Wachovia Bank / predatory banking practice
A review of my online statements for my checking account with Wachovia Bank shows Predatory banking practices by Wachovia.
On August 15th, 2008 my account balance was $2, 841.52. In my account statement Wachovia banking fee of $280.00 was taking out of my account. Wachovia claims that the $280.00 fee was because my account was negative. However, as of August 18th, 2008 my account has a positive balance.
Wachovia states that the $280.00 fees were deducted because the items that were posted to my account on August 19th, were taking out of my available balance on the date of transaction causing 10 transaction after to be over drown.
Wachovia then deducted an additional $175.00 (dated August 19th, 2008) for the funds that were previously taken out of my account and reduced my available balance on the date of transaction; stating that the date the transactions were posted to my account my account was negative.
How can the amount that was ALREADY deducted from my available balance on August 17th and 18th, (Positive balance) and posted on August 19th be overdraft/unavailable? This is PREDATORY banking practices.
I have since review my account history and found this to be common PREDATORY banking practice of Wachovia Bank.
I asked the State District of Columbia Department of Insurance, Securities and banking Enforcement and Investigation Bureau to investigate Wachovia PREDATORY banking practices. They refer me to the Office of the Controller of the Currency, Customer Assistance Group, 1301 McKinney Street, Suite 3450, Houston, TX 77010, telephone [protected], fax [protected] for assistance.
I would recommend that everyone send a letter and fax to the office of the controller of the Currency reporting the Wachovia PREDATORY banking practices.
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