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Wachovia Bank / predatory banking practice

1 NJ, United States Review updated:
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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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  • Bh
      5th of Oct, 2007
    0 Votes
    Wachovia Bank - Applied credit card without my approval
    United States


    I was Wachovia bank customer for about 3 years now. One day a customer representative called me to explain the improvements at Wachovia bank. I asked him to send me the documents and said I will go through them at free time, he agreed and we disconnected the phone. 2 weeks late I get a letter from Wachovia bank stating that the credit card application has been rejected.

    I called Wachovia bank and asked them why did they apply for a credit card with out my approval, they said it was a mistake and only thing they can do is remove the inquiry on my credit from the major credit bureau's... and no response from them... every time I call them, they say that they will send an email to representative who is handling the case, and she will get back to me..but still no response.

    If this is the case how can we even trust banks...


  • Ra
      1st of Jul, 2008
    0 Votes
    Wachovia Bank - Incompetent or deliberately skims accounts
    Wachovia Bank
    United States
    Phone: 1-800-922-4684

    On or about 6/18/08 I requested online to have a CD account of mine closed and a check be mailed to me. I was told on line that I would have to call in on 6/20. I Did! I was told the account was closed and a check would be mailed to me

    On 06/25/08, not having received the check, I called in again. I was told the check was mailed out on 06/20/08 and I should wait 8 to 10 days because the post office is not reliable.

    On 06/28/08, not having received a check, I called in again. A person named David said the account was closed on 6/20/08 but could not tell when the check was mailed out. He was to call me 06/30/08 and let me know when the check was mailed. I asked him to leave a message if I was not there. He called when I was not home, but left no message.

    Today, (06/30) I received the check and I find that the check was not made out until 6/26 and was mailed out on 06/27. This was an account that held $59, 752.56

    I want interest for 06/20/08 to 06/27/08.

  • Ho
      26th of Jul, 2008
    0 Votes

    My experience was almost identical with a Wachovia branch in McKinney, Tx. Last Monday morning I called with specific instructions to roll a CD asking that the interest check be mailed to my home. My instructions were specific enough that the officer repeated them back to me before assuring me he would take care of it immediately.

    Late that afternoon I received a rather puzzling phone call from a man identifying himself as "Steve." At the time I assumed "Steve" " worked at Wachovia's local branch . I thought it was odd, someone calling to confirm the very instructions I'd given the bank officer earlier that day. The conversation made no sense, but "Steve" assured me my check has already been processed. I can't remember if he said my check was on the way or had just been placed in the mail. Either way, by Friday, there was no sign of the check. It wasn't until this morning that I realized the call came from an aea code in Chicago.

    Near closing time, I called the local branch office asking to speak with the bank officer with whom I spoke on Monday. The woman answering the call told me she could help, asking for all the details. Moments later I was stunned to learn that that not only had the interest on my CD been rolled back into the account, there was no record of my request to have the check mailed. I asked to speak with the manager; it turns out the manager was the same officer with whom I spoke on Monday. After demanding he take the call, the woman assured me he was apprised of the situation. Upon taking my call, the manager pretended to have no idea why I was calling.

    Any surprise I had before turned to shock upon learning not only had the bank kept my interest check, they claimed it was less than half then that actually owed. Immediately I had to wonder if someone had somehow managed to manipulate the account, pocketing part of my interest check.

    Upon conveying my concern along with threat of appeal to Wachovia Bank CEO Bob Steel and direct report to John Dugan, Controller of the U.S. Currency and Director Criminal Investigations and Michael Mason, FBI Director of Investigations, the manager realized his "mistake.” As it was nearing 6 p.m. on Friday, I told the manager I expected a check for the full amount hand-delivered to my house by 5 p.m. Monday.

    Amazing, the power of fear. A check in the full amount was ready and waiting the next morning.

