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Wachovia Bank / overcharged

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Wachovia Bank
I am very frustrated at how, in the middle of such a horrible economy, a banking institution can continue to use such lude if not criminal tactics to steal money from the American public.

My husband lost his job about six months ago and we have been struggling every since. He had the only income in our home and both of us are looking for employment now to no avail. We have 4 children and our share of bills to take care of. Every penny we have has to be accounted for. Yet, this bank in the past few months has managed to steal at least $2000 from our account- claiming that it is NSF charges, which they can not tell me how these NSF charges came to be.

Everytime I call the lady I speak with can only go around in circles and never fully answer my questions. When I asked if she had a supervisor that I could speak to, she informed me that her supervisor did not handle such issues. I want to know if there is anything that I can do to get my money back. This is ridiculous and horrifying that a company can steal from people and not be held accountable. This is just the last issue I had with the bank. As you can see we went from having a positive balance to almost $300 in NSF charges, though noone could tell me how this happened.


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N  15th of Oct, 2008 by 
Agree Disagree 0 Votes
The same thing happened to me as it did to Ralph. I too understand 'know your balance'. However it was my understanding that charges & deposits posted at midnight +/-. I get paid direct deposit on the 15th. On the 14th I checked my balance & it showed $55. I knew I had a $50 charge but there was no hold & I pretty much knew it would post that night but my check would be going in also. So I bought some items totaling less than the $55 that showed in my balance.

Like Ralph, I was charged an overdraft. They used the day the transaction was done, not the day it posted. I called Wachovia's 800 # first thing and was told there was nothing they could do. I asked 'Don't deposits & debits post at midnight, with deposits first?'

I was informed that the TRANSACTION was done on the 14th (even though it posted at midnight) and that my deposit didn't actually post at midnight. My deposit posted SOMETIME between midnight & 7:30 am. Though they couldn't tell me exactly when.

So, it doesn't go - deposits first, minus debits, equals balance. Wachovia uses 'fuzzy math' to their advantage and to hell with you. I'm closing my account with Wachovia and taking my business elsewhere. I'm a single Mother & like everyone else I don't take kindly to being stolen from.
N  20th of Nov, 2008 by 
Agree Disagree 0 Votes
As others have written, this is really about ALL banks, I suppose. One Saturday I used my debit card for several small purchases. I had the funds to cover these purchases, and late that night the combined amounts of those purchases were evident from the balance.

On the following Monday, my mortgage company sent through an electronic debit that they were not supposed to. Instead of the mortgage payment overdrafting the account, they retroactively placed the Saturday transactions in front of the Monday transactions, causing $420 in overdraft charges, and I didn't have money to deposit to pay these charges, as we only had slightly more than the combined amount of these debits. what should have been a 35 dollar nsf fee became a $420 nsf fee. If this is legal, it should not be.

There is a video called 'maxed out', in which the fact that credit card companies and banks have become dependent on these and late and overcredit-limit fees for their profits. I am not an 'eat the rich' type, but it is in fact the poor and the poor-money-manager types that they prey upon. The well-to-do might not have even noticed such a problem. Am I the only one to whom this smells rancid?
N  25th of Nov, 2008 by 
Agree Disagree 0 Votes
I can't believe the insane fees that Wachovia has charged to my account. Judging from all the reports I've been reading Wachovia has made a big pile of money by charging excessive NSF fees. In less than 24 hours my account went from a positive balance to being overdrawn by almost $300!

Upon closer examination I've discovered that this past year alone they have charged me upwards of $2000 in fees. I'm not rich and I don't have the kind of money it takes to withstand blows like that. Now I'm down to do I pay the light bill or do I buy groceries for the kids?

The government is up there in Washington sending the banks these large sums of money in a bailout. I'm sure that Wachovia will be getting their share of money from Uncle Sam. Unfortunately I'm on my own in this - there is nobody to bail me out. This most recent charge of $350 in NSF fees was as a result of a transfer that Wachovia made from my checking to my savings. I was unaware that the transfer was going to be made or had been made until the damage was done.

