Wachovia NSF fees for no reason, I am going to hire a lawyer and go to the media! Ripoff Pottstown Pennsylvania

Danielle,

I work at a small community bank, and in the past, some of our customers were understandably confused about their "available" balances. I am not familiar with Wachovia's practices, but accounts that qualify for our overdraft "privilege" protection typically have greater "available" balances than actual (ledger) balances.

If a customer writes a check for an amount exceeding his or her actual balance, we pay the item and impose an overdraft fee. In other words, the account can be overdrawn but still show an available balance.

For example, if you opened a regular account with $200, the bank would allow $100 in overdraft "privilege" protection. Your ledger balance is $200, but your "available" balance is $300.

Ledger Balance $200
Overdraft Privilege 100
Available Balance $300

If you wrote a check for $210, the check would be paid, and your account would be charged a $30 NSF fee:

Available Balance $300
Check (210)
NSF Fee (30)
New Available Balance $60

Thankfully, we no longer give the "available" balance at our ATMs or online banking site. Though we are in business to make a profit, we do not feel that it is in our best moral or financial interest to entice our customers to overdraft their accounts. We do not want known as the bank that turns its customers into indentured servants.

I understand you are finished with Wachovia, but you may wish to inquire about the inclusion of any overdraft privilege in your available balance at your new and future financial institutions. If the privilege is added to the available balance, you could ask to opt out or (better yet) ask about the availability of true overdraft protection. Best of luck to you, friend.

If I understand you correctly you are saying that because Wachovia can't calculate charges appropriately that I should do some kabuki math.

Not going to happen! I refuse to change from the appropriate way of accouting to Wachovia's ridiculous nonsense!

I usually put most of our money into a variety of financial securities (thank god none with wachovia!!). The remaining money is our bill and spending allowance.

Ach's for direct deposit should be available right away as well as cash.

Wachovia does not seem to understand this.

I have moved our moeny to a combination of 1 bank and 1 credit union. I will see who does the best and stick with them.

I think I may see the problem. When you make a deposit into the account, do you wait to write it down (until the BANK says it is there and all funds are "available") or do you write it down as you leave the bank? Sometimes, when you deposit checks, even if you always deposit the same check (payroll), your bank will hold funds on it. Then, if you added that deposit to your register right away, and begin spending right away, you are overdrawing your account. So when they bank DOES add in that deposit (after the funds have cleared) you notice those big nasty fees.

My advice? Do not write down deposits the same day you deposit funds. Assume that it will be three or four days before you can spend that money. Then, DO NOT SPEND THAT MONEY for three or four days (five to six if you can hack it). It will be tough at first, but after a few weeks it will be no big deal. Plus, you'll have all that extra money from not paying fees.

Also, make sure you write down every single last check, debit, credit, and withdrawl RIGHT AWAY. Do not wait for the bank to recieve it. Assume it is gone. Only use online banking to mark off the checks ect that have cleared. IGNORE THAT BALANCE. Only pay attention to the online balance when all checks, debits ect have cleared. Then see if the numbers match up (if they don't...assume the smaller of the two is correct. You can't go wrong that way).

Also, consider roundng up your checks, debits ect to the nearest $5 increment (i.e. 42 becomes 45) (only in your register not actually on the check ect). That way if you write a check for $103.32 have debit for $48.38 and another check for $29.84 and another debit for $83.23 all in one day you will have actually spent $229.92 but you will have it recorded that you spent $270 leaving you a "buffer" of $40.08. IGNORE THAT BUFFER. Do it with every single transaction, that way, should you forget to subtract something, you have a little extra wiggle room.

Also, try to avoid getting your account below $50. This way, you never have to worry about if you can afford that little thing or if it will put you over by $0.08 and cause a NSF.

Now, I do not pretend to know your financial situation. I can only give vague advice. However, do not respond saying you cannot afford this. There are literally hundreds of ways we waste money every day, from driving wrong to spending too much on food, on electricity, to those little coffees in the a.m. to digital cable, to high speed internet (all of which can be adjusted to save more $$).

Good luck, and do not give up. No one ever forces you to pay a NSF. The bank will never charge you if you keep a strong hold on your account. The best revenge is to never give them another dime of your hard earned money! This is the ONLY way that can be achieved!