  • Co
      6th of Sep, 2008
    0 Votes

    My 21 year old daughter has banked with Wachovia since college. I have remained on the account with her since she was a minor when she opened it. I have only recently become aware of this "double jeopardy" overdraft practice of theirs. Apparently, they have been done this to my daughter a few times. One occasion cost my daughter 600 dollars in overdraft fees from 1 original overdraft that they double billed her for. She made a deposit to cover the original draft, but too late, and several small debit items came in. They charged her 70.00 for each one. Most of them were 1 and 2 dollar items.
    But their unethical practices go beyond just this. Take a look at their online banking view for customers. 1st of all, Wachovia does not make any changes to account balances on weekends, not even for ordinary debit card, point of service purchases. I have never heard of anything so absurd. The result is that when I look at my daughter's online statement, I see line item ____ shows a forward balance of 347.00 and the very next entry is a $70.00 overdraft fee?!!! Nothing on the statement shows an overdraft. I called Wachovia and the first representative was so inarticulate and incompetent that all he could do was keep repeating the items on the statement. He transferred me to a supervisor, who was so rude and condescending (she eventually hung up on me after lecturing me about the importance of using my check register) but the essence of the situation is that Wachovia charges 35$ if you use your card when the funds aren't their to cover it and another $35 if the money is still not there when it posts.
    I bank with BOA and have never experienced anything close to this which amounts to theft, plain and simple. Wachovia also holds my daughters payroll deposits for 7 full business days even though she has had the same job for a year and a half.
    I will be contacting the number that you provided and I hope others will too. I want to see this disgusting place go down.

  • Lg
      15th of Sep, 2008
    0 Votes

    On September 5, approximately about 1:20 p.m. I became aware of missing funds in my checking account when my debit card was declined. My balance should have been approximately $782.46.
    I had made a withdrawal from a Wachovia ATM at 7:55 am for $500.00 with my receipt stating I had $1, 182.46 of a balance. I also made an additional withdrawal approximately about 1:00 p.m. for $400.00 at the local branch of Wachovia At no time did the teller give notice of lack of funds or being overdrawn so I found it odd that 15-20 minutes later I had no funds in the account.
    I checked my on-line information at 2:40 p.m. and my available balance reflected 0.00. There was no disclosure or detail on either the electronic transaction history or hold item as to why the funds were missing. I contacted Wachovia immediately and inquired as to the missing funds. I was a victim of fraudulent activity in the past so I was concerned. The customer rep. stated “they had no information and had to research”. I was then informed there was abank levy placed from a third party but no additional information. I informed them I was not aware or notified of any court order. Wachovia placed me on hold and contacted the number they had a as a reference then asked that I get in contact with the office listed on the court order. The phone number did not match the name of the third party. I requested Wachovia to disclose the terms, frequency or amount the court order stated. The Wachovia customer rep. stated the bank levy was for $782.46. and had no other information. I asked why there was no written disclosure or explanation of the transaction posted on my on-line information or by phone or by ATM. The funds just appeared to be missing. The customer rep insisted me she was letting me know it was a bank levy. I reiterated that the bank still failed to disclose an electronic/written documentation or detail in regards to the missing funds on the daily transaction history. I was then told a written explanation would be sent within 7 days but was ignored in regards to my initial request for disclosure involving my transaction history. I stated to the rep. that as far as I was concerned the money looked as if it had been stolen, therefore I would be filing a police report – which I did.

    On Sept 8, I made a $500.00 deposit to help cover checks and payments I had made proper to finding out my checking account had been cleared out. I printed out my on-line transaction history. There still was no disclosure or record of any transaction history on the $782.46 that was missing but it reflected the $500 avaoalable. I called Wachovia again approximately about 10:15 am to follow up on the lack of disclosure and they could not assist. (The Wachovia rep made no mention whatsoever of deducting additional funds at the time I spoke to her. ) .At 10:42 am I pulled up a copy of my on-line transaction again and the information had changed. I ws back to a 0.00 balance (The mid-morning change in transactions conflict with Wachovia claiming in the past all postings are done at midnight by computer. Did they conveniently reverse their policy?) The $500 had been deducted and added to a withdrawal of $1, 282.46. The Type of transaction was listed as “Other” The description was listed as “DOTS-Miscellaneous Debits/Credits. I proceeded to contact Wachovia again and they transferred me to the Legal Dept. The Legal Dept. informed me they would mail a letter of explanation within 7 days but would give no further explanation as to the vagueness of the disclosure on my transaction history or as to why the amount had changed. I stated the Wachovia rep. on Sept 5 had informed me the levy was for $782.46 yet there was an additional withdrawal posted on Sept. 8. involving my account. The legal Dept stated the amount was for r times the amount.

