn't be purchsed with cash which was what I had intended) so I'd need to deposit a couple of dollars. I deposited $10.00. She sold me the card. Since it was Friday after 4:00 the purchase drove my account negative since the deposit didn't post till Monday morning. They charged me $35.00. I asked for my overdraft fees to be refunded the service rep did it but her attitude was an omen of what was coming. On July 2nd 2007 my balance was $400.00. An electronic transaction of $500.00 which made my balance approximately $900.00 was wired to my account at 3:00 pm on July 2nd 2007. The same day (presumably at midnight) Wachovia posted the amount and also posted the same days transactions. The highest of which was $492.00. Five smaller transactions also posted that day. Since Wachovia Bank's policy is to post the highest transaction first, not the order these were issued in, the $492.00 drove my account negative. I was charged $210.00 in overdraft fees. I called in on the night of July 3rd when I saw all the OD fees. The service rep said that as a courtesy he would refund $105.00. He said that it was his call and this was it. I asked to speak to his supervisor who said that it was also her call, and that she had no intention of reversing the previous offer as it was a very gracious offer. This left my balance at $127.50. The morning of July 5th I saw another posting of $2.50 for July 2nd and I was charged another $35.00. I am leaving Wachovia while I still have $65.00. The issue is that they choose what to pay first and it is what allows them to assess the most fees. If they posted what came in first (l;ike most other banks that I've researched) the fees would have totalled $35.00 even if they didn't choose to recognize my deposit until midnight. Joe fort worth, TexasU.S.A.
Entity: Saginaw, Texas
72, Report #195039
Jun 06 2006
05:08 PM
Wachovia Bank More Lies. been doing research here's an interesting letter Wachovia sent to the Feds. LIES LIES MORE LIES. Charlotte North Carolina
We are Wachovia customers who have had the same problems as amny others regarding the way Wachovia processes their debits and deposits. We were actually told by a Customer Service Rep. that Wachovia does what it does to incur as many overdraft fees as possible because they can and will do so until it is illegal We have been misinformed and lied to and it seems as every Customer Service Rep has different information to give. Sound familar? FYI...you can have an Opt Out condition place don your debit card so that debit transactions will not process without funds being available, but BEWARE...We asked for this to be applied to our account twice, were told it was taken care of, only to find out that the Reps LIED and did not apply the condition. Typical! After countless problems, we have filed a complaint with the FDIC and I began doing research. I found a letter that Wachovia sent to the Federal Reserve that many of you will find interesting. The link is...http://www.federalreserve.gov/SECRS/2004/August/20040810/R-1197/R-1197_164_1.pdf#search='overdraft%20fees%20and%20wachovia' I know it's a long one, but worth. SOme of the statements made by Wachovia in the letter are as follows: Wachovia has reviewed the proposed amendments to Regulation DD (?Proposal?) and we support the efforts of the Board of Governors of the Federal Reserve System (?Board') to provide ?uniformity and accuracy of information? to consumers who may overdraw their transaction accounts. However, Wachovia has serious concerns about certain aspects of the proposed amendments and appreciates the opportunity to bring these concerns to the Board's attention. YEAH, I bet they do... In its letter of January 27, 2003 to the Board concerning proposed amendments to the Official Staff Commentary of Regulation Z,1 Wachovia represented that it did not offer an overdraft protection program (bounce protection) of the type described in the Board's proposal. Wachovia has not changed its position on this issue, and it does not market a so-called ?bounce protection? program to its customers. UH HUH...Just for fun...Call 1-800-wachovia and ask the Rep. if they have Overdraft Protection NOW PAY ATTENTION....This is the good part: For many years, most financial institutions have employed some form of discretionary process for determining whether an item is paid causing an overdraft or is returned for insufficient funds (?NSF?). Many financial institutions, including Wachovia, have developed, either internally or with the assistance of an outside vendor, automated, risk-based analytics to determine when an item should be paid. Numerous factors such as average deposit balances, length of time on deposit, and number of overdrafts in a defined period, assist financial institutions in determining whether items should be paid creating an overdraft and in managing the risk of cumulative outstandings from the payment of overdrafts. Within this risk-based process, there may be a daily and/or aggregate limit of overdrafts permitted for each account, but these are subject to change on almost a daily basis, depending upon how the consumer manages the account. Wachovia does not disclose, guarantee, or market the operation of this process to customers in any way. Did you catch that last part? Here it is again for you... Wachovia does not disclose, guarantee, or market the operation of this process to customers in any way. and now for the funny part... Wachovia believes that the process currently applied by Wachovia to evaluate and pay or return items is administered in a way that protects our customers and Wachovia. AH HA HA ROTFL LMAO I encourage all of you to read the document in full and save a copy on your PC, as these things tend to disappear. Keep fighting, keep complaining. Write Letters, call your Congressional Reps., contact the FDIC, make noise! Their dau will come! Oh yeah and there is a contact number on the bottom of the letter, where you can contact the Wachovia Schmuck who wrote it. GIVE HIM A CALL! Let's flood his office with complaints and let him know just how his customers feel about their polcies. Shannon MAYSVILLE, GeorgiaU.S.A. Click here to read other Rip Off Reports on Wachovia Bank
Entity: Charlotte, North Carolina
73, Report #104469
Aug 19 2004
01:48 PM
Wachovia Bank ripoff Wachovia charged me overdraft fees when the money was in the account to cover it. Durham North Carolina
Wachovia has held on to checks, debit transactions, etc. I have had several situations in which Wachovia charged me overdraft fees when the money was in the account to cover it. Nicole Raleigh, North CarolinaU.S.A.
