Wachovia Wachovia Ripped Me & My 5 yearold off & now we do not know how we are gonna pay our bills in Jan. 2008 Please help us. Sarasota Florida

I feel for you that you were so scattered at such a bad time. However, while you were out making those 30 different purchases, why didn't you run into a Wachovia and make your deposit? Or, why didn't you just pay with the cash you had to make the deposit? Why did you wait until you got home, had time to lose your keys, then try to go out just before 4:00 to make your deposit? 30 purchases is a lot for one day. Or did you make some the day before, hoping they wouldn't post until you made the deposit?

You wrote:

'If i did this, i would be in trouble of possible Federal Prosecution & Prison time. I would be happy to provide anyone, any of my banking statments as full proof of what i say. They Print out each day from smallest to largest, even on their own statements. How is them manipulating transactions legal?? & how is manipulatig bank statements legal??'

A few points:

1. Under the Terms and Conditions of your account, they can post transactions in any order of their choosing. This is consistent throughout the industry, and the T&C's are designed to maximize bank fees. However, this happens only when you overspend your account.

2. This are legal because courts have ruled the banks have this right to post transactions in any order they wish to.

3. The posting order would not matter if there was sufficient funds in your account in the first place.


If you believe you were ripped off, I am sorry to say the person who ripped you off is the person you see when you look in a mirror.

I am sorry to say but the bank is not at fault. I know those fee's add up, but it is not the bank's fault that you lost your keys and could not get the deposit there in time.

At the time you called the bank there was probley 3 items she saw that could come through that night, but they have NO CONTROL on what eles posts overnight.

I am sorry to see this happen to anyone,but I 100% do not see where the bank did anything wrong.

Wilde,

The posting order of transactions is TOTALLY irrelevent if you actually have money in your account posted and available, before making the transaction.

You were floating transactions, and I would bet you do not keep an accurate checkbook register.

You see, if that $300 was needed to cover transactions you already made, that is the root of the problem. Losing your keys, or your Mom's 22 hour bus trip or "Papaw" passing away has absolutely nothing to do with anything. Totally Irrelevent.

The fact is, you spent money you did not have, and the bank excercised the rights they had under the contract you signed when you opened the account.

No rip off here. Just another irresponsible customer.

First off I'm sorry to hear you're in this situation. But I'd like to explain about your statement.
Wachovia's policy is to post deposits/credits first and then debits from largest to smallest. I do understand that if yiu look at your statement that it appears otherwise. The reason for this is that when the information is provided for the online statement is presented in a bottom to top format. Example:

12-08-07 Checkcard $ 10.00
12-08-07 Check $975.00
12-07-07 Checkcard $ 12.62
12-07-07 checkcard $ 50.00
12-07-07 Check $ 75.00
12-07-07 Check $150.00
12-07-07 Deposit $200.00

When this information is then printed on your statement it is taken by the date and will appear in the same order, but was processed largest to smallest.


12-012-07-07 Checkcard $ 12.62
12-07-07 checkcard $ 50.00
12-07-07 Check $ 75.00
12-07-07 Check $150.00
12-08-07 Checkcard $ 10.00
12-08-07 Check $975.00

I know this can be confusing, it trips me up at times. But Wachovia, as most banks, does post debits from largest to smallest.

As for stopping the largest transactions: to place a stop payment on a check or ACH debit is a $30 or $31 (depending on where your accopunt was opened) fee. In addition, the stop paymeny on a check is not guaranteed for the first 24 business hours. meaning if you place the stop payment on Tuesday and the check you're trying to stop is processed Tuesday, the check will go against your account. If the stop payment is for an ACH (automatic debit i.e. insurance, gym membership, etc) it takes 3 days before it is guartenteed. So again, if you place the stop on Tuesday, the debit will still go against your account if prsented on Tuesday or Wednesday.
When you were told that "only 3 items would post" that would mean that the representative could see those debits were definately posting that evening. However, the other 27 items that went through, if they were checks or ACH the rep couldn't have seen them until after they posted. if they were checkcard purchases, the holds could have been seen but we don't necessarily "know" when it's going to post.

My condolences on your loss. I hope things turn out well for you.

If i did this, i would be in trouble of possible Federal Prosecution & Prison time. I would be happy to provide anyone, any of my banking statments as full proof of what i say. They Print out each day from smallest to largest, even on their own statements. How is them manipulating transactions legal?? & how is manipulatig bank statements legal??

Any ways, life will go on. I completely believe in what goes around comes back around. What Wachovia does flat out plain is wrong, in manipulating transactions, making the largest transactions eat any & all money you have up, just solely for their own benefit. They are not looking out for their customers best interest, nor do they personally value their customers.

Merry Christmas to all. I am confident that it will all turn out right in the end. Just wish these companies would work a little humanity in their policies.

However, based on the ROR filed the bank doesn't have to refund any of the NSF fees you incurred. Maybe you can try and see if they will refund half, but if they don't, it would not surprise me.

You did not say, but the only way I would imagine you incurred that many NSF fees was due to the use of a debit card. You would be wise to never use your debit card again - the debit card earns more money from account holders and account holders lose more money through the use of the debit card. If you need to use cash - so be it. If you need to write checks, good. Just make certain you track your transactions in a check register and you'll save yourself lots of money.

Happy Holidays.

I Apologize for not clarifying that earlier.

No ripoff here.

You spent money before you had money in the bank to cover the transactions.

You ripped yourself off.

The bank simply enforced the terms and conditions that you agreed to when you opened the account.

Very simple.