    On Sept 9, I printed out a copy of my on-line transaction history. The “DOTS” withdrawal entry had been changed to “Notice of Lien”. In addition, $90.00 in NSF fees had been posted.

    On Sept 10 I received a notice of insufficient fees for three items returned due to a “hold.”

    On Sept 13 the post office delivered a letter dated Sept 5 and postdated Sept 10. stating they were charging $100 processing for an order dated Sep 4, from (which by the way the third party has no knowledge of).and what appeared to be one page of a faxed court paper dated Sept 4 was attached to the letter from Wachovia. The letter and fax verifies Wachovia had prior knowledge and documentation which they failed to disclose or acknowledge on Sept. 5. Wachovia’s failure to disclose the withdrawal or any additional withdrawal directly caused returned transactions of which Wachovia has charged me in total of $150 in NSF fees not including the additional $100 “processing” fee.

    On Sept 15 I printed am online transaction history and an additional $60.00 in NSF fees had been charged for 2 returned checks.

    Since opening my account with Wachovia their history with failure to disclose crucial information and or omitting/misrepresenting info. such [censored]ds on deposited funds – including cash, and payroll checks, and failing to mention existence and amount of fees. I believe Wachovia is knowingly and intentionally failing to disclose information in order to profit from additional bank fees.

    They thrive on the working class. As a single mom with three kids. This failure to disclose on order for me to be able to respond to what appears to be fraudulent activity has caused my rent, car, car insurance, utilities to be returned in addition to the numerous return charges from the payees and loss of credibility. Worse we were left without gas and grocery money.

  • Co
      2nd of Jan, 2009
    0 Votes

    Wchovia did the same crap to me.

  • Jj
      18th of Jul, 2009
    0 Votes
    Wachovia Bank - Took funds out of my account
    United States

    Wachovia took funds out of my account when I closed the account weeks before hand. They have tried to charge me for NSF charges that are bogus and have even hired a law firm to come after me for money that isn't owed to them. I am not the first person that I have heard of that they are trying to do this to. The law firm they hired is called Sessoms & Rogers out of Durham, NC.

  • Bo
      19th of Aug, 2009
    0 Votes

    I just had the same thing happen to me. Again. For about the tenth time this year. How does $58.36 in charges overdraw an account containing $114.00? To hear the branch manager tell me that "You should keep better track of your money" and "Well, I have an account here, and I don't have any trouble..." 1) I do keep track of my money. As you saw in the ledger I presented, which did not match up with the bank's rearranged information, and 2) Duh. You work there. As the manager. Of course YOUR account is fine. To be told "Well, this $175 is what overdrew you..." No ###. Those were your overdraft fees.
    I heard about the double charging for Unavailable funds/overdraft for the first time today. The manager actually said "Well, that's what the slash is for between the two terms, so it's actually very clear...". *Sigh* The only reason I even have time to write this is because, after $280 in fees, bringing me to negative $332.98, I have no money to get to work. Or eat. I'm looking in to a class-action suit in the DC area, if I have to start it myself. Please join me. if you have ideas, or know of one already in progress. Thanks.

  • Ma
      21st of May, 2010
    0 Votes
    Wachovia Bank - Don't join them
    Wachovia Bank
    United States

    I am someone who moves between countries a bit and I was in new york for 9 months. I setup an account with wachovia as the bank was near to where I was staying. My trouble began when I moved to canada and noticed the high fee I was paying on withdrawals.

    I asked to change my account type to reduce this costs but was told there was no way. I then asked could I setup a wire transfer, but I was told I could only set up international transfers at the branch.

    I decided at that point to leave wachovia as I was paying hundreds in fees every month and had no other way to get to my money. I setup a TD account in the USA and thought my troubles would be finished. When I logged on to wachovia to transfer the money domestically to TD it asked me some security questions which I had no idea about. They (I was told by a rep) has been pulled from public records, and as I have no real US history, I don't now where they got them from. I called wachovia to tell them the situation and they told me again that I need to go to a bank. Now I am back at square 1, stuck paying fees to wachovia, and receiving no help from them at all. Their stupid system does not work for people in my situation and I am literally left to pay the price for an incompetent bank.