Entity: Durham, North Carolina
74, Report #68359
Oct 06 2003
03:00 PM
Wachovia Bank Wachovia screws first-time home buyers my a*s still hurts Newport News VA-Raleigh North Carolina-Virginia
I used to bank with Wachovia, so back in July 2003 while I'm in the branch I inquire about mortgages for first time buyers. I'm told to go to the mortgage office in Newport News and talk to Donna. She is great and can help me out! I go see Donna, she gives a great Interest rate of 3.75% with 3% down on an FHA loan. I'm thinking, great. So My wife and I find a house, write up a contract, now we have a month before the closing date. I give Donna all the info she needs(W2's, bank statements,etc)and remind her that I work for our family business. I dont own the business, I'm just an employee. So after a few weeks, of course my wife and I very excited because it's our first house, and in four days we move in. WRONG!! 4 days before closing I get a call from Donna,Peter, we have a problem. Seems that because you are employed by your family business, we have to deny the loan, I'm sorry. Needless to say, I hit the friggin roof. After almost a month and four days before closing you morons tell me this. After I spend $350.00 for an appraisal, $200.00 for an inspection,plus all the other crap I had to buy like furniture etc. Well I lost the $550.00(thanks Donna)but was able to get money back for all the furniture I bought. The house went back on the market because the seller was furious. I can't blame him. The house was sold in one day....TO SOMEONE ELSE! Now (early October)we find another house, and I find a mortgage company that will deal with my job status. BUT, I need 6 months of bank statements, which I no longer had. I go into the Wachovia branch I used to bank at and tell them which months I need, a total of three months. They tell me I need to pay $5.00 per statement. Ok, you've screwed me enough, now you want 15 more bucks, I suppose that's the icing on my ass-screwing ,huh? This was 8 days ago, I still haven't gotten my statements, and I have to close in less than 2 weeks because the seller of this new home we found is in the Navy and is getting shipped out. Now I don't want to screw this poor guy who is trying to sell his house because he's got orders to to some God-forsaken part of the world. Bottom-line...stay away from Wachovia. They are an awful company to deal with. They only care about making a few dollars off of you regardless of how they ruin your life. F*ck you, Wachovia! Pete Yorktown, VirginiaU.S.A.
Entity: Nationwide
75, Report #293510
Dec 21 2007
12:48 AM
Wachovia Bank Wachovia told me it was my fault for incurring fees the day after they admit it was theirs Decatur Alabama
I have a few issues that have occurred in the last month with Wachovia Bank. Strangely enough, it all started on a very good note. Two months ago when an online provider tried to put through a legitimate charge (admittedly a few days earlier than they always have before and I always make sure there is money in my account to cover it), the bank did not cover the cost because there was not enough money in my account. Good for Wachovia! Thank you! I called that particular merchant that I use, let them know my paycheck should be posted to my account the next morning (it was deposited that day of the charge but the money never shows in my account until 4am the next day) and the woman there said no problem, just go online when the money is in my account and I can pay it manually then. No problem. Worked out just fine. Then something strange happened. I noticed the next month that a few hours after making an online purchase I had a negative balance. So I looked at the pending file and saw that it was an online purchase I had made a few hours earlier in the evening that had put me in the negative, it was the only thing in the pending file. So I went back to my account activity page I saw that the same vendor from the month before ran their charge again a few days early which I was not expecting and that is what put me in the negative, and I verified that my other purchases had posted since I did not see them in the pending file. I had $53.82 showing as my available balance and $78.50 in check card holds for a negative balance of -$24.68. No problem. I legitimately owe wachovia a $35 charge for being overdrawn with that online purchase. My fault 100%. The next morning when I looked however, two purchases that had shown as posted the night before and not having any fees attached, were now showing with a $70.00 od/uff charge above them! That $70.00 fee was not there at 9pm the night before. So my account went from being -$24.68 (without the $35 showing yet) to to -$94.68 (still without the $35 fee showing yet). Now I admit I did not fight them on it. I have always believed that banks tend to use mystery math/quantum physics timing systems when it comes to explaining things anyway and there was no way I was going to be able to prove what I had seen so fighting it would cost me in tylenol and excedrine more than the $70.00 taken from my account. So I let it go thinking it will not happen again. Wrong. This month I made three purchases on the 13th. Those three, and another purchase from the 12th posted on the 14th leaving me with only $6.12 as my posted balance and my available balance. Later that day a $10.00 charge went through my account (a regularly occuring monthly bill that I forgot about. yes. forgot. this holiday month madness seems to have turned me into a ditz for some things) but before I remembered about that charge, I purchased something else for what I thought was $6.00 (my mistaken math and forgetful brain would put my balance at $0.12) but it was actually $7.00 which put me overdrawn even more. Again, I freely admit that I owe the $35.00 for the $10 charge, and another $35.00 for the $7.00 charge. My bad, my mistake. A few days later I remembered the $10.00 and when I went online I saw the mess and was almost overwhelmed until I noticed a $105.00 od/uf fee also posted on the 14th. This