Wachovia / Excessive Overdrafts
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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