Menu
ADVERTISIMENT
M
10:20 pm EST
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.

Wachovia - Fraudulent Banking Practices

Wachovia is the worst bank in the universe. They charged me overdraft fees after the money was direct deposited in my account. This happens on a regular basis. They paid a bill twice, when I only authorized them to pay the bill once. And, their customer service people are useless people with NO AUTHORITY. Their branch personnel in Springfield VA are the worst banking people that I have ever enountered.

This Friday, after my direct deposit is in the account, I plan to close the account, and bank with a reputable bank.

Read full review of Wachovia
Resolved

The complaint has been investigated and resolved to the customer’s satisfaction.

Hide full review
F
11:16 am EDT
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.
Featured review
This review was chosen algorithmically as the most valued customer feedback.

Well over the past couple of months I have been receiving overdraft fees. Some of them was correct but recenetly after checking my account last night and this morning they have seemed to have charged me over draft fees for things that they claimed was processed yesterday but wasn't showing yesterday as either being processed or complete. My problem with...

Read full review of Wachovia
F
9:33 pm EDT
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.

Wachovia - banking fraud

Everyone should be warned, their policy allows the following: They told me that a cash deposit would be available at a certain time and date, but it wasn't, and they are allowed to chose the largest withdrawal out of any that post that day, regardless of order, and return them as insufficient. In my case, this caused an NSF fee, which is allowed to be taken out before they pay the rest of the checks, causing the next check to bounce and another NSF fee, so on down the line, for a total of 7 checks returned NSF and a total of $245 of NSF fees. If they had paid the checks in the order they hit the bank, even without the deposit being posted when promised, there would have been an overdrawn amount of less than $10 and even with an NSF fee, none of the others would have bounced.

At the time this occurred, I had $5000 in another account in the same bank, the same branch, and perfect credit. They refused to refund the NSF fees and correct the situation.

I closed my account. Warn your friends and family of this deceptive practice, it's just a scam for them to get money.

Read full review of Wachovia
Resolved

The complaint has been investigated and resolved to the customer’s satisfaction.

2 comments
C
May 28, 2010 6:42 am EDT
Verified customer This comment was posted by a verified customer. Learn more

When I was working the other day, I told a customer about all the horror stories that I have been reading about on line about Wachovia and there practices of defrauding customers. To my surprise this customer worked for Wachovia and told me that it is not the bank but the government. She said they are abiding by what the government wants them to do. When I told her when I deposit a check from there institution to another bank, it gets taken out right away, but when I do the reverse the deposit takes 3 to 4 days to clear. She did not have an answer to that. She says the government tells them to put a hold on checks that are deposited. I believe it's just another ploy or excuse to give customers and trying to put the blame on someone else.

P
May 12, 2010 10:57 pm EDT
Verified customer This comment was posted by a verified customer. Learn more

I here ya.

I had a wire transfer to a wachovia account couple years ago and it took 34 days to get there.

Incompetent.

Hide full review
ADVERTISIMENT
J
4:04 pm EDT
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.

Wachovia - Double-dipping for overdraft fees

I have been banking with wachovia for 4 years, and in the last six months their customer service has gone to absolute hell. over two days, I bought roughly $41 dollars in products while I had just short of $40 dollars in my account. while I understand being charged with an ODF for the final purchase that pushed me into the red, wachovia applied a hold on the FIRST few items I bought and waited until I was in the red to apply them - even though they had already withdrawn the money from my account! In short, I ended up being charged FIVE overdraft fees of $35 dollars each because wachovia predatorily withheld holds on purchases.

This isn't even the best part, though. If Wachovia had simply withdrawn the money for the first purchases and left it at that, then I would have only been hit with one fee. But, after withholding it, they WAITED UNTIL AFTER THE FIRST ODF WAS APPLIED to ADD THEM BACK IN, then withdrew the money again to hit me with several MORE ODF fines! even better, if Wachovia had simply waited to take the first purchases out until last, I STILL would have only had to pay one fee!

In short, do not use this bank. If you DO use this bank, withdraw all your money and close your account! If you keep using them, they WILL find an excuse to screw you.

Read full review of Wachovia
Resolved

The complaint has been investigated and resolved to the customer’s satisfaction.

Hide full review
B
12:32 pm EST
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.

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.

Read full review of Wachovia
Resolved

The complaint has been investigated and resolved to the customer’s satisfaction.

1 comment

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.

Hide full review
M
6:10 am EST
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.
Featured review
This review was chosen algorithmically as the most valued customer feedback.

I had to apply three times in order for someone in Wachovia's underwriting department to finally APPROVE my application on a property that was / is an investment property. Wachovia was way understaffed in both their loss mitigation department and their underwriting department. Since August of 2009 when I started this whole process I found the following to...

