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Wachovia Bank / charging bogus nsf fees

1 NC, United States Review updated:
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How is it LEGAL for the banks to do these things?? After reading everyone else's stories, I'm glad to know that I'm not the only one dealing with this, and that I'm not crazy! I've been banking with Wachovia for about a year and a half. I have a checking account with them. During the year and a half that I've had the account, I've paid out around $1, 000.00 in bogus "overdraft" fees to Wachovia.

I'll give you an example - say you have $200.00 in your checking account, and you make a $100.00 purchase using your VISA debit card. If you do not use your PIN, the transaction is run as "credit", the $100.00 is immediately deducted from your available balance, and the transaction is moved over to the "pending transactions", where it sits for 3-5 days. At this point, you have an available balance of $100.00. So now, let's say you make three more purchases - one for $10.00, one for $20.00, and one for $30.00. That leaves you with an available balance of $40.00...

A few days later, you look at your account and realize that you've been hit with several "insufficient funds" fees. You HAD an available balance of $40.00, and all your transactions were already deducted from your original available balance, so HOW can you be negative???

Here's the explanation I got from Wachovia...

According to them, when you make a purchase with your debit card - whether it's run as a debit or a credit transaction - the money is immediately deducted from your available balance, and the transaction is shown as "processing" or it sits in the "pending transactions". However, once the each transaction is posted to the account, they charge them against the available balance AGAIN. You are charged twice for each transaction you made - once when the initial purchase was made, and again when the transaction posts to the account.

So, with the example I gave above, here's what happens...

You have $40.00 in available funds in your account, and your transactions are pending, ready to be posted. Your total transactions are $160.00. Well, since your current available balance is only $40.00, it's less than the amount on hold, so they count it as a negative balance. WHAT??? They already deducted it from my balance... why do they deduct it TWICE???

To get bogus fees, that's why. They are ripping people off left and right, and if you ask them about it, you get nothing but nasty attitude and excuses. No one at Wachovia can seem to give a reasonably intelligent answer as to why they operate this way. The only answer I've gotten is "that's just our procedure".

I honestly don't understand how this is legal. It's THEFT.

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  • T
      30th of Jul, 2008
    0 Votes

    I COMPLETELY agree with you!! I, too, have been fighting Wachovia over this. It should be illegal! I made complaints to the BBB and also contacted the FDIC, who directed me to another entity. Wachovia "generously" gave back the $105 they STOLE from me as a "courtesy" but ONLY after I reported them to the BBB. They were rude ON the phone, IN the branch and Online. I HATE this bank!

  • Ta
      21st of Aug, 2008
    0 Votes

    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 (713) 336-4343, fax (713) 336-4351 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.

  • Wa
      9th of Jun, 2009
    0 Votes

    The best is', both transactions have the same number, that is normal at every clearing house, when the second transaction arrives the first transaction must be deleted.
    Wachovia has altered his software to raise funds with our money. the first quarter of this year has a 3 billions profit (from our money) and I'm very concerned about this money is used for million dollars bonuses to the biggest thieves at Wachovia.
    Sorry for my little english.

  • Br
      20th of Aug, 2009
    0 Votes

    I, too, am a victim of Wachovia and think I am going to file a complaint with the BBB here in Nevada as well. On more than one occasion, when I did the math and believed myself to be in the clear, they have charged me with bogus NSF fees at $35 a pop! Just today, for example, I was checking to see that my rent check and some other household charges had successfully gone through. There was $40.97 when a check for $35 came through and they bounced it! There was enough to cover this check and they bounced it and charged me $35. This is highway robbery and must be illegal in some way shape or form.

    I have decided to fight fire with fire and blow the crap up out of them all over the web, mainly on social network media sites like Twitter and Facebook. I have followed them and become a fan so they will now see my posts and hopefully respond. I want my $35 back and a letter to give to the person whom the check was returned to. This is [censored].

  • Jl
      14th of Feb, 2011
    0 Votes

    I've been having the same experience. I balanced my checkbook and thought I had a balance of around $200 yet when I go online to check, it says I only have $60. There were some extra fees there, but when I deducted those, it wasn't enough to explain the discrepancy. I went to my local branch to complain but all they did was print out a bunch of transactions, the same ones I could have gotten off the website. This isn't the first time this has happened. Wachovia is siphoning money out of my account and considering that I have to save up for school tuition, this makes it beyond unacceptable to downright criminal. I've decided that I'm going to close my account and find a good online bank. I am angry but at the same time relieved that I'm not the only one this has happened to.

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