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Wachovia Corp Overdraft Fees


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How to file a complaint against Wachovia
Posted by Mrsdee36 on 11/18/2007
I've only been with Wachovia for 3 months and never in my entire banking experience have I ever dealt with such GREED. I too was charged $70.00 a piece for 3 separate fees that totaled $210.00. I had a situation were a merchant double swiped my card but only had an authorization for one of the fees. Well, Wachovia used that situation for their personal advantage. The item never posted to my account twice, but Wachovia charged me 3 $35.00 on my check card hold items and $35.00 when they posted. Due to the one item still being on hold. When in actuality, I had a positive $53.00 balance. I called them to fix this problem and they gave me the run around too. (They made no sense at all.) They refunded my $53.00, but left the $157.00. WOW!!

So I did my own research about this Greedy company and found out that there are thousands of complaints just like mine. I also found out that as Consumers, we have rights against GREEDY BANK INSTITUTIONS like WACHOVIA. If you want help, file a complaint with the OCC. The Office of the Comptroller of the Currency (OCC) is a bureau of the United States Department of the Treasury. The OCC charters, regulates, and supervises over 1,750 (as of September 30, 2006) national banks and their operating subsidiaries to ensure a safe, sound and competitive national banking system that supports the citizens, communities and economy of the United States. The OCC also supervises federally licensed branches and agencies of foreign banks. The national banks fund the OCC through assessments paid by the banks based on their assets and fees they pay for special services.

The website address is http://www.occ.treas.gov/index.htm.

It's sad because Wachovia has merged with other Good institutions and have poisoned them with their greedy ways. They failed to remember that "WE THE CUSTOMER, GO OUT EVERYDAY TO WORK FOR OUR DOLLARS", not to just have them sit on there backsides and calculate how to make easy money off of their customers. I don't even know why they have a CUSTOMER SERVICE DEPARTMENT! They should call it the "PISS THE CUSTOMER OFF DEPARTMENT".

I personally know that the representatives & managers have nothing to do with this greedy policy, but when you guys go to these meeting, you need to speak up to these GREEDY OLD MEN & WOMEN who put these actions into effect, because remember, they are taking your money TOO!!!

FIGHT WITH KNOWLEDGE, NOT WITH YOUR HANDS!! Remember, you are the consumer, and without you WACHOVIA IS NOTHING!!! Contact the OCC!!!

GODBLESS!!!

     
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Posted by tnchuck100 on 2007-11-18:
Very good review. Thank you. I hope your first three months with them was also your last three months with them.

Find a credit union. They are far better to their customers.
Posted by mrsdee36 on 2007-11-18:
I agree. I did start with a credit union when I left them. They know me as soon as I walk through the door. I LOVE IT!
Posted by Ponie on 2007-11-18:
'a merchant double swiped my card but only had an authorization for one ' I think this is who you should have a complaint with, not Wachovia. But, of course, Wachovia has deeper pockets than those of the merchant, right? If I were you, I'd complain to the merchant for a refund of the charges.
Posted by mrsdee36 on 2007-11-19:
The merchants 2nd swipe never posted, so it never came out of the available money in my account. It was only on hold for two days. Wachovia charged a $35.00 fee for something that never posted to my account.
Posted by Anonymous on 2007-11-19:
What the OCC will do is investigate whether Wachovia followed proper procedure and banking regulations concerning the transactions you are complaining about. Chances are they did.

Even thnough it didn't hard post to your account, those funds were still held and could not be drawn against. That was why you were charged fees. They usually stay on hold until the bank receives the actual charge from the merchant at which point it will hard post to your account. If the bank does not receive the require information for the transaction, the hold is released and the funds become available to draw againt (per regulations). You should have had the merchant contact your bank to remove the additional holds.

You have a better chance of complaining to the merchant who caused the error in the first place and get them to cover your fees.
Posted by mrsdee36 on 2007-11-23:
I never understood why the older generation never places all of their money in one account until this situation happened to me.

