Report: #659941

Complaint Review: Wachovia Bank NA

  • Submitted: Tue, November 09, 2010
  • Updated: Tue, November 09, 2010
  • Reported By: hallotorn — Niagara University New York United States of America
  • Wachovia Bank NA

    United States of America

Wachovia Bank NA wachovia bank a branch of wells frago Stole my money and gave no answers to why or how Internet

*Consumer Comment: Right to Offset

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Wachovia is the worst bank in the nation. DO NOT BANK WITH THEM. My story is a month worth of details. I had a account with Wachovia for almost two years with no problems. One day I went to check my account to see if my check had deposited only to see that it had been withdrawned along with the rest of the money in my account.  Wachovia apparently claims that I had a joint account and because the person on my account with me had an overdraft they used all the money in my account to cover theirs. After trying to figure out how this could possibly happen I was sad for awhile but then I got mad. I called back and tried to understand how my account in the first place got changed to joint account without me or the other perosn constent. They claimed I just walked into a bank one day and said yeah add this person to my account. And that was the end of it. Although their customer serivce calims that their should be a signature card dating the change in my account and a whole approval process should have occured to make the change. None of this happen, even better according to them no changes should have appered on my online banking statements and the other person in a joint account was not required to be given a card. Even werider was that the person they claim was on my account could never withdraw from my account although by defintion of a joint account they should have had equal access to the funds in my account. The strangest part was the account the claim was overdrawn had been closed over a week ago. Through figuring all this out from various customer service people while being hung up on twelve times in the process including by supervisors. I decided that since the  bank was unwilling to handle my case I would file a complaint with the Better Business Bureau hoping they would get something done. No luck there though. They closed my case after they recived an answer they where pleased with from Wachovia. The president of the bank literally wrote " they must have misunderstood what you meant but your account was not changed without your constent." That makes no longer sense, considering one can not give constent to someone elses misunderstanding.  I concurred that the BBB most just be against ever finding fault against the bank since the have and A+ rating even with over 200,000 complaints filed against them.  The bank seems to have no answers and are trying to cover their tracks. I was advised to file a case with the banks fraud department who said they would refund my money and send out a check the next day. One weeks later I still have no check so I call the fraud department back and they say it can take two to three weeks to recieve the check. The next time I called they said that they credited the amount back to an account. Although the only account they would have access to is the one that I closed meaning the account would have had to been forced reopened by Wachovia. The bank is acting very shady. No one is ever in their office or able to pick up the phone. NO one can explain in a logical manner how my account was changed. NO one gives the same answers. NO one seems to know what the policies of the bank are. NO one seem to give a care. This bank is ridiciouls and they treat people like this because they believe no one will say anything about it. They expect everyone to just give up. But I will not I will tell every perosn from the bottom to the top about my story until the issue is resolved. And every time I tell my story I inculded websites like this rip-off report, their facebook, and twitter account which are covered with nothing but a million complaints about this company without holding deposites longer than they should. Processing transcations so that they can charge you overdraft fees. Charing multiple overdraft fees for one transcation and not refunding the mistakes and their overall rude customer serivce line.

This report was posted on Ripoff Report on 11/09/2010 10:13 AM and is a permanent record located here: 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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#1 Consumer Comment

Right to Offset

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

It is hard to tell exactly but it appears you are on a joint account that was overdrawn.  In the terms of your account there is the "Right of/to Offset" allows them to deduct money from the positive account to "offset" the negative account.  So they could have pulled money from ANY account with your name OR the other account holders name at the same bank.  But they do not have to be a joint account between you two.  In fact you could even have been on a joint account with another person and they could have taken money from that account.

Of all of the actions a bank can take this is perhaps the one that is the most unfair.  As you are basically being penalized for something that is (hopefully) not your fault.  Unlike other fees such as Overdraft or NSF fees that you as the account holder can avoid by managing your account.

You probably should be more upset with the person you were on the joint account with.  This is why it is not only very important to read the terms of the account.  It is also very important to know who you are getting a joint account with.  If you wouldn't be willing to accept responsibility for their actions you probably shouldn't open an account with them.   That goes for not only bank accounts, but loans, or other credit or anything else you may ever enter into a legal agreement with.

Now, this is figuring that this is what happened.  If you are saying that they just added another person to your acccount and took your money, or transfered the money to an account that you were NOT on.  Then they could be in some serious trouble. 

By the way I have not seen any financial institution that did not include this "Right to Offset" in the terms of the account.

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