Believe me when I say that I am totally through with Wachovia. I've filed a complaint with the Better Business Bureau as well. I plan on closing my accounts with Wachovia as soon as I possibly can. I will never again do business with them under any circumstances. The only reason I really need a bank is because my employer requires direct deposit. Once I get away from Wachovia I will be very careful about how I do business with a bank again. I'm sure I can find a way to satisfy the direct deposit requirement from my employer and still use a bank as little as I possibly can.
N  7th of Jan, 2009 by 
Agree Disagree 0 Votes
From November 17-November 20th I was charged 8, yes 8, $35 fees for NSF and overdraft fees. They refused to send through a $90 payment and that company was allowed to continue to try and put the payment through resulting in the fees. Last month they allowed an $1300 check to go through when all the funds weren't but were there resulting in one overdraft fee. I was fine with that. They obviously knew I had my paycheck being direct deposited and knew they would get ther $200 plus the $35 fee.

When I asked why they let the $1300 payment go through and not this one for only $90 the response was, 'If we know a check is for a mortgage or something important like that we will go ahead and send it through'.

Again I asked why they sent there 8-$35 charges through and not the $90 through and the response was, 'You should have contacted the company and told them to stop sending it though.' I said, ' you should have refused the payment once and stop letting it through and charging my account everytime you reject it.'

She was not effected and said it was not a banking error. I let her know that here company was stealing my money and that my daughter's tuition money was taken by them and got no reaction other than the same canned statement about policies.

She cared more about reading me the policies about what I signed when I agreed to ank with them rather that see the big picture...8 fees in three days for 1 transaction being denied over and over is STEALING!!!

Anyone out there who wants to get their money back and get a Lawyer, I'm in!!!
N  27th of Jan, 2009 by 
Agree Disagree 0 Votes
I too was ripped off by Wachovia bank. I had the same problems as everyone else with the overdraft fees. It gotten so bad with wachovia for a month I received none of my paychecks and they kept saying the merchants was holding my money and sending it thru when I have subtracted the monies from my account. At this time I still owe wachovia overdraft fees and have been fighting with them to refund me over 1200 of my money but they stated I was a new customer and they will not refund me my money even though it was there error. Please don't bank at wachovia they will rip you off royally.
N  25th of Feb, 2009 by 
Agree Disagree 0 Votes
We (my husband and I) became a 'statistic' in October of 2008. A company that had once employed over 8 employees was done with one simple eviction notice. Prior to that we had refinanced our house, taken out business line of credit and racked up credit card debt to keep our 10 year old business afloat. Needless to say, after October everything started to go into default. We now only had one income and we in process of filing bankruptcy. While trying to use my ATM to buy groceries, I was informed that it was declined. Knowing that I had money in the account I later checked my online balance. There was a charge from DOTS-payment to RVC account.

I called Wachovia to inform them that someone made an authorized draft on my account(which by the way was just enough to completely wipe out my account). They advised me that Wachovia had taken the money and that the 'other party' on my account had an account in collections. I have two small children. When asked how I was supposed to buy groceries I was informed that it was 'my problem'. I tried to leave the accounts open because of checks that I had out, but eventually their fees ate up every dime and I had to close them and pay the NSF charges anyway.

After a few weeks of being irritated and venting, I called Wachovia and asked them to produce the 'instrument' that allowed them to take funds out of my account. I was told, after bouncing to several departments, that when you open an account with Wachovia you sign what is called a Depositors Agreement and in that agreement is an Right to Offset. That means that they can take money from your account, without notice, for any monies owed to Wachovia. Wachovia has yet to give me an actual copy of this document, but I apparently signed it when I opened my account 12 years ago...So moral of the story...If you owe money, but still need to feed your kids, you better keep some cash out of the banking system!
N  27th of Mar, 2009 by 
Agree Disagree 0 Votes
I keep a tight checking account. I made a deposit after the cut off time of 4pm through the wachovia atm at the branch. After making the deposit, the available credit rises the first $100.00 of the deposit. So in other words if you have $100.00 already in the bank, you make a deposit of $500.00 through the atm; just after the deposit you check your balance; the available amount of funds increases to $200.00.