Why do we place our money in the bank? The main reason is for protection. Most consumers just want the peace of mind of knowing that no one can break into their homes, cars, etc. and take their hard earned finances. So in actuality, Wachovia is really the "WATCH DOG" of their customers funds.. CORRECT? So when "THE MERCHANT" made a mistake, and double swiped my card, why didn't my "WATCH DOG" look out for me when I called?

It is to my understanding that WACHOVIA is already benefiting just by having me as a customer, because they are making money off of my money (and THOUSANDS of people just like me) just sitting in their institution.

So if my funds (and the thousands like me) are helping WACHOVIA's BANKING INSTITUTION to grow, wouldn't itbe important to them to LOOK OUT FOR ME? Remember the merchat doesn't protect MY MONEY, WACHOVIA does.

The Merchant fixed their mistake, but WACHOVIA penalized "ME"(the one that entrusted THEM with MY MONEY) for the Merchants honest mistake that was fixed. I don't beleive in punishing Merchants for honest mistakes, especially when they fix them.

So again, why do we need WACHOVIA? The COMMERCIAL IS A LIE!! The customer service is the worst I ever dealt with, and I am a 10 year TOP CUSTOMER SERVICE REPRESENTATIVE that works for a FCC Regulated Company. So I "KNOW" Customer Service very well!!

Anyway, Wachovia is no longer my BANK, and never will be again. I hope those fees they've collect were worth it. God Bless.....
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Overdraft fees
Posted by Alonis on 06/24/2010
I have spent the last hour reading everyone's posts. I wish I saw this a few years ago. I was charged 280.00 for "pending" transactions I was not in the negative until these charges posted to my account then when the charges actually posted I was charged another 105.00 in fees. I am not sure what is worse the money or speaking to managers & executive office I even sent an email to the ceo with no response. They just want to justify to me why they won't refund my money. They would rather I close my account (which I did)pretty soon more and more people will close their accounts and hopefully less will open one. There are at least 5 branches here in my town I work with the public and will tell everyone I come across about my experience with This Bank. No more surprise fees no more aggravation and FINALLY NO MORE STRESS. I hope that anyone reading these posts and are thinking about opening an account with Wachovia DONT save yourself the stress .
     
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Terrible customer services
Posted by Oliver3167 on 04/24/2010
I had Wachovia for about 10 years.., before they used to be First Union Bank, well I can't believe that they have no respect for customer and I know that just like I'm leaving now they will continue loosing clients...,

I had 3000 in my checking account and 2000 on the savings account, they I wrote a check for 3200, which they I thought they were going to accepted because I had money on the saving account, well they didn't and charge me 35 over draft fee, and bounce the check.., but when I log in to my account on the Internet it shows me available credit 5000.00.

Anyways I had enough with them, plus I think since they merge with Wells Fargo they change on the bad way
     
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Posted by Slagathorn on 2010-04-24:
Is your savings account linked to your checking account for overdraft protection?
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Misleading Company, and Terrible Customer Service
Posted by Stace2sweet on 04/16/2010
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 representative 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 minutes 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 manager 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.

     
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Posted by goduke on 2010-04-16:
That's rough. I'm assuming that the cell phone company put the automated charge through early?
Posted by skelly39 on 2010-04-16:
No offense, but you should keep track of your money, unless, like goduke said, your cell phone charge went through earlier. In that case, you have an issue with the cell phone company.
I just got hit with three fees last night for making a dumb mistake in my checkbook, and each fee is more than the purchase itself. My fault, and I knew the consequences if I ever dared make a mistake on my account. That's why you have to stay on top of your account, so the bank doesn't take advantage.
Posted by Stace2sweet on 2010-04-17:
The problem that I have with Wachovia is instead of charging me 5 overdfraft fees for the things that already posted to the account I should have been charged only 1 for the cell phone charge.
Posted by PepperElf on 2010-04-17:
however keep in mind of this - the bills are not processed first-come-first-processed

they are processed highest-first

yes many people hate this however, that's how the databases are designed.


what i often do when i am running short, but know i'll have money coming in soon... i'll hold off on the little purchases until i can see the money in the account.
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How Do They Sleep At Night
Posted by Wachovia on 03/05/2010
I was in tears after realizing that I had overdrafted my account by $4.69. I'm a broke college student with no money and explained that my mother could only afford to send me $50. They charged me the $35 fee anyway, knowing that I would not eat because of it, and INSISTED that there was nothing they could do.