got me to thinking. I have noticed in the past that my check card holds leave the holding pen and go to posted around 4am central time (same time my paychecks appear online). My $10 recurring fee gets run by the merchant between 5am and 10am central time. AFTER my pending items have posted. So why if that $10.00 and $7.00 was the only thing in my pending account, and the posted items listed for 12/14 had already posted, did I have a $105.00 od/uf fee? Three $35.00 fees lumped together separate of the two individually listed od/uf fees showing above the $10.00 and the $7.00. So at that new point my account showed a negative balance of -$185.88 as of 12/17. I was angry, but I admit I owe the bank a chunk of change, but not that $105.00. Ok. But is that enough? No. Throw on some insult to injury. My account is showing as overdrawn -$185.88 (in pending and posted where ever you want to look my available balance and my posted balance are both in the negative) when the merchant that I use that has changed charge dates on me in the past decided to charge me $100.12 on the 17th as well! And wachovia covered it! Why???? When my account is almost in the negative 200 why would they cover it?? Why did they not reject it like they did the first time when I had some money in my account, just not enough to cover the whole thing? So at that point, right before I need to get some sleep, my account is showing at -$286.00. Sweet dreams to me the week before xmas! I decide to call the bank first thing in the morning (well, not first thing, they don't open till 9am!) The next morning when I wake up my paycheck shows as having posted into the bank. Only there is a problem there as well. My check was short paid to me at only $182.50, not enough to cover the entire -$286.00 showing. I call my boss, he said he would deposit the rest the next day. The rest of my paycheck does not make a difference in the fact that I became overdrawn. I am not disputing the fact that I do owe overdraft fees. My problem is with the $105.00 that have been charged on charges that had already posted before my account became overdrawn. I call the bank the next afternoon (after spending hours trying to make sense of the whole thing) and after being put on hold (no music, no stupid voice thanking my for calling wachovia) for 30 min I finally get to talk to someone. I tell her I have a few issues and that I will start with the oldest one. She refunds the $70.00 from 11/28 after I vigorously point out how it is their error so they are stealing my money. She did not agree it was their error, but did give me the balogna excuse about how I was a good customer and had never had a refund before blah blah blah. I agree I owe the $35 from the online purchase on 11/28, I am not disputing that one. Ok. Issue finished, on with the next. For whatever reason she was not at first willing to listen to what I was saying about the time that the three purchases posted creating the $105.00 charge in comparison to when the $10.00 charge when through on the same day. By her own admission she stated clearly that the software posts the batches that have run at 12midnight on the date showing on the account activity page. So by her own admission that $105.00 is a bank error charge. Finally she tells me that it is a bank error, and that she will have to call (who knows who) to get it cleared up, she gets my number, and tells me she will call me back. Ha! I did not leave the house and that phone did not ring. So I called her back today and she said she needs to call the head office and she will call me back in five min. Ok. Two minutes later she did call me back. Hmmm. Do you think that was enough time to get ahold of someone on the phone, discuss an issue, tell them how you had seen with your own eyes that it was a bank error? I don't think so either. The only she said to me after I answered the phone was that the fee was incurred because those items were in the holding account when the 10 charge when through. What???? After she admitted the day before that it was a bank error once she looked up times, not just the dates, of the transactions, she has now changed her tune in less than two minutes. I knew at that point that her only use to me from that point on would be as a road blog, so I asked to talk to her boss. She gave me the name and number of her regional manager in Florence Alabama. The woman at my local bank that I had been speaking with transfered me to her and surprise. . . voicemail. I left a message at around 4pm my time but did not receive a call back today. Her voice mail greeting did give her cell number and I will try that number if I cannot get her on the other number tomorrow. After all I have been through in the last few days I feel so overwhelmed. I honestly feel that the bank is making me pay more than just the $35 that you agree to when you sign on the line for your account, that they are deliberately lying and altering dates for the sole reason that I did make a mistake, I do already owe them money, but that they are compounding it through false means to make it even worse because how can I fight them? They know I can't take them to court. They know I can't bring in documents showing exactly what I saw on my computer on specific dates and times. They make the rules yes, but they also hold all the pieces and they can work them to benefit themselves. I feel that they count on me as an individual being so embarassed, as I am, that I did make mistakes, that I will not push to rectify the situation. The worst part? It is done with such an attitude of indifference except when they are telling you it is all your fault. I admit I made mistakes that should cost me money, but why is wachovia allowed free reign to make my punishment past the $35.00 per overdraft even worse? I am very emotional over this issue and I apologize now for my long post. Crystal Decatur, AlabamaU.S.A. Click here to read other Rip Off Reports on Wachovia Bank
Entity: Decatur, Alabama

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