Menu
ADVERTISIMENT
Home Banks Wachovia Overdraft Fees

Wachovia review: Overdraft Fees

F
Author of the complaint
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 this is that any funds placed in my bank account after a certain time isn't processed until the next day and I have seen other transactions that aren't processed until the next buisness day so how could you charge me over draft fees for items that wasn't posted last night after business hours. I think banks are preying on the hard working americans that are trying to do the right thing. Yes previously I was at fault but this time I know they did something underhanded that cause me to give them $315 of my pay check. No wonder people who work today need more than one job.

ADVERTISIMENT
Resolved

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

More Wachovia complaints & reviews

Wachovia - Loan Modification
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.
Wachovia - overdraft policy
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.
Wachovia - Excessive Overdraft fees
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.
Wachovia - Mortgage fraud
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.
Wachovia - Double-dipping for overdraft fees
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.
Wachovia - Rip off
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.
Wachovia - Fraudulent Banking Practices
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.
Wachovia - Ridiculous overdraft fees
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.
Wachovia - banking fraud
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.
Wachovia - Excessive Overdrafts
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.
30 comments
Add a comment
R
Jan 27, 2011 3:43 pm EST

I live in NC and a Bank in florida gave another customer information that I had an account with my grand-daughter at the Bank. I called the supervisor and she said oh sorry no that shouldn't have happen sorry.
Sorry Your Employee gave out my Private information and all you say is sorry NOT ACCEPTABLE

J
Dec 23, 2010 2:35 am EST

Wachovia is crap! I'm in the process of going with another bank, maybe Citizens or a credit union. Customer service sucks and the CSR's can't give out corporate number or they will be fired. It was better when it was First Union. Now they are with Wells Fargo? HUH!

D
Nov 18, 2009 11:23 am EST

Please anyone who is considering a Bank. Do not use Wachovia; since I have been usingthis bank they have practically stolen from my account. Although transaction are processed time wise after a deposit they will insist that this is not true. When proof is given to them they say they will give you a courtesy refund of 20%. They admit they are wrong and then only give you 20%, that is unheard of. Find a good honest bank.

D
Apr 29, 2009 8:16 pm EDT

About 7 weeks ago i requested copies of statements to verfy that certain payments have been made. After recieving several promises and after returning to the local branch several times. They always have an excuse..." Its delayed because of the merger with Wells Fargo, ' was the latest. The benk manager has to handle this request, however when i go into the bank, she is never available or there. Wachovia sucks as bank.

H
Mar 22, 2009 8:24 pm EDT

ON MARCH 13TH AND THE 21ST, I'D REVIEWED MY STATEMENT AND REALIZE THAT I'VE BEEN CHARGED FROM A COMPANY THAT IM NOT AFFILIATED WITH. I'VE NOW CANCELLED MY ACCOUNT AND IM STILL HUNTED AND TERRIFIED ABOUT THE FACT THAT MY INFORMATIONS WAS REVEALED TO CRIMINALS. I WILL NOT STOP UNTIL I GET TO THE BOTTOM OF THIS MATTER .

S
Feb 05, 2009 10:28 am EST
Verified customer This comment was posted by a verified customer. Learn more

I applied for an FHA loan about 4 months ago. Had an appraisal completed and the paperwork was submitted about 2 to 2 1/2 months ago. I've sent many e-mails asking what the status is, good, bad, ugly..told them I didn't even care if they told me they lost it...just tell me something...and they simply don't...not sure how to complain about this...certainly I should have the right to at least know the status of my loan.

S
Dec 16, 2008 6:24 am EST

I have a loan with Wachovia. I informed them that I lost my job 3 months ago and am only one month late with my car payment. They call me everyday and harass me as if I got a job and check overnight from the last phone call I received. When I contact the service department, they send a scripted message. They are very unprofessional and I would HIGHLY recommend you do NOT work with them.

Stay away from Wachovia!