Where has HUMANITY gone??
     
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Posted by goduke on 2010-03-05:
Was this the first time you had overdrafted the account? Typically bank, even the big corporate ones, will give you a free pass on one NSF.

To answer the original question, though....they sleep very well at night in big soft comfty beds that are funded by huge NSF incomes.
Posted by Anonymous on 2010-03-05:
They really don't care what the reason is that made you overdraft. If everyone that overdrafted simply stated that they can't afford to pay it, then the banks would lose a lot of money.
Posted by Anonymous on 2010-03-05:
Do you keep track of your account? That's one way to avoid overdraft fees is to keep track of your account. If this was your first overdraft, did you ask, nicely, for a refund of the fee?
Posted by Anonymous on 2010-03-05:
Usually they will refund one overdraft fee. Hopefully they will for you. Either way, there is a lesson about account management to be learned, and if you learn it at a young age, it will greatly benefit you for the rest of your life.
Posted by Anonymous on 2010-03-05:
I had to teach my broke working her fingers to the bone daughter that when you don't maintain your bank account and you are paying then half your paycheck in fees you are making them rich. The money she paid them for her irresponsibility could have bought her a car. She learned. You will to.
Posted by momsey on 2010-03-05:
Do you have a job? Haven't you had jobs over the years and put money away in a savings account for emergencies?

Sorry, it stinks that you overdrew your account by a few bucks and had to pay a big overdraft fee, but I really dislike it when people put in their reviews how poor they are and now they're not going to eat because of the fees they legitimately incurred.

If your mom sent you $50, and you had to give the bank about $40, you had $10 to buy a boatload of Ramen noodles that would keep you fed for a few weeks.
Posted by Anonymous on 2010-03-05:
I'm pretty horrible with managing money.
But the six years I been with my bank I never had a overdraft I don't spend money I don't have simple, keeps the banks grubby hands of me
Posted by i_am_canadian on 2010-03-05:
I don't know your exact circumstances and I'm not being judgemental but if you don't have a job, may I suggest you get one. I worked all through college, it was tiring but it can be done.
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Overdraft And Unavailable
Posted by Meshamouse on 06/09/2009
CHARLETTE, NORTH CAROLINA -- First I was charged a $35 fee for a check they created on "bill Pay" but there were no funds in the account, so they only wanted to offer me half of the over draft fee instead of the full amount. From the previous times of having Bill Pay, when there is no funds in the account the Bank DOES NOT PROCESSED TO MAIL OUT A CHECK WITH NO MONEY IN THE ACCOUNT... But WACHOIVA DID!!! If I wrote a check with no money in the account that's Check fraud! So why would The Bank Make a check, mail it out and charge ME for the check no being used when there was NO MONEY IN THE ACCOUNT TO BEGAN WITH!!!! I spoke to the sale SENIOR SALES representative in online bill pay dept and she informed me that she was the only one for me to speak to and I could not disputed this with anyone but her! Now I'm being to keep better track of my spending to avoid Fees... but since the economy has worsened, I’m being charged fee for no reason!!!! Over this past weekend I have written down everything I spent. I look at my Account and I was charged $140.00 in overdraft fees over the weekend and the reason being was because I used my Credit card instead of using debit!!!

Then the representative went on to explain that I was going to be charged 3 more $35 fees for Visa directly taking the money out of my account instead of them which they are calling "UNAVAILABLE FEES". If the money has already been taken out of my account then the money was there and available! ALL IN ALL I WAS CHARGED 9 fees for 3 Items!!! If anyone has any way to dispute this please LET ME KNOW~~~
     
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Posted by Soaring Consumer on 2009-06-09:
I agree, Wachovia would obviously know that the account was empty when the check was sent. Check your terms and conditions to see if it says that they will still send the payment if there are insufficient funds if bill pay is scheduled. If there is nothing about this, or if it states that the bill pay would be suspended in this event, then Wachovia has indeed committed check fraud just because they knew they could get an overdraft fee.

