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I am currently having an issue with the practices of Wachovia Bank's online balance posting. I even was told by an employee that the practice is deceptive and makes people think they have available funds in their account when in fact, they do not and in turn incur overdraft fees as I did. After I had gone to complain, I was told that the situation could be resolved if I signed up for overdraft protection. A tactic for them to get money from the average citizen. I had made a cash deposit in my account after 2 pm which was not to post until the next business day. I signed into my online banking to find that the deposit was processing and although it had not posted, the funds were showing as available. I had set up a transfer from my Wachovia account which was going to be going through on that day, but the funds showed as available so I was not concerned. When I had logged in at 5am, my account had uncurred a $30 overdraft fee which I still do not understand. I was told that if I would have went into Wachovia and withdrawn the money, it would have been fine cause the funds were available just as it had stated online... AVAILABLE! So why then were the funds not available as I was told when I contacted the 800 number? I think this is a horrible tactic to try and suck money from people in order for the corporation to increase their gains. And they can tell me anything they want because I still do not understand. I have 3 accounts with Wachovia and the other account is a checking but I use it for savings purposes. I transfer money online between my accounts all the time and had I known about there procedures and misrepresentations, I would have simply transferred the money from the checking account with my savings in it into the one in question. I mean I am not an idiot. Why would I pay a $30 overdraft fee when I could have simply transferred the $15.10, yes, that is all I would have needed to transfer to avoid all of this, from the one account to the other? Transferring funds online is immediate and if I knew this would have been an issue I would have simply done that to be safe. However, the online account summary CLEARLY stated my available balance was fine and included the deposit I had made after 2pm. I just don't see how corporations are able to get away with this. It is very deceiving and very immoral. If my funds were not infact available, state that! Then I would have taken care of the transfer and I would not be sitting here going through this horrible experience.
Myrtle Beach, South Carolina