B
Oct 29, 2008 10:39 am EDT

I deposited a check today (10/29/08) and Wachovia is holding the funds for a week! The check was drawn from a business account and it is common knowledge that transactions are electronic. Why are they keeping my money for a week? I have had an account with this Bank for 12 years and this has happened before but it seems like in the past it has been held for a couple of days! I'm furious

Oct 27, 2008 10:07 am EDT

Trying to open an account is a major pain. You have to jump through so many hoops that I almost gave up. The Wachovia Business account rep that I was given made me feel as though I was bothering him every time I called. It took absolutely forever to get an account set up. If I had to do it again, I wouldn't go with Wachovia!

T
Jul 20, 2008 5:46 pm EDT

My account has been charged three times the correct amount for an overdraft thanks to a policy by Wachovia to ensure profits through usury disguised as a consumer protection. In light of the amount of money your company handles daily, I trust you will not find my complaint too petty to resolve... It is extremely sad to say that I DO NOT recommend Wachovia bank to anyone! They are a major scam, and treat their customers with no respect. They avoid situations, and only credit customers...

Please beware of Wachovia's illegal overdraft/unavailable funds fee. Yes they charge you twice if your account bounces even if the funds are in the account at the time of purchase. If you make a Visa purchase and you accidentally go over your limit you will be charged an unavailable fee... Every two weeks I deposit $ 1500 and with all the charges that Wachovia has made I’m broke I do not recommend Wachovia Bank to any one not even my worst enemy they suck they even laugh at me when I ask them to give me credit one of the Supervisor done that to me.

Wachovia has stolen at list $2000 from me on charges, when I call the customer service they do have a way that they can stop the overdraft charges that finally a customer service person told me that I could do but still I’m closing my account with Wachovia Bank and please believe me on what I’m saying this is a HIWAY ROVERY.

C
Jul 23, 2008 7:46 pm EDT

On 6/30/2008 I called to check my checking account balance, the system said I had over 1, 600 available, I was expecting an automated payment to target to visa to post for 1500, so I went to deposit a check for 4, 985.00 to cover other purchases. I made the deposit on the night of 6/30/2008, again, I checked my balance before I deposited the money and it still said I had over 1600 available. Well, the information was wrong, the target payment had posted but did not show on balance, and my deposit did not go through until the 1st, which caused 175.00 of overdraft fees (6 overdrafts). I called today to solve the issue because I just noticed the overdraft while balancing my checkbook. When I disputed the 175.00 fee a customer service rep transferred me to a support analyst, K. Hunh, but she only offered a 18.00 refund, I told her that was not acceptable. She said that more often than not the bank system does not show when automated payments post until after they have posted, which causes confusion, but there is nothing they can do about it. She was very rude about the whole issue. When I asked her to transfer me to someone who could help she disconnected my call. I called again and was again transferred to a support analyst, B. Vandiver, and he spoke to her about my account and told me that 18.00 was all I could get for the 175.00, when I told him I needed to dispute the matter he gave me this address:

Office of the President PO BOX 563966 Charlotte NC [protected]

Did not even give a name of a person, and said they had no supervisor available. Furthermore, he said if I called again they would close my account for harassment.

I am a customer calling for customer service, which they did not provide, and I got threatened with my account getting closed if I tried to seek further customer service. I now plan to present a formal complaint against these individuals, and continue disputing the 175.00 overdraft.

Oct 14, 2008 4:48 pm EDT

Being European and now living in the US I made an account with wachovia, I was given a debit card for it and was explained what that means as it's dif' the from Europe (pretty much saying you can't buy on credit so when you go below 0 the card declaines) Well had the account for a while and then it happent, overdrafted it, got the little slip in the mail saying i overspendt 3 dollars, so now adding on the 35 dollar fee i owed them 38. Fair enough, my bad.

I kinda knew i had been close to the limit, What i didn't know was i had not only spendt 3 dollars too much but actually 100, over 18 transactions. So now I owe them 856 dollars. yea know the numbers don't add up but that's what it says.

