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Report: #427393

Complaint Review: Wachovia Bank - Miami Florida

  • Submitted:
  • Updated:
  • Reported By: South Miami Florida
  • Author Confirmed What's this?
  • Why?
  • Wachovia Bank www.wachovia.com Miami, Florida U.S.A.

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Got slaughtered with overdraft fees. Every transaction without sufficient funds was charged $25 dollars to cover it even if the purchase was for $1.00. I over drafted about $120.00 in about 6 transactions, Wachovia charged me $250.00 in fees with more possible to come even though the institution and yourself is aware of the situation. I went to the branch to bring them cash so I can bring the account to $0 to stop from accruing anymore fees and they told me that due to the schedule of the transactions that more fees would be incurred and there is still nothing they could do to help. Wachovia's website posts the transactions at different times and dates then when they are actually made making it difficult to keep track. Since Wachovia claims this situation is not at all a banking error, Wachovia takes no responsibility or mercy but full advantage of a loyal customer. From this day on I will make an effort to tell anyone I know that banking with Wachovia Is A Banking Error!

Jonathan
South Miami, Florida
U.S.A.

This report was posted on Ripoff Report on 02/23/2009 09:19 AM and is a permanent record located here: https://www.ripoffreport.com/reports/wachovia-bank/miami-florida-33143/wachovia-bank-will-wac-ova-you-and-take-your-money-miami-florida-427393. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
0Author
7Consumer
0Employee/Owner

#7 Consumer Comment

KEEP YOUR OWN CHECK REGISTER

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

POSTED: Tuesday, April 07, 2009

The mistake most people are making is NOT TRACKING THEIR OWN expenditures. Assuming the online record is accurate - even if all previous drafts were not added yet

YOU AND ONLY YOU are responsible for overdrafting your account.
YOU AND ONLY YOU are responsible for tracking the money you spend

YOU AND ONLY YOU ARE THE ONLY ONE YOU CAN TRUST! NEVER TRUST THE BANK TO DO WHAT'S BEST FOR YOU!

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#6 Consumer Comment

The attorney mentioned

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

POSTED: Tuesday, April 07, 2009

in the previous rebuttal is NOT suing Wachovia for their overdraft fee policies. She is considering a lawsuit concerning an UNDISCLOSED "lack of activity" fee the bank imposes on certain accounts.

This is from the attorney's website:

""Wachovia, without disclosure to its clients who maintain or maintained savings or other similar accounts at Wachovia Bank or any of its predecessors-in-interest including First Union Bank and CoreStates, charged a fee based upon purported lack of activity in such accounts during the period October 1, 1997 to the present. The Banks benefit from such contractual relationships by investing members' deposited funds, including accrued interest, and earning a return thereupon greater than the Banks cost of funds. The Banks retain these funds as well as the interest from investing them.""

As can be seen, what this attorney is attempting to accomplish has NOTHING TO DO with overdraft fees.

The legality of overdraft fees, as well as "posting order" has already been settled in District Court. As long as the bank DISCLOSES the posting order and associated account fees, the bank can pretty much do as it pleases.

Additionally, almost all attorneys require upfront fees to begin a lawsuit (and request class action status) to cover court costs, filing fees, administrative costs, etc. These are normally paid by what is referred to as the "lead plaintiff." Should the class action suit be successful, the lead plaintiff normally receives an award that is significantly higher than the other class members. In other words, the lead plaintiff(s) are normally made whole while the other class members receive a token amount as their award.

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#5 UPDATE Employee

Watch Yourself

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

POSTED: Monday, April 06, 2009

If that attourney is asking for money up front, beware! The overdraft fees are 100% legal. That has been tried in court numerous times and every time the banks have come out the winner. Why? Because they are fees that are stated up front when the account is opened and disclosed to you in the paperwork when you open an account. You AGREED to them by opening an account. Therefore it is 100% legal. Since this has been tried in court many times with different banks....I am very suspicious an attourney is advertising that she is willing to take that case. Be very wary of her. if she asks for money up front...HUGE red flag. An attourney would not ask for money to open or continue a class action law suit.

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#4 Consumer Suggestion

Wachovia's Questionable Practices on Overdraft Fees

AUTHOR: Rory Obrien - (U.S.A.)

POSTED: Wednesday, March 25, 2009

I have had the same problem and I found this website and attorney that may deal with a class action suit against Wachovia

I spoke with the assistant today 3 25 2009 and it was stated that a number of people are calling the firm about this the more we get the better off this could turn out for all of us.

I will be emailing them in the next few days with my info and encourage anyone that feels they have been unfairly charged for overdraft to contact this firm see below

http://www.attorneyannmiller.com/wachovia.htm
The Law Office of Ann Miller, LLC,
834 Chestnut Street
Suite 206
Philadelphia, PA 19107
T: 215-238-0468
F: 215-574-0699

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#3 UPDATE Employee

Here's better advice.....

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

POSTED: Monday, February 23, 2009

Here's better advice for you, close your account and leave us employees alone!!!

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#2 Consumer Comment

Floating transactions...

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

POSTED: Monday, February 23, 2009

Hello,

I was looking over your report and wanted to offer a few tips on how to avoid this situation in the future. It appears to me that you are "floating transactions" and that suspicion is based upon these lines:

"Every transaction without sufficient funds was charged $25 dollars to cover it even if the purchase was for $1.00. I over drafted about $120.00 in about 6 transactions, Wachovia charged me $250.00 in fees with more possible to come even though the institution and yourself is aware of the situation. I went to the branch to bring them cash so I can bring the account to $0 to stop from accruing anymore fees and they told me that due to the schedule of the transactions that more fees would be incurred and there is still nothing they could do to help."

For the record, overdraft fees are charged per occurence, not by the amount of the overdraft. You will be charged a fee whether you overdraft with a $500 car payment, a 30 cent pack of gum or a $1 soda. You also cannot expect to bring in a deposit after you overdraft your account and expect that money to cover your previous transactions. That worked a few years ago, but not anymore.

"Wachovia's website posts the transactions at different times and dates then when they are actually made making it difficult to keep track. Since Wachovia claims this situation is not at all a banking error, Wachovia takes no responsibility or mercy but full advantage of a loyal customer."

Actually, the merchants have something do with this. The bank isn't responsible for the situation that you created.


"From this day on I will make an effort to tell anyone I know that banking with Wachovia Is A Banking Error!"


You're free to do so, but I'm not certain what you expect to achieve. This situation would have gone exactly the same way at any other bank. It seems to me that the time could be better spent managing your finances so as not to incur overdraft fees.

How to avoid these fees in the future...

Do not spend funds until they are fully available. Do not exceed your account balance and assume that you will make a deposit to cover the negative balance. You might keep a check register or a ledger so that you will know when to stop spending money.

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#1 Consumer Suggestion

Your first 3 sentences say it all....

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

POSTED: Monday, February 23, 2009

"Got slaughtered with overdraft fees. Every transaction without sufficient funds was charged $25 dollars to cover it even if the purchase was for $1.00. I over drafted about $120.00 in about 6 transactions"

The key thing you mentioned here is.... "without sufficient funds" and "I over drafted about $120.00".

I think you'll find that banks will charge you when you spend more money than you have (yes, even if it's just a small $1 mistake). I'm just surprised you didn't have to pay $35 per overdraft like I do.

Constructive advice : Don't overdraw your account, not even 1 cent, no matter who you have an account with.

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