Read full review of Wachovia
S
6:59 pm EDT
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.

Wachovia - Ridiculous overdraft fees

I'm curious if you've ever done a story on Wachovia scamming its customers with ridiculous overdraft fees. I check my acct. daily and tonight I found my account $-224.23 with another $70 in fees not yet posted. $210 were in overdraft fees. They process transactions using a method to get people to overdraw their accts. I work parttime and go to school so when I get paid Friday 5/8 out of approx. $350 net pay, I'll only have about $55 for the next 2 weeks to live off. Something has to be done and I want all of SC to be aware of this bank's practices.

Read full review of Wachovia
Resolved

The complaint has been investigated and resolved to the customer’s satisfaction.

1 comment
S
Dec 09, 2009 7:00 pm EST

BBB Rating for Wachovia

Based on BBB files, Wachovia has a BBB Rating of NR .
Reasons for this rating include:

* This business is not currently rated. BBB does not have sufficient information to issue a rating for this business.

Its hard to believe that I am the first one to complain about Wachovia to BBB!

Wachovia might listen to you to keep their name clean so if you are having problem with them you should start complaining with BBB

its really easy and everything is done online

Hide full review
H
2:11 pm EDT
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.

Wachovia - Excessive Overdraft fees

Ok, So last weekend my boyfriend and I went out of town and transferred some money from our savings account to our checking account. Now I am very good with my finances and I keep track of our spending like no other. Imagine my surprise when I looked at our online banking Tuesday morning to find that our account was negative $181.44. So I looked over our transaction history to find that there were $175 in overdraft fees. Apparently when keeping track of my balance I didn't realize my boyfriend had gone to Hardee's. No biggie though, that's what overdraft protection is for, right? Wrong. Our overdraft protection never kicked in and we have plenty of money in our savings account. So I called Wachovia to attempt to straighten this out because SURELY it had to be a bank error to incur this many overdraft fees for $6.14, especially when overdraft protection should have kicked in. After being placed on hold for 30 minutes I was offered to have 25% of the fees removed, when I refused to accept anything less than a full refund and requested to speak with a manager, I was told there was no such person in any authoritative position and promptly hung up on. I then called a local branch because I also work at a bank and am unable to go there and speak with someone myself. Well, after the supposed manager "explained" for 20 minutes how their overdraft processes work, he then admitted that they pay out the most expensive purchases first. He also informed me that 2 of my 5 overdraft fees were from purchases done on 6/5 for less than $6, yet the $30 purchase that caused the account to go negative $6 was paid first and I did not incur any fees. He also stated that the $100 transfer I did 6/5 was not "available" until 6/8. Had I known this I would have simply withdrawn the money and not transferred it (between my own accounts nonetheless.) He refused to give me any fees back and said they were correct and accurate and there was no bank error in any way. 3 hours later I called customer service yet again and spoke with a very nice gentleman and explained my situation yet again. Less than 5 minutes later he returned the full $175 and said from looking at the account he could tell the overdraft protection was improperly set up, and that it was in fact a bank error. I thanked him and did not close my accounts that day, but will be doing so Monday morning. I have had Wachovia for well over 5 years and in that time I have had 3 checks written for rent cashed out for $780 instead of $750, causing all sorts of fees as well. The customer service rep stated that the 5 had looked like an 8. Even if it did, being that I work at a very large bank as well, I know you are supposed to read the hand written amount for that exact reason. A week later they returned all of the fees I incurred. Moral of the story? Don't open any accounts with Wachovia. Below is the transactions that started everything, it's amazing how the first overdraft fees are taken out a day before the transactions even posted. Wachovia must have their very own fortune teller.

06/09/2009 Other OVERDRAFT/UNAVAILABLE FUNDS FEE $105.00 ($181.14)
06/09/2009 Purchase PURCHASE WILCO 932 0000 06/07 $3.11 ($76.14)
06/09/2009 Purchase PURCHASE FUEL COLLEGE 06/06 $9.20 ($73.03)
06/09/2009 Purchase PURCHASE C. MORAGO SNAP ON 06/08 $30.00 ($63.83)
06/08/2009 Other OVERDRAFT/UNAVAILABLE FUNDS FEE $70.00 ($33.83)
06/08/2009 Purchase PURCHASE PARK LANE AMOCO 8224 06/05 $4.27 $36.17
06/08/2009 Purchase PURCHASE HARDEES 1501 06/05 $6.19 $40.44
06/08/2009 Purchase PURCHASE SBARRO CNCRD-M1148 06/06 $6.28 $46.63
06/08/2009 Purchase PURCHASE WHISKEY RIVER 06/07 $34.55 $52.91
06/08/2009 Purchase PURCHASE WHISKEY RIVER 06/07 $54.48 $87.46
06/08/2009 Purchase PURCHASE RACK ROOM SHOES #0 06/06 $67.24 $141.94
06/08/2009 Deposit TRNSFR 06/06 $100.00 $209.18

Read full review of Wachovia
Resolved

The complaint has been investigated and resolved to the customer’s satisfaction.