What I don't understand is, 18 transactions and the card was still being accepted? dosen't it mean you can't buy on credit? but if so are they thinking, hmm we'll let him rent this 1 dollar movie at walmart cuz then we can charge him 3500% on that dollar? lol.. Smart business fom the bank. but where's the limit? 18 transactions and 756 dollars in fees... can't be legal, or if it, then surely there's so morals missing at wachovia. Meaning i can pay it off, but what about those who can't? their getting into debt when trying to stay out of it of course, and the bank is making what? billions on this type of scam. Shame on you wachovia, really, This is anything but what you told me when i made the account. using lies to make money. NICE..

L
Mar 15, 2009 11:12 pm EDT

In August 2008 I opened an account with Wachovia because it's where my parent's bank in Florida. I have been unemployed since October and have been using the account to receive funds from my parents to assist with bills. In Feb 2009 I had a garnishment placed on my account (which Wachovia never notified me of until just 3 days ago in writing) which caused a few numbers to be off but not to cause Overdrawing my account. Well I am now overdrawn by $187.10 because they charged me 5 OD fees on items, according to their website and branch paperwork, were still covered on funds in the account. They refuse to refund me these fees claiming it's my error not theirs. I have filed a complaint with the BBB but I wouldn't doubt it if they were in their pockets as well.

S
Sep 16, 2009 12:28 pm EDT

I have recently been faced with unjustified overdraft charges to my account. It is no question that I had the money available and the bank has given me bogus reasons for these charges, citing its the way the vendors hold items, and the number of days it takes to recieve approval ect... In my opinion the vendor should have no bearing on this, if the money is available. If I make a mistake I am more than willing to be accountable but this is not the case.These practices are unethical and I am seeking those with similar experiences to share there stories as well, so something can be done. Wachovia has taken millions of dollars in fees from consumers and it is time that we fight back.

L
Mar 28, 2010 5:25 pm EDT

Can you please investigate Wachovia bank/wells Fargo overdraft policy. I know banks charge overdraft fees but some banks go too far. How can a bank charge 3 overdraft fees of 35 each in less than four days, especially for the way they set up there system. Before using my check card I always check my account to make sure I have funds to cover my transaction. Also my bank also informed me several times that once a transaction is placed on hold that they already hold that funds then how can the charge me overdraft fee for those transaction when they post to your account. Also if all transaction have either post or on hold shouldn't be subtracted from your balance and what ever is available is available to you as the reps are always informing when asked. Please verify there policy and investigate because they inform there agents of the correct procedures and we customer should not have to pay for there errors please. I can be contacted at [email protected] Thank you

S
Apr 17, 2010 9:28 am EDT

Yesterday I checked my account online and it said I had 60 dollars left in my account and nothing holding. I went out and brought something for 21.18 and then 18.32 which would’ve brought my account to about 20 dollars, since I have direct deposit I didn't worry about it( it was going in last night). Until I checked my online banking today... and noticed I received an overdraft fee of 175 dollars. This was taking against my direct deposit. I immediately called the bank and the first customer service rep informed me that a $50 automated debit from my cell phone company had went through last night and which put me in the negative, so things that were already posted to the account that had lower values were pushed up and the 50 dollar charge was place first for my 4/15/10 purchases (even though it didn't technically post till after midnight) which meant the 5 other charges I had went into negative and 35 dollars NSF for each one. Also my balance was kicked back to my 4/14/10 balance of 120.07 so everything that posted 4/15/10 was deducted from that amount and largest to smallest which also contributed to the overdraft fees. None of this was reflected on my online banking. This is ridiculous and misleading...and I'm thinking illegal now. How can you post purchases to my account, show them as paid and then add another charge and decide to make that purchase negative because the last charge was the higher amount? Customer service refused to give me any kind of credit, and I was transferred to another department...was on hold for exactly 1hr and 17 mins and 32 secs before someone answered my call and the gentleman whom I spoke with was rude...and basically told me that online banking wasn't a true record but that’s not the banks fault, and I should keep up with my money better. Then when I asked to speak to a manger he refused to transfer me to anyone else and told me that I have exhausted all other means to get the problem fixed and have a nice day. So I have bills to pay and I'm out 175 dollars because of Wachovia.