  • Ma
      18th of Jun, 2010
    0 Votes
    Wachovia Bank - Takes fees without case
    Wachovia Bank
    United States

    I recently just had Wachovia take $140 in overdraft fees when I had $250 in the bank for transactions clearing. When I called Wachovia they agreed that I had enough money in the bank but refuse to five me the fees back. I am closing my account with them and I advise you not to open an account with them. Very poor customer service and not customer friendly at all. I don't know who can afford to just give their money away. Maybe this is there own form of bailout. They will not be using my hard earned money for their bailout.

  • Un
      25th of Jun, 2010
    0 Votes
    Wachovia Bank - Payment of items with no funds in account
    Wachovia Bank
    United States

    My father has had an account with Wachovia (plus the many former names they've been under) for well over 30 years. He recently opened a checking account with them but his social security gets direct deposited into his savings. He usually doesn't keep any money in his checking account unless he has a bill to pay. Long story short, 2 companies presented "checks" to his account totaling about $450. Even though there was $0 in his account, Wachovia paid these UNAUTHORIED "checks" AND added the non-sufficient fund fees as a "Courtesy" to him. He expressly and repeatedly told Wachovia under no circumstances should any items be honored if there wasn't the funds in his account. Did Wachovia listen? No! Their "Courtesy" is costing my father about $500 that he doesn't have. Not only that they're making him investigate these unauthorized items. If/when he can pay this balance off, he'll be closing his accounts with Wachovia as they certainly don't value him as a customer. Guess he's not rich enough to be valued. Also, I put in a complaint with the PA Banking Dept. they told me they couldn't handle the complaint as Wachovia is a federal? bank. So I filed a complaint with the federal banking commission. We'll see what happens.

  • Ha
      22nd of Sep, 2010
    0 Votes
    Wachovia Bank - Over drawn fee
    Wachovia Bank
    United States

    To whom it may concern,
    I did make a schedule online with Wachovia for 9/22/10 of 2 payments, the reason I make 9/22 because I know I will be ready to pay that amount by 9/22. My husband is a server and he makes money every day. Wachovia pull that amount the day before which is 9/21, which is my fund wasn't ready for it. And they did charge overdrawn fee of $35.00. I think this is very unfair for us like low income family. Please help me out. I cannot afford an attorney to fight with them. Please let me know.
    This is my copy of bank account,
    My Account Activity:
    Sep 21 Other OVERDRAFT/UNAVAILABLE FUNDS FEE 35.00 -51.55
    Sep 21 CHECK 5296 17.33 -16.55
    Sep 21 CHECK 5297 30.38 -0.78
    I make online Schedule:
    Hartford L 14507 30.38 Sep 22
    Hartford L 14509 17.33 Sep 22

  • Sk
      30th of Sep, 2010
    0 Votes
    Wachovia Bank - Took 8 weeks for deposit
    Wachovia Bank
    United States

    I own a small business and we have a customer in Canada. This customer pays us by check, in US dollars, but from a Canadian bank. We have been depositing their checks in our Wachovia account for several years. Typically Wachovia has deposited these checks in a week or less. With our last check it took these crooks 8 weeks to deposit the check. How do you think they would react if someone help up their funds for 8 weeks? Kind of tough to run a business when my bank acts like a common thug with a gun to my head. Needless to say I am looking for a new bank. Wachovia is now part of Wells Fargo. Will it make a difference? I doubt it. I hope they rot in ***.

  • Za
      25th of Nov, 2010
    0 Votes
    Wachovia Bank - Predatory practices-Even small businesses are not immune
    North Carolina
    United States