Hide full review
E
8:22 am EDT
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.

Wachovia - overdraft policy

I have had a Wachovia account for 11 years... before they bought out First Union. Recently I've also had a lot of trouble with Wachovia frivolous over drafting policy. The fact is they hold transactions that you think should have already been charged for ridiculously long periods of time... these charges do not reflect on your available funds when you make a balance inquiry. They magically seem to show up the second your account is overdrawn though resulting in several $35 overdraft fees at once.

They also hold transfers and various deposits longer than usual. I've been charged overdraft fees several times where they processed my deposit or transfer after they charge the over draft fees... sometimes with the transfer or deposit being credited on the same day. Keep in mind those transfers and deposits were made several days before the supposed overdrafts.

I've gotten refunded most of the time but, I've had to get really ugly with some of the CS reps due to their crappy customer service. Bottom line is the whole point of a DEBIT account is for cash transactions. They should not allow transactions to go through if funds are not available. Furthermore, your available balance should reflect pending charges so people don't overdraft them. We are the customer and their business is taking care of our money, not to steal it. I'm seriously starting to look for a new bank if they don't get their act together.

Read full review of Wachovia
Resolved

The complaint has been investigated and resolved to the customer’s satisfaction.

1 comment
T
Dec 21, 2009 8:31 am EST

I have banked with Wachovia for 10+ years and I as well have had problems with overdraft fees that are nonsense.

One example... I have 17.32 in my Wachovia account. I make a $40.00 deposit at a Wachovia ATM. I check my balance at the ATM, it shows AVAILABLE BALANCE $57.32. I go home, Check ONLINE and see AVAILABLE BALANCE $57.32.

OK, SO I Have $57.32 AVAILABLE BALANCE to spend... WRONG!

Wachovia has a practice of giving you a $100 Provisional Credit on ATM Deposits. HOWEVER this is a credit they can CANCEL without warning you.

This is what happened to me... I saw $57.32 AVAILABLE BALANCE on the Wachovia Online Banking Website, based on this I went out and purchased gas for $29.43 leaving me with an AVAILABLE BALANCE of $27.89.

Ok, THE NEXT MORNING I wake up and as usual I go online and check my balance as I always do each morning. Low and Behold Wachovia has me with a NEGATIVE BALANCE of ($7.11)! I see a $35.00 NSF FEE! I call the 800 and after 20 minutes of waiting and talking with the customer service rep they REFUND this fee BUT I am told that the Provisional Credit is NOT ALWAYS ACCURATE and that Wachovia can REMOVE THE PROVISIONAL CREDIT if they choose to for any reason.

So if you bank at Wachovia DO NOT TRUST THE ATM provisional credit. The ONLY way to be sure you have an available balance is to WAIT 3-4 days till the deposit has CLEARED and is no longer PROCESSING but CLEARED your account. You can also make a CASH DEPOSIT inside the bank with a teller and it will become instantly AVAILABLE.

With Wachovia you really have to watch them.. I've been charged many times for a NSF Fee when there was MORE than enough money in my account. I ALWAYS get a refund by calling them but still, you have to really watch what you do. Wachovia seems to like to TRY to charge you if they think they can.

Hide full review
ADVERTISIMENT
S
2:48 pm EST
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.

Wachovia - Mortgage fraud

I have one of the World/Wachovia mortgage loans that falls under the subprime/preditory lending act My credit is in the toilet because I have been trying to keep up with the loan payments, was told that my loan was convertable to fix rate without any paperwork needing to be filed and no cost to me, then when I go to excercise the option i am told by my broker (At Wachovia, the one one did the loan) that the option is not available to me. so I try to refinance my loan to a fixed 30 year and am denied because my debt to income ratio is to high (not to mention my house is now $200k upside down) so I asked for an extension to pay off what little debt I owed so I could bring down the number and oddly enough I am denied again...with the same explanation "Debt to income to high" WTF is goin on here? please feel to email me with how and what I can do to fix this problem. [email protected]

Thanks

Read full review of Wachovia
Resolved

The complaint has been investigated and resolved to the customer’s satisfaction.

1 comment
S
Nov 30, 2010 3:16 pm EST

I am a victim of the same scam. I was lied to by the banker assuring me of the same thing. And told the same when I went to activate what was promised.

Hide full review
V
1:41 am EDT
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.