B
Jun 27, 2011 5:36 pm EDT
Verified customer This comment was posted by a verified customer. Learn more

I have never been much of a cynic but I am convinced of corporate malfeasance within Wachovia and its parent company Wells Fargo. Wachovia verbally misrepresented overdraft protection service to my wife such that she did not know she was signing up for it. And while many changes to joint checking transactions require authorization from both account holders, the addition of overdraft protection does not. Banks are very calculating when it comes to this sort of thing. They pretty much know how many millions they will make per annum based on various categories of consumer error. In this case, she and I were using our debit card and NOT encountering any rejections and so we erroneously assumed funds were available. In what amounts to organized theft, Wachovia / Wells Fargo took $1, 000 of my money in overdraft fees, compromising our ability to make rent and outright nullifying our plans in month 8 of our pregnancy to purchase what we needed for the nursery.

I belong to a growing vulnerable population of Americans who have to live from paycheck to paycheck and who due to a health and divorce-related bankruptcy 2 years prior, do not have credit cards. And because there are two people on our account, the burden is on us to log every $2 slurpee and $4 mochha latte into QuickenBooks to ensure we don't incur overdraft fees. As a previous poster discussed, the information in the bank account is not accurate. The local 7-11 for example does not allow its customers to debit transactions, so I swipe my debit card and hit CREDIT. These charges, at least one a day, float in some ether for as long as 6-7 days before posting to the back-end of my account (i.e., in holdings). In fact there seems to be no rhyme or reason to when these charges to post, and I am inclined to think Wachovia / Wells Fargo is engaged in some manipulation and creative accounting to increase the odds customers like my wife and me will overdraft. So it's the poor who suffer. (It's interesting what counts as poor these days. I pull down an $86K salary and my wife an additional $40K but we cannot find rent in metro DC for less than $2K). We have no credit and our expenses consume close to 100% of our income so we have not been able to create a savings account. THIS is who Wachovia / Wells Fargo is profiting from. Bank VPs sending their kids to college on the backs of the hard-working poor.

Overdraft fees are self-perpetuating. Before we were even aware we had the service, we were in a hole. That means less of our direct deposited income was available to us the following week which in turn caused more overdraft fees. I realized I had to bite the bullet and cancel the service even at the risk of bouncing a check or two, and I did so in spite of the fact the representative at Wachovia Central pleaded with me not to do so, ostensibly for my own sake (har har).

Wachovia gets away with this for two reasons: (1) the poor people who are adversely impacted by its malfeasance are often not educated enough to articulate their case against the bank and (2) people in general are usually too embarrassed to call attention to their indigence. But until they do, they will continue to be the exploited population. It's not the wealthy who are losing money or sleep over this. Their money is earning interest. Your money and mine is going into the college funds the bank VP set up for his four kids.

S
Jan 27, 2011 3:55 pm EST
Verified customer This comment was posted by a verified customer. Learn more

That's why we have so much Identity Theft. I believe it's the employees and not hackers.

P
Dec 27, 2010 9:36 pm EST
Verified customer This comment was posted by a verified customer. Learn more

have you received those statements yet? And if yes, were the bills paid ?
Respectfully,
Protector of the people

W
Dec 23, 2010 9:03 am EST

[protected] for customer service

U
Aug 12, 2010 4:06 pm EDT
Verified customer This comment was posted by a verified customer. Learn more

I think this has happened to me. Wachocvia twice charged me $35 for insurance I did not agree to. Was yours insurance?

Did you get it fixed? If so please tell me how.

Thanks!

