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Report: #468062

Complaint Review: Wachovia Bank - Clearwater Florida

  • Submitted:
  • Updated:
  • Reported By: CLEARWATER Florida
  • Wachovia Bank WWW.Wachovia.com Clearwater, Florida U.S.A.

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After depositing $60.00 cash into the Wachovia ATM I made $50.00 in purchases at several stores.
The Bank charged me for two overdraft fees the same day as I had less than $10.00 in my account before my cash deposit.The purchases were made after the deposit.
My account ended up $30.00 overdrawn without my knowledge as I put money in the account before spending it and even by the banks records my deposit went through before the charges.
They anticipated I would be overdrawn when I was not.
Several days later I deposited another $60.00 cash this time at the counter.
I checked my account online and is stated the money was in my available balance.I ran some errands and discovered the next day that my account was overdrawn again as the posted my charges before postind my deposit even though I gave the bank teller cash at the counter.
After several phone calls to customer service and a bank statement from Wachovia that shows I was charged before I was overdrawn the CS of Wachovia did nothing except say "That is the Banks policy even if it is not fair." and charged mr a total of $245.00 in overdraft fees.
At the end of the month was account was overdrawn $244.88.
The ovedraft fees were the only overdrafts.
I will only use Wachovia Bank to cash my checks for free with my free checking account and they will never get any business reverals from me.

Tex
CLEARWATER, Florida
U.S.A.

This report was posted on Ripoff Report on 07/09/2009 06:42 PM and is a permanent record located here: https://www.ripoffreport.com/reports/wachovia-bank/clearwater-florida-33765/wachovia-bank-predatory-fee-practice-clearwater-florida-468062. 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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#10 Consumer Comment

David, I wonder if Congress knows about the- 'SECRET LIFE INSURANCE POLICIES' that....

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

POSTED: Monday, August 03, 2009
many of the Publicly Held banks who received TAXPAYER'S money ('TARP'), were taking out on their current & former employees?

You can 'Google' this- WACHOVIA COMPLAINTS SECRET LIFE INSURANCE POLICIES, and read all about it!

I believe that Wachovia, Bank of America, Wells Fargo, JP Morgan Chase, Citigroup, & even Bear Stearns were named in the article, & now there's a LAWSUIT!!!

WOW! Profiting on people's DEATHS, without their knowledge, huh?

Go read it NOW!

Thank you.

WELCOME TO AMERICA- IN FRAUD WE TRUST!
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#9 Consumer Suggestion

Interesting thing I saw at an ATM

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

POSTED: Friday, July 17, 2009
I deposited twenty bucks around noon on Wednesday, and there was a note that came up on the ATM screen that said anything before 4 won't credit till the next day. My hunch is this is an ATM thing and not a thing of if I went to the teller and did the same thing whether the money is "available" right then and there.

My hunch is because the OD used the ATM instead of going into the branch, that is why they got overdrafted.

Mike
Alexandria, VA
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#8 Consumer Suggestion

Interesting thing I saw at an ATM

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

POSTED: Friday, July 17, 2009
I deposited twenty bucks around noon on Wednesday, and there was a note that came up on the ATM screen that said anything before 4 won't credit till the next day. My hunch is this is an ATM thing and not a thing of if I went to the teller and did the same thing whether the money is "available" right then and there.

My hunch is because the OD used the ATM instead of going into the branch, that is why they got overdrafted.

Mike
Alexandria, VA
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#7 Consumer Suggestion

Interesting thing I saw at an ATM

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

POSTED: Friday, July 17, 2009
I deposited twenty bucks around noon on Wednesday, and there was a note that came up on the ATM screen that said anything before 4 won't credit till the next day. My hunch is this is an ATM thing and not a thing of if I went to the teller and did the same thing whether the money is "available" right then and there.

My hunch is because the OD used the ATM instead of going into the branch, that is why they got overdrafted.

Mike
Alexandria, VA
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#6 Consumer Suggestion

Interesting thing I saw at an ATM

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

POSTED: Friday, July 17, 2009
I deposited twenty bucks around noon on Wednesday, and there was a note that came up on the ATM screen that said anything before 4 won't credit till the next day. My hunch is this is an ATM thing and not a thing of if I went to the teller and did the same thing whether the money is "available" right then and there.

My hunch is because the OD used the ATM instead of going into the branch, that is why they got overdrafted.

Mike
Alexandria, VA
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#5 Consumer Comment

Debits Before Credits

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

POSTED: Monday, July 13, 2009
Jj, the reason you got nailed is that your account agreement stipulates that the bank can post debits before credits. As such, debits will always be recorded prior to your ATM deposit, or any other credits.

I also would not deposit CASH into an ATM; banks can make mistakes or have been known to lose documents in an ATM; if you deposit a check and it gets lost - it can always be voided and reissued. Not with cash.
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#4 Consumer Comment

I had the same problem

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

POSTED: Monday, July 13, 2009
I had the same problem last week. I made a cash deposit around 3:30PM on a Friday and then made two purchases. Around 4PM I realized I had deposited more than what I wanted, so I when back to the bank and made a withdrawal through the teller. The following Monday I noticed my account had two overdraft charges totaling $140.00. I then called the branch and they gave me the same excuse they gave you about their policy (all cash deposits after 2PM will not be available until the next business day) and completely refused to give me a credit. I called their 800 number and kept asking to get the call escalated until finally someone gave me the $140.00 back. The following is what I consider to be a scam about the policy: Credits to your account after 2PM are not made available until the next business day (we are talking CASH not a check that has to go through a clearing process). However, ANY debit to your account is recognized immediately!
This is what I told everyone I spoke to at Wachovia. I also asked them - Why is it that when I went back to the branch around 4PM I was able to make a $200.00 withdrawal if the funds were not available according to your policy (30 min after I made a deposit) - was this a loan then??? I also told them that the teller should have warned me that the deposit was not made immediately available.
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#3 Consumer Comment

To David

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

POSTED: Monday, July 13, 2009
Your reference has no bearing here. In this case, the OP deposited cash then immediately used his debit card. The cash gets immediate credit, but, not until the account updates, which is at night. As Robert notes, it is crazy to deposit cash then run out and use the debit card.
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#2 Consumer Suggestion

Letter from Congress

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

POSTED: Friday, July 10, 2009
In May the U.S. Congress wrote a letter to the banks demanding they stop this practice. There was also an FDIC report uncovering the overdraft scam. You can read a copy of it here: http://badisse.com
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#1 Consumer Comment

I just don't get it...

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

POSTED: Thursday, July 09, 2009
Why in the world would you deposit $60 in CASH and turn around and use your Debit Card..not once but TWICE?

You didn't say what time you made the deposit but it is very possible that even though it was cash, that it was done after the cut-off time for that day. This delays the actual POSTING by another day.

The best thing you can do(other than keeping a register). Is to NOT deposit Cash when you are going to turn around and spend it again. Then IF you overdraw do not use your debit card until you are 100% sure that all your debits and deposits have been posted. This can be anywhere from another 2-5 banking days. If you don't do this you can very often see this "s****..
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