Wachovia Bank Wrongful Overdraft Fees Lake Mary Florida

Okay, listen carefully. The $100 deposit did cover the $80 withdrawl. They do allow that because that's how they process transactions - deposits first then charges. Ask any Wachovia Bank. The $100 deposit and $80 withdrawl had absolutely NOTHING to do with what happened so just leave that out.

Pay attention now: My posted balance was $8.99. Then I had a charge which put me into overdraft. ONE charge. Which the bank tried to move back 5 times into items posted/processed the day before. As I said, the manager at the bank refunded 3 of the overdraft charges because I was correct and they effed up. Got it? Good.

I am also aware that the bank does not process transactions in the order they were charged - it has to do with when the merchant debits the transaction. I am fully aware of the processing and check card holds, and that charges range from highest to lowest with deposits going in first when they are posted. Once again, nothing to do with what happened.

So none of the comments made are substantial and you all have no idea what you are talking about. Just keep your ignorant comments to your self.

The point is the charges get posted and they get rearranged later to get the most charges out of the customers. This happened to me also. What they show online should be accurate. However, your online history can show one thing, and then the order of charges will change. The status of deposits can show them as processed, and then be changed to processing later on. If the merchants were causing this problem, the charges would not show up in one order, then get changed later. They would not always get charged highest to lowest every single time an overdraft occurs, either. This happens too much to be a coincidence. I do not believe it works out so the bank gets the most money possible every time. The overdraft fees are not the problem, it is the rearranging of charges to get more than they are entitled to that is disgusting.

second sentence...'I forgot'

Seems that you forgot quite a few things, like our processing, reading the depositors agreement, cut off times, etc. Im sure this wasnt the first time bc the first occurance is $22 for an NSF/OD FEE and the 2nd occurance and up is $35. So you have dabbled with these fees before. And active checkcard holds are pending for as long as it takes for the merchant to send us the receipt. We dont pick and choose-who has time for that? The system doesnt process over the weekends so everything that you do comes in monday nite. and all postings are highest to smallest.

Charges post to your account on the day the merchant submits them, not the day you actually make the charge.

Say you make a charge on Monday, two charges on Tuesday and one on Wednesday. Say all three merchants submit the charges on Thursday and they post to your account. Say Tuesday's merchants submit the charges at noon, Wednesday's merchant submits the charge at 1:00 and Monday's merchant submits the charge at 2:00. That would make Tuesday's items post first and second, then Wednesday's charge post third and Monday's item post fourth.

Or maybe when the bank gets Tuesday's charge at noon on Thursday, should they go back to Tuesday's posting and post the item there? When the bank gets Monday's charge at 2:00 on Thursday, should they go back to Monday and insert the charge there?

Or maybe the bank get Tuesday's charges at noon and post them, then get Wednesday's charge at 1:00 and posts that, then get's Monday's charge at 2:00 they could then move Monday's charge before the Tuesday and Wednesday's charge, even though it came in later.

Too confusing for both us and the banks. So, they use a uniform method and just post everything highest to lowest. It really doesn't matter which order they post when you have enough money to cover everything you bought. What matters is when you don't have enough money to cover everything, then you get hit with multiple fees because of the highest to lowest rule.

Also, if Wachovia posts debits before credits, when you made the $100 deposit and withdrew $80, the $80 withdrawal would have posted before the $100 deposit. Therefore the $80 withdrawal posted against your $24.01 available balance. This is probably why the manager agreed to reverse 3 of the fees, because you didn't realize the $80 withdrawal would not post against the $100 deposit.

I understand why you would have thought the $100 deposit would cover the $80 withdrawal. That makes sense, doesn't it? Deposit $100 and withdraw $80? That's where you goofed. The banks don't allow for that.

About any major bank that processes transactions in the order they are made? I'm not aware of a single one. Especially when merchants can be quite slow in submitting their charges.