Wachovia - Rip off

I made a cash deposit as I typically will do to cover checks that need to be written that day, only to find out a week later all my checks bounced because they did not post my deposit until two days later. Upon checking into this they said that cash deposits are never immediately available and if deposited after 2PM the funds would be available the following business day. This was always their policy and it is because cash still needs to be posted that evening with the banking business.

I could not believe what I was hearing -- for 20 years now I have been making cash deposits and never heard that line of crap before. They were not going to refund my fees and I later found a number of these in my account. I never expect to get fees back from them as a friend of mine who use to run a Wachovia financial Center told me flat out that employees would be terminated for refunding fees more than once for a customer.

As money becomes harder to come by in this country one would think big corporations would ease off -- they all seem to be taking much much much more. I am not sure where it all stops, and know of nobody who can take on banking or corps with unlimited funds. Might I suggest everyone in this country who does not own a bank should get together with one voice and say enough is enough. I think what big banks are doing is borderline criminal!

Read full review of Wachovia
Update by Valerie
Sep 03, 2008 10:07 am EDT

I was called by wachovia on Saturday, August 30th, by Wachovia concerning my parents not having insurance on their pickup. I told this person that they were mistaken because I pay the insurance bill. They argued with me about it until I stated that I would like some proof of no insurance and told them I bet I could prove them wrong.

They told me to have my parents clean out the pickup because they were not going to deal with me any longer. I was then told they knew where I lived, I asked if that was a threat and was told to take it anyway I felt. I took it as a threat and called the police in my town and explained what had happened and to see if they could patrol the neighborhood a little more than what they do. I was at camp and my youngest daughter who is 18 was at home alone. I called the neighbors and asked them to keep an eye out for any one that was suspicious that came to the house. I called a friend in my parents home town to make sure that they would be looked after.

I feel if this company is doing this kind of thing to me, then just imagine what they are doing to others. I wonder if anyone was actually hurt by them physically. Something needs to be done before they go to far.

Resolved

The complaint has been investigated and resolved to the customer’s satisfaction.

3 comments
M
Aug 26, 2008 8:32 am EDT

WACHOVIA IS A RIP OFF COMPNAY!
I knew that I had overdrawn my account by $2.00, I had made debit card purchases over the weekend and they were all on "HOLD"...hold my A**...another transaction hit that was larger than all of the rest...and WACHOVIA took the $$$ from the transaction that had been on "hold"...so instaed of ONE over draft fee I got hit with 6...I plan on filing a class action lawsuit against WACHOVIA...what they do is unethical!

G
May 08, 2009 10:04 am EDT

Here is an eamil I sent Wachovia...

I was just charged $280 dollars in overdraft fees that I just dont understand. That is 8 individual overdrafts. From what I can see on my acccount it was immpossible for me to do so. Your bank likes to allow purchases on a debit card with insuffient funds just so you can make the money in NSF payments etc... You also like to place certain things on hold (processing) and make it look like it has been deducted from my balance only to finally process it when you can get money in overdrafts! You rip your customers off in todays economy and struggles and I consider it just plain evil and greedy. I am on unemployment and have cancelled my direct deposit to my account so I can feed my family and pay my rent without you taking all my money in ### overdraft fees! I will pay this balance if and when I find another job and am able to save up the money. I dont care if you put me in the chex systems! I am also closing my bank account with you crooked ripp offs if I am ever able to pay off the balance of your scheme! Wachovia sucks and your attempt on making me and my family homeless and hungry is sicking!

H
Oct 27, 2008 4:57 pm EDT

Wachovia = Walkoveryou

if you ask me wachovia is a bunch of ###
they stole a few thousand dollars from me over the past year

They set a trap by puttig money in your account example $15.00
i cal bank and ask them whats the 15.00 for they said they have no idea but its valid and that is what i have.

They tell me its safe to spend and i say well wont it overdraft.they said no you are fine that money is there and no we do not know how it got there but its yours to spend,

so i spent it and left myself with 3.04
then all of a sudden i get hit with charges out of no where
for 70.00 then all of a sudden i notice some items on hold
that i know i already paid for a week before hand.

what they did was change the dates on my purchases to make it look like i just bought them with that 3.04 cents i had

i was hit with another 170.00 over draft fee
they told me they will gladly refund me 11 dollars what a joke.

when i went to the bank they said they dont have access to the recording of my phone call i made to them.

heather valentine

Hide full review

We are here to help

  • 16 years' experience in successful complaint resolution
  • Each complaint is handled individually by highly qualified experts
  • Honest and unbiased reviews
  • Last but not least, all our services are absolutely free
ADVERTISIMENT
ADVERTISIMENT
Is this your company? Claim your business, engage with your consumers, leave official public responses, track complaints and customer replies at no cost. Get free account
ADVERTISIMENT