V
Jun 24, 2010 6:13 am EDT
Verified customer This comment was posted by a verified customer. Learn more

I FULLY disagree with you Tired_of_Stupid. Even if you use money after it has been deposited to your account, that STILL doesn't matter! I balance my checkbook EVERYDAY. I still have "overdrawn" balances showing up on my Wachovia account. I believe Wachovia is out to get as much money from you as they can. I know exactly how much money is in my account and I know exactly how much money I should be spending. It is absolutely idiotic to think the way you're thinking seeing as how apparently you don't know what you're talking about. I, for one, will be closing my account and will not recommend anybody to open an account with Wachovia.

B
May 11, 2010 8:12 pm EDT

Wachovia Bank refuses to correct NSF/Overdraft Fees charged to my account. Fees are resulting from Wachovia's attempt to generate fee based income.
On 4/12/10 a check which I had written for $58.31 was presented for payment. Prior to the presentation of this check, my "Current" balance was a positive amount. Additionally, on 4/12, I had six various debit card/Check card transactions which were in "Processing" status or were showing as "Check Card Holds" which were already removed from my "Current Balance" and still leaving an "AVAILABLE BALANCE" which was also positive. Therefore, at this point, the evening of 4/12/10, my account had sufficient funds to cover each and every pending, processing and posted transaction.

At this point, the check for $58.31 was presented against an AVAILABLE balance which was not sufficient to cover it (because of the previously mentioned six different pending transactions) and therefore Wachovia assessed a $35 NSF fee. Subsequently, my account became overdrawn. This is all would normally be expected to happen.

However, as the remaining six transactions in the status of "Pending", "Processing", or "Check Card Holds" cleared my account on the night of the 4/12 and 4/13, they were also charged "NSF" fees EVEN THOUGH they were (1) previously removed from my available balance (leaving sufficient funds to cover them) and (2) this previous removal had already resulted in the $58.31 check being paid and charged the NSF fee.

Wachovia is engaging in what is clearly a dishonest attempt to generate "fee-based income". It appears, from my account, that they are opportunistically identifying particular transactions which allow them to actually self-generate service fees. This is immoral and, if studied, would prove to be against banking regulations.

I have made several attempts to contact Wachovia to settle this issue and I have been offered a $44 refund (significantly less than the $175 in fees assessed). When I have asked for further review, I have been transferred to a "specialist" and after being placed on hold for over an hour, multiple times, have still not been able to get a live person, which is also an apparent attempt by Wachovia to discourage their customers from resolving their issues. Customer service at Wachovia is unable to "return phone calls", so there is no way to request a review and response by their banking specialists

P
Apr 20, 2010 2:39 pm EDT
Verified customer This comment was posted by a verified customer. Learn more

I am writing to you today in regards to the way my financial institution (Wachovia/Wells Fargo) has charged me over $300.00 in overdraft fees to my account based on check card purchases & an ATM (1) withdrawal that caused my account to be "overdrafted" by only $72.00.

Check card purchases made the week of April 16, 2010 were placed on "hold" and not posted to my account until the following week. I am aware the I over drafted my account based on an ATM withdrawal the same week of the purchases. However is it fair for the institution to keep "my money" on hold rather than posting it the following business day? These are electronic transactions (check card, online bill pay etc.) why does this institution wait for the actual receipt or some other kind of confirmation to come to them from a merchant? Just for that reason I don't include the tip anymore on restaurant purchases, I tip in cash. If there was a transaction dispute I would dispute it.

The main reason behind this madness is because they (Wachovia) post the transactions from lowest to highest resulting in the smaller amounts to be so-called paid by them because of the order in which the posted "my money" stating the funds were unavailable when in actuality they were at the time of purchase.

Over the weekend I checked my account and saw that they were charging me $105.00 ($35 x3) for 3 purchases that were on hold which I assumed their system calculated the ATM withdrawal before the charges were posted. So they charged me. On Monday I checked my account and saw that the ATM transaction was "processing" and calculated the amount overdrawn was correct and the overdraft fees were valid.