After which, if you use your debit or make a check card purchase and the transaction goes over the $100.00, but less than $200.00, they send the transaction in overdraft and charge a fee. If you just get cash out of the atm less than $200.00 there is no overdraft charge.

When a debit is made, the internet shows the posting date as the next day, not the day of the transaction, yet they still put the account in overdraft. Check card purchase are just put on hold and the posting date is not available.

How can this be legal. If they are not going to allow the funds to be used they need not to allow them to be available or have some statement showing that the funds available are only available through the atm, maybe on the receipt. This seems like a bait and switch type thing, where they make the funds appear to be available, but when the customer tries to use them, other at the atm, they send the transaction to overdraft, they don't decline the transaction, they just charge the $22 or whatever overdraft fee. This caused two transactions of mine to go into overdraft, when I called and asked for the refund of fee, they agreed to give half back, but this is not good enough. But for now, I have not been able to get the other half of the fees.

No telling how many customers are having the same issue and are being charge fees like this. I am not sure how this can be legal because it seems to be deceptive.
N  7th of Apr, 2009 by 
Agree Disagree 0 Votes
I have had a Wachovia account for 11 years... before they bought out First Union. Recently I've also had a lot of trouble with Wachovia frivolous over drafting policy. The fact is they hold transactions that you think should have already been charged for ridiculously long periods of time... these charges do not reflect on your available funds when you make a balance inquiry. They magically seem to show up the second your account is overdrawn though resulting in several $35 overdraft fees at once.

They also hold transfers and various deposits longer than usual. I've been charged overdraft fees several times where they processed my deposit or transfer after they charge the over draft fees... sometimes with the transfer or deposit being credited on the same day. Keep in mind those transfers and deposits were made several days before the supposed overdrafts.

I've gotten refunded most of the time but, I've had to get really ugly with some of the CS reps due to their crappy customer service. Bottom line is the whole point of a DEBIT account is for cash transactions. They should not allow transactions to go through if funds are not available. Furthermore, your available balance should reflect pending charges so people don't overdraft them. We are the customer and their business is taking care of our money, not to steal it. I'm seriously starting to look for a new bank if they don't get their act together.
N  8th of Apr, 2009 by 
Agree Disagree 0 Votes
Got slaughtered with overdraft fees. Every transaction without sufficient funds was charged $25 dollars to cover it even if the purchase was for $1.00. I over drafted about $120.00 in about 6 transactions, Wachovia charged me $250.00 in fees with more possible to come even though the institution and yourself is aware of the situation. I went to the branch to bring them cash so I can bring the account to $0 to stop from accruing anymore fees and they told me that due to the schedule of the transactions that more fees would be incurred and there is still nothing they could do to help. Wachovia's website posts the transactions at different times and dates then when they are actually made making it difficult to keep track. Since Wachovia claims this situation is not at all a banking error, Wachovia takes no responsibility or mercy but full advantage of a loyal customer. From this day on I will make an effort to tell anyone I know that banking with Wachovia Is A Banking Error!
A  9th of Apr, 2009 by 
Agree Disagree 0 Votes
I am going through this right now, they are also putting holds on transactions then when it finally process they are not releasing the hold until 30 days after the transaction processed, meaning if I want to buy a 100 dollar item I have to keep 200 dollars in my account to cover it. I am below middle class and work from paycheck to paycheck and because of their issues with this, and failure to do anything about it, I have yet to be able to pay a bill from my paycheck because of the bank taking it all in three paychecks now, and I am paid bi-weekly.