Furthermore, what kind of bogus fee reasons are those?! Used credit card instead of debit? Visa took out the money instead of them? What?????

I suggest that you contact the Office of the Comptroller of the Currency.
Posted by yoke on 2009-06-09:
Why did you waste your time requesting the bill pay if you knew the funds were not there?

Posted by BokiBean on 2009-06-09:
I can't follow this..
Posted by Anonymous on 2009-06-09:
Yoke, it sounds like it might be an automatic (monthly) bill pay.
Posted by Ponie on 2009-06-09:
'Check your terms and conditions...' Bingo! Not just for this instance--for anything. If it says they'll send out checks when you have no money available, then I agree you've been wronged.
Posted by yoke on 2009-06-09:
MissMarple, even if it is an automatic bill pay it was the OP's job to make sure the funds were available.
Posted by Anonymous on 2009-06-09:
Bill Pay is a separate system. If you set up an automatyic payment, it processes on the due date and in effect, you *did* just write a bad check. It is only when you are processing a one-time payment that it is looking at a live balance, and even this may not be true on all systems.
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Poor Bank
Posted by DD4 on 11/12/2008
ATLANTA, GEORGIA -- I check my checking acct. at least 3 times a day. On Nov. 10 I realized that I was going to be short if a larger check went through. At that time the bank had no knowledge of the check being submitted. So I raced to the bank and specifically asked the teller to make deposit it as cash and was assured that the deposit would be posted when the system updated around midnight. This was at 4 p.m. I was also told on a previous occasion that all deposits are processed first, before any charges are posted.

So I was relieved thinking that we were good. I checked my acct. at 11:45p.m. and I still had a positive balance. The next morning I checked my acct. only find that not only was my deposit not posted but my acct. was overdrawn by over $400. I called the 800 number only to be told that nothing could be done that day because it was a Veteran's Day and the offices were closed. So first thing Wed. morning I went directly to my regular branch thinking they were going to be able to help , but I was told that I shouldn't have been told that the deposit was going to go through, that it wasn't their fault, and there was nothing they could do. Now later this same day my husband received a check from an insurance co. written out of a Wachovia Bank.

Again this was after 2 p.m. The teller told my husband that if he deposited the cash at bank (because he cashed the check first) it would not post until Thurs. morning but if he deposited it through the ATM it would be available and would cover any transactions that we make. Why wasn't I told that when I told the teller the importance of that deposit being available? Every time something like this happens I'm told a different answer and when I think I got it licked they tell me that's not their policy and I should never have been told that. I firmly believe that their are no competent people working at the company.

Oh, a further note, an employee at the bank told me that all the transactions from the 7-10th were posted to the acct. on the 10th but I had an available balance at 11:45 p.m and they left one transaction pending that was done on the 10th. Go figure. Now I don't have the funds I need to pay my bills and buy groceries. Thanks Wachovia. I'll be closing my acct. as soon as all my debits clear.
     
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Posted by Anonymous on 2008-11-12:
Rather than depending on bad answers, why don't you just manage your account responsibly and not write checks before the funds are in the account. Checking your account online, no matter how many times a day you do it, is not a replacement for keeping a check register and tracking your balance.
Once you know what should be in your account by checking your register, it's way easy to verify it online, but online alone is just not going to work.
Posted by Anonymous on 2008-11-12:
Right on Ken! I wonder when people are going to wake up and assume responsibility for their actions.
Posted by madconsumer on 2008-11-12:
the word "available" means just that. what money you can have.

unless banking laws have changed, any transaction after 2pm local time is considered next day business.

