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Report: #433398

Complaint Review: Wachovia Bank - Miami Florida

  • Submitted:
  • Updated:
  • Reported By: Miami Florida
  • Wachovia Bank Miami, Florida U.S.A.

Wachovia Bank Wachovia Bank manipulating accounts to maximize on fees Miami Florida

*Consumer Comment: You have some misconceptions...

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Over the past few months, I have become aware of a manipulation of my checking account with Wachovia, wherein it appears that larger amounts are pushed through my account, regardless of chronology of the transactions, to allow for several smaller amounts to hit the account after it has been overdrawn.

Prior to the beginning of this year, if I overdrafted on a charge that charge would just occur according to when it happened, in order of when it happened. One overdraft fee would be incurred and I would correct the account as quickly as I could. Using the overdraft as a tool for managing finances is not unheard of - if a $35 fee is less than a $200 late fee, then it made sense.

However, I was beginning to get a bit paranoid about the possibility of manipulation to maximize fees; in February I discovered proof. I made a charge to my account and then, 10 minutes later received a refund on that charge. A few days later, the transactions appeared - IN REVERSE. The credit was posted to my account, and then the next day the charge was posted - after my account had gone into an overdraft situation. If there was no manipulation, the charge would have posted, then the credit and there would have been NO OVERDRAFT. I called to complain and the customer service representative offered me a reduced credit on that charge, as a courtesy.

Gee, thanks.

I gave up trying to keep up with their manipulation of the account and have allowed the account to go into an overdraft of almost $2000 now. Eventually, I will have to pay it off but, for now, I'm just leaving the account dormant and ignoring their calls.

I take some part of the responsibility for the current situation, and blame myself for not closing the account when I realized what was happening. I guess their new owners need to make back the money they paid for the company any way they can.

Anyone I speak to about this bank says they have the same experience. If you have an account there, get out while you still can. How is this legal?

Jean
Miami, Florida
U.S.A.

This report was posted on Ripoff Report on 03/12/2009 09:22 AM and is a permanent record located here: https://www.ripoffreport.com/reports/wachovia-bank/miami-florida/wachovia-bank-wachovia-bank-manipulating-accounts-to-maximize-on-fees-miami-florida-433398. 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

You have some misconceptions...

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

POSTED: Thursday, March 12, 2009
Most major banks(not just Wachovia) posts transactions the same way every time. That is that they post Debits BEFORE Credits and transactions Highest to Lowest. It also is not new. Banks have been posting transactions highest to lowest for at least the last couple of decades. The posting of debits for credits I think is relativly new(but still at least been going on for the last several years).

"...Using the overdraft as a tool for managing finances is not unheard of -"
- This is a very UNWISE way of "managing finances". But if you do then since you agreed to abide by the terms of the account, you agreed to accept how they post transactions and any overdraft fees that may occur.

IF you do this then you MUST change your ways. Debit cards are a convinience so you must STOP using your debit card. This is especially true if you are keeping low balances and/or intentionally going to overdraft. This means you must go back to using cash especially for the small purchases. Take out $20/$40/$60...whatever at one time and use that money for these purchases. It won't avoid you getting overdraft fees but it will reduce them to just the big checks.

"...I gave up trying to keep up with their manipulation of the account and have allowed the account to go into an overdraft of almost $2000 now. Eventually, I will have to pay it off but, for now, I'm just leaving the account dormant and ignoring their calls...."
- Honestly this is a bad move on your part. If you are just ignoring them they will assume you are not going to pay. This will cause them to turn your account over to collections AND turn you into ChexSystems. This will make it hard if not impossible for you open another account at any other major bank for several years. Not to mention the fact that most other major banks processs transactions the exact same way and you will run into the same problem if you do not change your ways. And yes this is all items YOU agreed to when you opened the account.
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