I accepted this and was overdrawn by approximately $172.00 including the fees.

On Tuesday I checked my account online to assure that was the only amount I was going to be overdrawn only to see that they posted the amounts exactly like I assumed and was charged an additional $210.00 ($35 x6) for ALL of the purchases which were "on hold" which is NOT what I expected. If they had taken into consideration what I spent versus what was available at the time of their shady posting I would not now be overdrawn $387.00!

Upon review of these ridiculous charges with thier customer service they offered to give me a 10% credit of the amount of the fee(s). I felt that this was a slap in the face when I was only over drawn by $70.56. I know it's not rocket science to keep track of your money, but when they use this kind of strategy to hit their customers like this I feel is extremely unfair. I am not asking for a total refund of the fees but only for them to calculate _"_my money_"_ according to what I actually spent vs the amount overdrawn and the appropriate fee.

I know this I am not the only consumer being affected by this but I need some assistance with this madness they have hit me with. Thank you in advance for your time and consideration.

Please Advise...
Sincerely,
Frustrated Customer

F

I have searched the web and it seems a common complaint. It happened to me this past week with Wachovia in Savannah, GA. My wife switched jobs and her first paycheck could not be direct deposit. The check was for a fairly large sum because it included a signing bonus. Wachovia split the deposit into two amounts and held both for 10 days (in fact one is still on hold, the reason the other is not is because I asked for more than 5 days for it to be released finally someone listened.)

I have three mortgages (worth in excess of 1M, ), two lines of credit (one with no balance and 70K available), a business account, savings account, brokerage account and credit card with this institution. I have never been late or had an NSF.

What has turned me off Wachovia is the lack of customer service and inability of the branch to think and act autonomously. I was given a bunch of policy this and procedure that, but I know if someone in charge wants something to happen they can make it so. It irritates me that managers and employees HIDE behind policies and procedures instead of using trying to assist a customer of more than 15 years.

It is time customer service in all industries (including banking) to make a come back. I urge everyone who has been the victim of poor customer service to take action. Write the offending company, take your business elsewhere, tell a friend, write a blog. DO SOMETHING! It might not help you, but it may help the next person!

F
Mar 16, 2009 7:54 am EDT

Read your disclosures.

T
Feb 18, 2009 5:31 pm EST

I have the same problem. I can't get any answer out of my loan officer. I've even sent her flowers but nothing. It's been about 4 months for me. It makes me wonder if it's advantageous to start missing payments so they pay attention to my account.

P
Dec 01, 2008 8:34 pm EST

hey bud,
check out, or google, whats called a "reg cc" limit. every person has one based on their credit and history with a certain bank. that is what bases how much you are allowed to go "over your limit" in your checking account before a transaction is denied. also some debit/credit transaction take time to post to your checking account, depending on who the vendor banks through, if those transactions are presented earlier or later than what you expected to your account, there may be possible oferdrafts. the best policy for a checking account anywhere, no matter where you may bank at, is to stay on top of your balance daily, and never spend over that limit, because a deposit, even though you think might be in the account, may be processing still. all transactions whether they are deposits or debits take time to proces through the federal reserve. i am not supporting wachovia, but the majority of the time, an overdraft is no ones fault but the owner of the account. hope this hepled some, and good luck in your future indeavors bud.

A
Nov 03, 2008 9:26 am EST

i've mainted my bank accounts with wachovia for over seven years (and it was first union before then before wachovia bought them out). only in the last few months did i face several overdraft charges despite paying back the money promptly the very next day. I myself am deeply disappointed with the greed that Wachovia exhibits in this regard and I hope somebody launches a class action lawsuit against these greedy ###.

P
Nov 03, 2008 9:19 am EST

Wachovia held my paycheck for 14 days

My employer direct deposited it on 10/22/08 and it was cleared on 10/23/2008.

Its still on hold and no one gives right answers ...

I've decided i am closing my account as soon as i get my money which is still on hold

ADVERTISIMENT
ADVERTISIMENT