I just contacted my payroll provider and switched banks so once that processes I am going to tell Wachovia to kiss my rear.
N  24th of Apr, 2009 by 
Agree Disagree 0 Votes
If you balance your checkbook adding your credits(deposits) and subtracting your debits(checks) that will tell you your current balance. any difference would be the fees they took out. go to the bank and SHOW them the fees that you dont think are right.
A  9th of May, 2009 by 
Agree Disagree +1 Votes
Wachovia bank takes unconscionable amounts of money on technical rules (all of which they make, and elastically defend in their favor). I lost $600 when I switched to wachovia from BoA because they sort their daily balance numbers differently. I kept my same banking habits, which work find at BoA, and with Wachovia, I ended up getting repeated overdrafts--- but never and calls, warnings, etc. Just negative funds and fees, and bull-### "it's your fault" rhetoric.

Many people have trouble with numbers, with keeping track of money. Banks rely on this quirky percentage of the human race to line thier pockets with what sounds like reasonable policies. You even see the public (all people with linear minds, who handle numbers like riding a bike) defending these bank's actions.

The fact of the matter is that you cannot just take $500 or $2000 from a person. It's unethical, and it's despicable to think this is a reasonable, conscionable activity as banks do day in, day out.

Laws need to be made here. No question about it.

Banks cannot just entitle themselves to your bank account such as they are. It's stealing.

I often wonder if they do this only because it's tactless to post banners at the branches reading "NO POOR PEOPLE." Just a thought.

F*#* these sharks.
N  11th of May, 2009 by 
Agree Disagree -3 Votes
people have trouble with numbers, isnt it just adding and subtracting?
N  11th of May, 2009 by 
Agree Disagree -3 Votes
sounds simple to me
A  13th of May, 2009 by 
Agree Disagree +1 Votes
Wachovia is tricky.

One Friday I made a 700 deposit at 11am. At the time I had about 200 in my account. The deposit was NOT credited and available until Monday.

2 weeks later on a SATURDAY my husband deposited 300 thru the ATM. It was available by the time he got home and I checked on line. Our balance before that deposit was 1800.

I called the Bank on Monday very upset and confused by this. I was told because my balance was moe than the deposit it was flagged to credit the account immediately. I'm sorry but this makes no sense what so ever. I can understand them holding a personal check, but not a business check written from the same bank.

Yes - it is simple attraction and subtraction. Until some corporate jerks throw in all kinds of policy and proceedure that apply only in certain scenerios. It is confusing. I used to keep a running checkbook and worked off that balance - no more. I still keep the running checkbook but I check my balance online every single day and don't dare make a move that might cost me dearly.

ALL of the banks are a racket. If you live pay check to pay check you don't have a chance. If you carry a large balance you should be fine. Like the original poster said - the bank is stealing and it's THAT simple.
D  31st of May, 2009 by 
Agree Disagree +1 Votes
No, it is not just adding and subtracting. That is a caricature, and I hope you feel smarter for saying it.

I did all the adding and subtracting. Their machine would give me bogus numbers when I did balance checks. I went to get it explained to me, and in employing what I got for an answer from them, I still got overdrafts.

See the comment above.

I am back with BoA... and guess what---? NO PROBLEMS. I'm doing the same adding, subtracting and balance checking.

I am tired of this "blame the customer" rhetoric in the States. Not everything is the customer's fault. Where money is concerned, greed makes things very tricky for some people.

I can only presume you haven't had these issues. Well, good for you.
A  31st of May, 2009 by 
Agree Disagree 0 Votes
Ok how's this for simple?

I set up bill pay to pay all my bills on Thursday. My direct deposit goes in every Thursday. It has been that way for almost a year. Walk Over Ya pulls all the funds out on Wed and starts adding up overdraft fees. 285.00 to be exact. Then I go to the bank and talk calmly to them about this and they tell me because they credited my account with "courtesy" refunds at Christmas they will NOT refund these. Yes, at Christmas a store ran my debit card TWICE for the same amount of 493.10 causing overdrafts. When I showed the bank the store receipt and they saw that the amount was debited twice, they gave me the overdraft fees back.