    7 year. Tens of thousands of dollars. Totally fed up. The last straw came this week. Business has been improving, I think we will end up surviving this mess if Wachovia doesn't end up destroying us first. The biggest challenge has been that we never took a line of credit to cover cash flow. We make product, run deliveries, then have to wait up to 3 weeks to get paid by some of our companies. But here's where this bank comes in: when I get the checks in THEY HOLD THE FREAKIN CHECKS UP TO ANOTHER WEEK before I can use the funds to pay bills and my contractors! I have had a couple branch mgrs who would override the holds but mysteriously all of them have been let go...likely for having ETHICS. That's not the worst of it. Two things: first, I could see the holds if we had returned checks written to us but in 7 years we've never had one single return check. Never. So why the holds? Because we've been overdrawn in the last year. Why have we been overdrawn? BECAUSE THESE ###S PUT WEEK¡LONG HOLDS ON OUR MONEY AND WE HAVE BILLS TO PAY! Then the third angle of this picture. When you make a deposit it can show up next day as hard posted and then the next day be reversed to a HOLD for a WEEK! So it posted, you thought you had the money in there, so you pay bills, the deposit is reversed and held, now things are bouncing and rolling up fees. This infuriates me. We are trying to survive this economic disaster Oby caused and now our own BANK is trying to suck off us! So then the piece de resistance? This all happened this week, the day before Thanksgiving. I found it when I went to pull MY pay to do my holiday meal shopping after having paid all my bills, as any good biz owner would do, only to find my account OD by $300 with another $75 in fees to hit last night PLUS the deposit remainder that they are holding which is my pay for the week. Total appx $600 lost. I called one branch because most mgrs were off, and was told only the branch where we deposited could lift the hold. So I called the Signal Hill Statesville NC branch and spoke with I believe his name was Brian (hard to keep track with all the people they've fired) and this cold-hearted fool totally refused to release the hold because his job would be on the line if the check was not paid, never mind that in 7 years we've not had one return check written US. So, no money for my pay this week AND we're out all those fees. Thanks for a Happy Thanksgiving this week because of the TURKEY at the Signal Hill branch. One footnote I do need to make is that Donna at the branch was a star for at least trying to reason with this fool but even she couldn't a pulse in this cold-hearted twit. Thanks Donna for trying. Moral of the story? From talking to several other fellow biz people trying to survive who had been with Wachocia, GO TO ONE OF THE SMALL LOCAL BANKS. They appreciate you. They don't constantly change the rules to make fees off people and to suit their own bottom line. I, for one am doing just that next week. Maybe if enough people wise up and jump ship on them they will get the message. Especially if they see their bottom line affected.

  • Hs
      27th of Nov, 2010
    0 Votes

    Wachovia and predatory banking, part II. And so the saga continues. That check we deposited on the 22nd that was supposed to have credited that night didn't credit til last night, Friday the 26th. During this time we transferred funds from our personal acct to make up for the deposit hold. While waiting for the deposit to clear we were incredibly careful to not make purchases to overdraw, right to the penny. We should have had money in there this morning but no. OVERDRAWN BECAUSE OF FEES! The front screen shows it clearly. At no point did anything draw the account under. Not even holds. There are NO HOLDS! Of course they are closed on Saturday but there is one branch open on saturdays so I called them and got a floating mgr who tried to find every excuse in the book why the fees were applied. When I shot down every one with her own screen in front of her face her response was that she would have to call to research why. Which basically means she has to call in reinforcements to help her legitimize the fees. So here we are. No thanksgiving meal because of Wachovia. No gas or grocery money for the weekend because of Wachovia. BUT I have the screen printouts. And you can be damned sure three things come Monday I wil be showing all the printouts to that turkey at signal hill to show him the damage he has cost my business and family by being a cold-hearted, no account twit. I will be going to a small local bank and opening a business account. And finally I will be hiring an attorney to file fault with the NC banking commission as well as filing suit for all the illigitimate fees, hassle, hardship, and heartbreak Wachovia has cost. Maybe if enough people take this bank to task for preying on small businesses and families someone will wake up and force them to knock it off. Bottom line? Don't bank with Wachovia if you don't want to get taken to the cleaners.

  • Pr
      22nd of Apr, 2011
    0 Votes

    Good Afternoon, At all costs get away from this bank. the bank will hold purchases and deduct the money from your account and then hold deposits and then double dip off your new deposited amounts to offset the stealing.. just look at your statements and online account activity.. you must capture 3 pieces of data to match data. ATM printout of daily transactions, online transactions, and then statement. Before the statement you must use the first two.. Its called the double hold bank scam. the either double dip from the deposit or they derail the account and repost the debit for NSF. This is illegal and they are changing the rules on how transactions are processed . debit is instant not a credit..

    Protector of the People

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