Wachovia DECEPTIVE/EXCESSIVE/FRAUDULANT NSF Fee practices.....Letter to the CEO/President Charlotte North Carolina

Banks do all have the same practices when it comes to overdrafts -- they will charge you overdraft fees. The secret to avoiding these fees is not to overdraw your account.

Search on ROR if you don't believe it. All banks are the same - period. Anybody who cheers one bank over another is an idiot.

Tom , the same thing happen to me with them "wachovia" paying higher debts .checks to make smaller debts,checks bounce all in a roll. I even seen a debt post then the next morning , it get push back behind the larger amount that bounced so it too can be bounced, Its a rip off and their right though because it is stated in the papers you sign when you open a account with them, how ever , how many people read the small print, I would say to other and this guy tom that your best bet is to close the account with Wachovia Bank out yourself and find a new bank, I open a checking account with PNC Bank a year ago and have not had these problems anymore, as well furthermore I had been banking with wachovia when it was first union bank in Maryland for 3 years prior to the wachovia takeover and I never had a overdraft , then about 6 months after wachovia took over I started to have overdrafts 1 or 2 times a year and this went on for about 3 or almost 4 years then the over drafts came in waves, AFTER LOOSING 300.00 dollars in a single year to this banks "pay high first then bounce alotto low to Rip the poor off forever practice's " I left for PNC Bank a year ago and I could not be more happy ! no over drafts, no BS ....

All you gotto do is say a few simple words to wachovia, Goodbye

The OP mentioned a lawsuit. I was hoping he would come back and let us know how it's coming along.

Yes the banks are going through some hard times but if they stopped refund ing money back to people who continuously overdraft their account that can be money used to put back into the bank. Yeah it seems ironic that the bank is giving out information and some have to be bailed out but the banks are not the only ones that have to be bailed out. Look at the car industries, or how many times have customers called to say I need an extension on my loan and this happens all the time. You know everyone is criticizing the banks, but the first time a loan is turned down someone wants to sue becuase they feel they were declined due to something other than a valid reason. Alot of the problems are coming in from loans that people could not pay. Tom, honestly your issue is not with the bank. Your issue is with your accounting of your account transactions. You are asking for a full refund, but you did not say how much the bank has already refunded to you and there was no mention of a bank error just want to get your money back. You have all of these requests and demands, but nothing stating that I am responsible for my problems here and would appreciate anything you could do for me. You know lawyers are expensive, so unless you have a friend who is willing to assist you and even they may not want to help with this one, I have to say GOOD LUCK.

Edward has a point here. At what point should Wachovia stop preaching to overdrafters and start practicing some financial responsibility of its own?

Check out this article:

http://www.nytimes.com/2008/10/23/business/23wachovia.html?_r=1&em

Wachovia Reports $23.9 Billion Loss for Third Quarter
By ERIC DASH
Published: October 22, 2008

The Wachovia Corporation announced a $23.9 billion third-quarter loss on Wednesday as it prepared to be taken over by Wells Fargo.

The bank took an $18.7 billion charge to write down the value of good will and wrote off $6.6 billion in credit losses tied largely to its disastrous purchase of Golden West Financial in 2006. And the red ink is unlikely to end soon.

The Matrix, as explained to my by a branch manager of B of A, is a credit limit that you do not know about on a debt card. I have a $1600.00 matrix limit. This means that the bank will allow me to charge things on my Debit card up to $1600.00 Negitive.

The only reason to allow this is to charge overdraft fees. Yes, we should all keep up with our balance and know what is in the account. Sometime thing are tight and checks or charges get held for a long time and hit at the wrong time. Example: Credit card payment to HSBC paid August 8, 2008 did not hit my account until Sept 12, 2008. Over draft cost 350.00...

There should be a notice of this sent to you to say is this an accurate charge. Again we are adults and should know what is in our accounts.

The MATRIX is an unknown factor in the world of banking to most customers. This is the real Gotcha with the bank.

Robert

It's called the Court of public opinion a.k.a. - Karma. For years hypocritical and condescennding advice has been tossed around by the bank employees and their supporters. Well I think I finally understand.

Example #1: You are financially responsible but of course circumstances happen as they do to all of us. Due to a few unexpected emergencies and other unforseen events, suddenly you find yourself drowning in overdraft fees. What's the remedy? You're supposed to suck it up, grow up, act like an adult, take your medicine, suffer the consequences and move on. Next time learn to be more financially responsible. Hard lesson learned.