Flash forward 6 months and they refuse to give me a penny of the funds back.

For the original person who said "isn't it simple addition and subtraction" I'm guessing you work for the bank.
N  2nd of Jun, 2009 by 
Agree Disagree +1 Votes
I am tired of these banks having all the rights over working men/women. Here is one of the main events which Infuriated me at the time:

I got a series of overdrafts one week (7-- @$35 ...all for purchases under $3 each!), totaling more than that week's paycheck. My employer had neglected to inform me that my Direct Deposit was going to be 2 days late that week. It was partly their fault.

I go to Wachovia in person to sort it out, explain the situation. Despite my print-outs, full documentation of what I was saying, they gave me the compulsory rhetoric (which allows them to buy their marbelfloors) - "If it's not a bank error..." And so forth. Eventually my employer offered to cover 2 of the 7 overdraft fees. I despised even being put in the position of having to ask them. It was quite embarrassing.

I was also certain that labor laws would have been broken here, but yet nobody would help me recover this money. I left an infuriated message with the district manager, and never heard back. I was even told by my employer, a former bank manager, that "banks can do whatever they want."

And so I was awakened to the rather explicit greed of banks. They literally -can- just take your money, and they've been trained to argue all responsibility right back into the customer's corner. That these 'legit' business are allowed to trample all over working people, who may as well be forced to keep their money under a mattress, I began to feel quite angry that nothing was being done about this unconscionable conduct. There really are no explicit laws barring banks from taking a person's income, thereby depriving them of what they need just to get by. If an employer pays below minimum wage, there are laws against that. If a bank's policy takes $500 in overdraft fees due to technical errors, there is no law to which an indivual may turn-- enev though the net effect on the individual is the same. And the public, ever prideful in whatever mild competences, says "so don't overdraft" "always keep a balance in there" and other passive blame displacements that only enable banks to continue with their racket and further exploit hard working people who walk the fine financial line. In the worst sense, it might as well be a form of slavery-- that is how I felt not being paid for more than a week's worth of physical work.

It is beyond me to hear the complacent public (usually people who are well off), arguing in the bank's favor. It is beyond me why anybody has an ounce of respect for these one-sided policies, and their attendant financial "mugging." People need to be politically active on this issue. The public has been lulled into an attitude that the banks' behavior is somehow OK or acceptable. That it is OK for a bank to arrogate hundreds of dollars from a person - and that if they "learn their lesson" it won't happen again. I encourage people reading this to ponder the implication of what we are allowing banks, such as Wachovia, to do- most egregiously to those who are working at or near minimum wage. Maybe you have not been financially 'mugged' yourself-- but consider that activity for what it is.
A  18th of Jun, 2009 by 
Agree Disagree 0 Votes
I had same situation with my account. I checked my posted balance and available balance and went to get glasses. When I was paying at the store I came up a little short on cash, and knowing overcharge fee is $35 I decided to run card anyway and deposit money afterward even if I have to pay overcharge.

The day before my friend had purchased airplane ticket using my account but the transaction wasn't even pending at the time. So I went to ATM at my local bank the next day and deposited $50 that would have covered the overdraft fee and little that I was short.

Next day I look at my bank account online and I see that Wachovia is charging me overdraft for three transactions that went through on the day I deposited $50 at the ATM. Wachovia conveniently placed transactions in such a way, that they were able to charge me as much as possible.

When I had Bank of America account before that has never happened. Available balance was available. If you deposited money on the day of overdraft, they would adjust your balance.

Wachovia is the worst bank I have ever had. If they are unable to keep track of charges, they should not be in business. This is twenty first century and a bank should be able to keep up with technology.
A  11th of Jul, 2009 by 
Agree Disagree 0 Votes
I would register a complaint with the FTC or FDIC online. Give them your account number and let them investigate. I think the FTC protects consumers and they have to investigate. Whether or not, they investigate banks, I don't know but I think they have too. The FDIC is the regulator of all the banking rules. I would register as many complaints with as many of these agencies as possible.

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