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Wachovia / Excessive Overdrafts

1 NC, United States Review updated:

I sent this to the NC State attorney General.

Over the last couple of months we have noticed a trend of our bank account being overdrawn by very large amounts of money for overdraft fees. Every time we have called the bank we get an explanation that there was a "hold" on our money when transactions first posted. The account on the website never shows the "hold" nor does it register that the money isn’t there. So we get hit with overdrafts for all of the transactions that have hit and then the "hold" transaction shows up for 2-3 days earlier. IF the transaction is in the banking system as being on hold, why is it not shown as such on my online services? I thought that was the point. Obviously if the bank can show it on their end, why doesn’t it show in my view? When questioned many times we have been reimbursed for all but maybe one of the overdrafts. In the mean time my account is showing overdrawn and my money is being taken and unavailable to me. At this time, I have had 6 over drafts taken out of my account when the account is showing a positive balance. I don’t understand that, and quite frankly there was not one transaction I had showing as putting a "hold" on my money. If there was, it came off hold and they charged us an overdraft for that transaction as well.

It just keeps amazing me how the banking industry is using us consumers to make their money back. The other thing we have noticed is that when transactions come in, they don't pay them in the order of when they occurred, they pay by the highest to the lowest. So if my "hold" charge was higher than starbucks, I just paid $39 for a cup of coffee. Not to mention that in this particular instance, we were charged $37.50 for an ATM transaction. They charged us an over draft fee on an ATM fee. This has gotten out of control and I don't know who else to turn to. Every payday it is the same MO and it has started a trend, when we go to use our card we never know how much we have in the bank. Even when we keep records of our transactions or our receipts, some 'hold' shows up and zaps our account for hundreds of dollars. It has got to stop.

In fact this week I have been hit with another $175 in overdraft and my account shows $2.00 in the positive before overdraft fees. So I have been hit with another 5 fees.

Response from the State Attorney General:
We cannot do anything, because they are federally regulated. Please contact the regulatory board in DC.

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Comments

  • Ti
      9th of Feb, 2010

    "when we go to use our card we never know how much we have in the bank."
    That's exactly your problem. Why is it THEIR fault that YOU refuse to keep a check register?

    +1 Votes
  • Jo
      9th of Mar, 2010

    Let me just say that what this people (and banks in general) do is beyond anything that I thought would be within the scope of just and fair practices. In my view, Wachocia is the worst, and most blunt about it—they don't seem to care or have any customer compassion. Did you know that this bank, apparently, has a special collections department dedicated just for overdraft fees? They constantly call my house asking to get paid. Imagine, they have a collection department for excessive charges generated by them! This is one of the most shameful practices that I have ever encountered in my life. A bank that can legally take your money due to a convoluted system that its main purpose is to mislead in order to create more revenue for them. Again, I just can't believe they can get away with it in this country. In case you are wondering, they charge me over $500 of overdraft fees because for some reason they decided to make good on a check that I didn't have enough funds to cover. So, they paid for such, and decided to charge me for the other smaller transactions that I had pending on my debit card! I told them... "Why you just didn't return the check that did not have enough funds to cover? You guys never paid for anything before, why now?" They responded that they thought that they were doing me a favor. So that favor cost me over $500 in bank fees. I told them, thank you for thinking of me! I have tried and beg to cut me a brake, and they don't seem to care about what this fees mean to me specially during these challenging times. From my perspective, there's isn't much difference between a "bookie" and this people! I wish you all luck.

    -1 Votes
  • Ti
      16th of Mar, 2010

    "they charge me over $500 of overdraft fees because for some reason they decided to make good on a check that I didn't have enough funds to cover"
    So, they held a gun to your head and forced you to write a check you couldn't cover, yes? Grow up, take responsibility for your own actions, and stop trying to spend what you don't have.

    0 Votes

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