Example #2: You are financially responsible for a long time, then suddenly you become GREEDY or you began to play FAST and LOOSE with your finances. You begin to make RISKY financial moves and GAMBLES. In the end, those risky moves DO NOT pay off and suddenly you find yourself drowning in financial debt. What's the remedy? Along comes someone with enough funds to BAIL YOU OUT of your self created financial ruin.

One example is for thousands of bank customers, the other exampe is for Wachovia and many other banking institutions. You can decide for yourself where each one fits. As I continue to read the daily new headlines about the bailout lifelines being handed to the banking instituions who were FINANCIALLY IRRESPONSBILE, I suddenly have the urge to vomit each time I CONTINUE to read FINANCIAL advice being thrown out by BANK EMPLOYEES to bank customers on the ROR.

Financial advice being offered by bailed out banks - That's the ripoff here.

I'd love to see that court room drama. everything that striderq says in all of his comments is in fact true. He is very accurate in Wachovia's policies and procedures.

you need to reread my post. I stated that the bank does not determine when the item posts, but yes the bank determines what order they post in. All banks that I know of post debits from largest to smallest. However, the OP said banks hold debit card purchases for several days. This is incorrect. When the store runs batch on their machine and requests the payment is when (the date) the item will post. But once again, if the customer uses a register and doesn't overspend then it doesn't matter when or how the items post.

The orders these charges post is not decided by the merchants. They should be, however they are not. I have watched things post on my account (online) and then seen them get rearranged later, so the charges would be excessive. I have seen deposits listed under "available funds", only to find them later listed under "processing". This is a sorry practice, even if "most major banks" do this. It is amazing that Wachovia can rip off their customers this way, and still tank and have to be bailed out by another company. I can only hope that Wells Fargo can put some integrity back into Wachovia.

I think that you should sue. Make sure to hire very expensive lawyers. Post here often so we can watch.

I want to see how the judge reacts when you say the bank charged you fees that you agreed to as you overdrafted your account. If possible, shout these demands at the top of your lungs:

"As previously stated in numerous communications I expect the following and I will settle for no less;

a) FULL refund of ALL overdraft fees charged to my account since opening the account, in the form of a bank check.
b) Closing of my account
c) Letter from Wachovia stating that my account is in fact closed and that I owe Wachovia nothing."

Waving your arms around and emphatically pointing at the bank's attorneys would add drama.

"-Approving check card purchases when there may not be funds to cover them, and then charging a $35 fee for doing so despite the fact that I have not asked for and do not want this to happen." Then don't use your card when you can't cover the charge, just like you shouldn't write a check you can't cover.

"-Holding check card purchases for random periods of time only to release them when conditions are conducive to generation of fees." Banks don't hold these transactions, the merchants you made them with hold the transactions and submit them in batches. It costs them less that way.

"-Processing items largest to smallest without regard to actual transaction date so as to generate more fees." Standard policy at many banks, and perfectly legal as long as it has been disclosed to you.

"- Processing charges (checks/debits) before processing deposits on a given day so as to generate more fees." Same response as above.

There is a lot to complain about with Wachovia, and personally I'd keep my money under my mattress before I'd ever use them, but your complaints, frankly, aren't valid, and I wouldn't expect you'd have a much different experience if you move to another bank.

If you are a small businessman, and if one is available, I'd suggest that a credit union might be a great deal more willing to try and accomodate your needs.

Good luck

the policies are legal. They are given to you when you opened the account in the Terms & Conditions and the Schedule of fees and Services. I know the imposing of fees are not popular with customers, but this is done only in accordance with the T&C and the Schedule. By keeping your account at Wachovia, you are accepting these conditions. If you choose to go to another bank you find find that most if not all major banks operate the same. The biggest difference would be in the amount of fees charged per item.

The merchant decides when check card purchases will post by when they sent the request for payment. NO bank has control over that.

I'm not sure about business accounts, but personal accounts are processed with deposits/credits for that business day first before any debits come out. Yes, debits go from largest to smallest, same as every bank.Not just done on the day(s) you've overspent your account.

And I know you don't want to hear it but it is the account owner's responsibility to know what is in the account and not to overspend.