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 Jersey
U.S.A.