lastly, you wrote a check that was 400$ over your available balance???? sounds like you were trying to float a check, and that does not happen any longer.
Posted by Anonymous on 2008-11-12:
Mismanaging your account and then claiming Wachovia employees are incompetent hardly makes for a believeable review.
Posted by chemman on 2008-11-12:
I agree with everyone above except, Ken, I have to respectfully disagree that online alone doesn't work. I haven't had a check register since sometime around 2001. I have never bounced a check nor overdrew my account. It probably helps that I pay all my bills online and don't generally use my debit card for any purchase under $30 or so. Oh yeah, that and I'm responsible.
Posted by old fart on 2008-11-12:
I keep a check register and check it on-line every day..
I haven't had an overdraft in thirty years..
Posted by Ponie on 2008-11-13:
madconsumer, I don't think it's a 'law.' I'm not positive, but I think it may depend on the individual bank (or maybe state). At the bank I use most, anything prior to 3:00PM is considered that day's business, anything after is next business day. Don't know about the others because I don't use them that often.
Posted by jktshff1 on 2008-11-13:
Doesn't anybody know what personal responsibility means anymore?
Posted by Anonymous on 2008-11-13:
It is definitely not a law, it is the policy of the individual bank. In fact, it may vary from branch to branch, depending on the distance to their processing center. The only law that comes into it is that it must be disclosed at the time of transaction, and if you look at your receipt, you'll see that it has the next business date on it.
Posted by yoke on 2008-11-13:
You do realize the reason your account was overdrawn is the bank paid the check. If you don't hve money for groceries or other bills you should never have written the check. Once you husbands check was deposited you should have become positive and be able to pay your bills. How is this the banks fault?
Posted by DD4 on 2008-11-13:
I appreciate all your feedback. I think there are some things that you don't understand. I was not over budget when I wrote that check. This is not something I don't do regularly or on purpose. Unfortunately, I made a mathematical error and realized it was going to create a problem with my acct. so I made every attempt to ensure that didn't happen. I am quite responsible with my money and this is not a habit.
Posted by yoke on 2008-11-13:
Your mathematical error is what caused you not to have enough money for groceries, not the fact that the bank paid the check. Once the deposit went in you should have been ok, minus the NSF.
Posted by jktshff1 on 2008-11-13:
DD4...thanks for coming back, It's a hard lesson learned. Everyone makes a mistake every now & then.
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Wachovia Math
Posted by Allogagan on 06/03/2008
BALTIMORE, MARYLAND -- I have had an checking account with Wachovia now for about 3 years I had switched from another bank due to the way the other bank handle disputes with an unauthorized charge. Anyway I am really getting sick and tired of the way lately Wachovia does its math for charging one an overdraft fee which has gone up nearly $6 since I originally started the account. The way Wachovia does it with a check card is when you make a purchase they "hold" the money till it clears which means they take out the money but its not really taken out till it clears so therefore if you use more then the available balance they will hit with an overdraft fee on the check hold amounts.

Then if you don't clear up the fees before the holds clear they hit you up again for the overdraft fees. Also they way they clear holds is kinda geared to making more fees also. When the holds do clear they clear from the highest amount to the smallest amount no matter the date when they were actually made it so you can overdraft on smaller amounts even if they were made when there was plenty of money at the time of purchase. Another thing that has been happening to me a lot including 3 times this week is that a check hold would just disappear from the records on the site for 9 or 10 days then sudden reappear already cleared which again can cause an overdraft. When I asked 2 different Wachovia employees at 2 different branches about this they said it was my fault and that I should be keeping better records. And if I send a check or anything someone its my responsibility to make sure they don't make another check or anything if I didn't want more money taken out.

Which was telling me all they are doing is just holding the money hoping to get a piece of it and they are not assuming any responsibility if they clear or cash money coming out without my prior knowledge. And finally how is one suppose to keep good records if the bank doesn't give proper information to start with on any location to verify it.

     
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Posted by spiderman2 on 2008-06-03:
Do you keep track of what you have spent versus what you deposit some way other than looking at your available balance? I write everything down when I spent it and act like it is gone, even if it hasn't cleared. I have had no problems with this system as you are not trying to float money to yourself.
Posted by old fart on 2008-06-03:
Trying to play games with check float is financial russian roulette.
When you write that check or use your debit card, consider that money gone!
When I use the debit card I put the receipt in my wallet and when I get home, IMMEDIATELY enter it into the checkbook and subtract it..
I know that this is probably bordering on obsession, but I also go to the bank website and balance the checkbook every day...
It takes discipline but it saves a bunch of money in O-draft fees
Posted by Allogagan on 2008-06-03:
I did these things including keeping track of everything on MS Money and still got hit with the Overdraft charges casue of the way they do the math. I once had money in the account I think it was $100 and so I made purchases but I relized after the last purchase that I made a mistake on my own figuring by a few cents (anyone can do this at times) so I went to nearist branch (I have never seen a stand alone atm from Wachovia) to make a deposit to cover the few cents I was other wise going to be over. I found out when I got there that not over did they charge me the $35 already for the few cents but $35 for another charge cause of the way they look at the charges they went from largest to smallest not the order of purchase and therefore they seen it as 2 smaller charges actually overdrafted instead of the last purchase made. So instead of $35 they manged to get $70 of free money. I call it free money cause when you make a check hold its not paid yet to the place of purchase and its not actually in accout so therefore they can't use the excuse its to cover their expensies since untill they actully pay the merchent it hasn't actually cost them anything.
Posted by Anonymous on 2008-06-03:
If you don't already have the money available when you swipe the card, you're overdrawn, plain and simple. It's pretty hard to say this, but they are right, and you are wrong. Debit cards are not your friend. Consider this, if you have written a check instead of using the card, you'd have stood a chance of getting the funds in, in time.
Posted by yoke on 2008-06-03:
I am so confused as to why people feel that if they use the debit card the funds are still there until the merchant is paid. IMO, once you swipe the card the funds are gone, even if there is a hold on the amount. If you don't like the way your bank does debits/credits pay cash. Go to the ATM and withdraw the money.
Posted by old fart on 2008-06-03:
Allogan... the bank's math is inherently more accurate than yours.
I've never used any of the fancy-schmantzty money programs and likely never will..
All it takes is a pencil and and self discipline to keep yourself out of financial hot water..
Practicaly every bank on earth allows you to see what items have cleared and which haven't.
Get used to using that...
Posted by CrazyRedHead on 2008-06-03:
I'm with BOA and I have never had a problem with the way the funds clear, they clear my account in no special order. But if you have the money in there it shouldn't matter in which order they clear. I keep a checking register and when I make the transaction I write it down and it is immediately gone. used to play the float game and I nearly went to jail. I haven't had a problem in over 10 years.
Posted by old fart on 2008-06-03:
The "float" game is just that! A GAME...The only loser is the guy floating checks...
Posted by Allogagan on 2008-06-03:
Its not a matter of floating if you you make purchase at least show that they are holding the funds on some type of public area such as your account listing on their website. I may be to blame for not carry a check book to use a debt card but don't they have some responsiblity to show good records. I would understand it more if they actually took the money in the order of purchase not any order they feel like doing it in. I have been with other banks where they had a check hold system but with them the money was out but if you happen to use more then whats in the account then you would have 24hrs to replace those funds before being slaped with a $35 fee. If they don't want you to overdraft at the banks do like they used to and just refused the card when attempting to make a purchase for more then what you have in the bank and not just let it go thru and make you pay a fee for that. Banks are not blameless in this either. If make 3 purchase in the order of $25, $20, and $54 in that order why make the $54 clear before the other 2 if it was actually the last one made? To me that just looks like a way to make you pay fees if any on purpose. When I did keep a registar with me and the first time I was charged a NSF fee I showed them if they did it in the order of purchase which is how people actually imput them in the Registars that people here are standing by I would have only overdrafted once but by the way that Wachovia does it I was shown to overdraft twice. You don't enter entries in the order of highest to lowest do you? You enter them in the order of purchase. I will take most of the blame when it is my fault but when a Bank is willing to say its all my fault cause of the way they do things and that its my fault if a company makes a false check to my account its still my fault cause at one time or another I had done a transaction with them. I draw the line there. If I don't write the check then why clear it? They have cashed checks without even my name or signture on it but they still said its my fualt cause it was my account.
Posted by yoke on 2008-06-03:
If you had enough money in your account to cover the 3 transactions it should not matter in which order they are taken out.
Posted by Ponie on 2008-06-03:
'...keeping track of everything on MS Money...' Looks like you keep track of your money on the wrong program. The superior program is simple: a check register. I've not heard of any financial institution which lets you open a checking account without giving you this stapled booklet with a lot of horizontal lines on it plus a few vertical columns. Whenever you have activity in your account, you make the appropriate addition/deduction in the far right column. When that amount hits zero--you stop spending money! Rather than using MS Money, I think you could be helped by a course of 'checking accounts 101.' By your own admission, you've had problems with two different banks in four years. Don't dramatize--simplify!
Posted by old fart on 2008-06-03:
Allogan... until you come to realize the fact that YOUR checkbook is YOUR responsiblity, you will be doomed to a life of check charges and overdraft fees...
Blame anyone you want but the fact remains it'S YOUR CHECKBOOK!
Posted by old fart on 2008-06-03:
Allogan... Here's an example you may be able to understand...When I go to Walmart and purchase groceries, by the time I get home 5 minutes later, that transaction has already cleared.
If I go to a local restaurant down the street their machine may not have been cleared for 2 days, but that doesn't mean that I still have the price of the meal in my account.
One minus one equals zero..
This is the first time I've voted a review "not helpful".
I'm done preachin'!
Posted by cherpep on 2008-06-03:
I think I may understand what you are trying to say, Allogan, that the bank should not charge you an overdraft fee until the money is actually being taken out of your account and is found to have insufficient funds. I agree with that point.

If you are at a store and have $25.00 in your account, and use your debit charge to purchase a shirt that rings up at $25.02. You realize that and hurry up put $10.00 into the account and feel safe that your account now has $35.00 to cover a $25.02 charge.

However, the bank took the $25.02 charge, put a hold on the $25.00 and charged an overdraft of $35.00; putting your account at minus $35.02 status. Your $10.00 deposit places it at minus $25.02 status. When the money is actually paid out you receive another overdraft fee. That does sound unfair.

I think you should consider a credit union. You get all the services of the bank, with much fairer practices. You'll still need to manage your account and keep accurate records. However, if this example was applied to an account in my credit union, there would have been no fees applied.
Posted by Allogagan on 2008-06-05:
yes cherpep gets my point. Also as a side note for those who are backing the banks 100% on this issue consider this point also. Some here suggested to take a look at my TOS with my bank about stuff well I did and found some interesting stuff to point out. Mainly it is stated both on the Companies Accounts website and in the TOS that check holds are 'only' held for "Up to 3 days or untill the amount clears" I am not sure if its which ever comes first but the cases I was complaining about on this location were times where a check hold is shown on the account site (among other locations such as the phone service) then the next day it is gone only to reappear 9 to 10 days later. This is long past the 3 day limit the bank says itself that it would hold the money. So my point is this, the bank is not even following its own rules it has set forth so how is one truely suppose to know if and when something may be coming out. If it was there one day then is gone for 8 to 9 days then nearly 2 weeks later it shows up again and this time clears is the banks truely blameness. I say no, they should be held to their own rules too. If a check hold doesn't clear after the 3rd day (I will even not count weekends and holidays if you want which would give it up to 5 days) then it shouldn't clear at all.
Posted by yoke on 2008-06-07:
If you deduct it from your account as soon as you use your debit card you will never have to worry about when it will clear. I made a purchase last week. It did not show up on my account for 3 days. I deducted it as soon as I made the purchase. It did not matter that it did not show up until 3 days later, IMO the money was not there.
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Overdraft Fees
Posted by Kymndavid on 03/14/2008
NORTH PALM BEACH, FLORIDA -- My Mortgage Account is overdrawn by .36 cents.

Ok here is the background. on what happened.

My mortgage Cleared the account, I usually keep a little extra in case of emergencies.

On 3/6 I made a purchase at BK for me and my daughter for 14.64 leaving a account balance of 14.05 when I balanced my checkbook the online account agreed with this.

The next day I went to Winn Dixie to grab some baby food and pick up medicine for my wife. The medicine was 10.00 at the pharmacy leaving me 4.05 left in the account. I forgot my National City bank card, so I was not expecting to use this card today. I picked up some baby food 3 for 1.00 the total should have been 3.00 plus tax, unfortunately the register did not recognize the customer reward card and I was overcharged .36 cents. Ok my fault I did not catch it until later that night, and I entered my pin while talking to the store mgr who was at the register playing with my little baby.

I should have been charged 35.00 overdraft and I understand this, but I got charged 105.00 and went negative 105.36 from what I can tell I was charged 3 times for 1 overdraft, I called the branch mgr, who was a total jerk. Refused to refund any of the money, now all I was asking for was a refund of 70.00 what I legitimately owed, the branch mgr hung up on me and instructed his employees to hang up on me if I called back, on the third try a different employee at least gave me his name, something he refused to do.

No matter how you do the math you can clearly see the overdraft was over the 4.41 (Which I do not dispute) I called customer service the first phone rep was at least nice, and said I was definitely right and gave me a another number to call, because she did not have the codes to override.

The third person basically was useless in help saying that the way it happened is they bounced the BK transaction because the Winn Dixie transactions added up over drafted, say what????

So basically I said ok, I agree to the first over draft and I am willing to accept it, but I wanted the refund of 70.00, she said not going to happen. So ok I said I guess I will have to initiate a small claims suit to get money back, at this point she said ok have a good night and hung up phone.

So basically because a Branch Manager was a jerk and 2 reps refused to at least compromise we are going to initiate a Small Claims action.

The wife is a Paralegal and I am studying Paralegal and I have what I believe is a strong case, Wachovia is going to have to pay more money to fight this case, which they will probably not win or even if they do not fight they will have to pay the judgment which we are going to ask for 5 grand the max allowed. I personally hope they fight because I want to see them explain how they charged these fee's and why. Even if I lose I will walk away saying I did not bend over and take it on the downside. I personally think anyone who disagrees with the bank levels fee's you have the right to ask the court to intervene, make the banks pay attorney fees or pay back your money.

The way this works is we will get a pre trial motion. This will be held by a arbitrator, not the judge, if Wachovia refuses to meet my demands I get a trial date. If wachovia does not show I win by default. Either way Wachovia is going to spend way more then the 70.00 in fee's they refused to hand over.





     
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Posted by Anonymous on 2008-03-14:
You haven't got s prayer. You admit that the overdraft is your own fault. The bank discloses how they clear debits in their statement you get when you open the account.
Your only recourse is to close your account and go someplace (like a credit union) which is a little more forgiving.
Posted by ejack053824 on 2008-03-14:
I agree with Ken here. The judge will dismiss this case.
Posted by tnchuck100 on 2008-03-15:
Debits on mortgage account?
Posted by Aerocave on 2008-03-15:
I have a simple solution: Don't take let balance get so low. You are just asking for this to happen. I realize things are a little tight right now, but come on...
And on another note, ask yourself this: Is it really worth it to pursue this legally over $70(you don't stand a chance of winning anything anyway) just to prove that "you don't take things in the backside."
Posted by kymndavid on 2008-03-16:
Actually I do have a prayer.

First the way it works they have to show up in court for mediation. If they do not I win by default.

Second I have proof to show that indeed they drafted my account and then charged a overdraft fee after the fact. While I do admit $35.00 is my fault the other $70.00 is indeed not. Remember this all could have been settled by the Branch Manager but instead he had a attitude from the get go.

I am suing for 5,000.00 70.00 actual damages 4,930.00 in punitive damages. If they do show up for the first hearing it is a mediation hearing in this case the mediator hears both sides and then encourages us to settle before going to court. I will indeed settle for a slightly lower amount of 5k, if not I will go to court.

In reality it will cost Wachovia much more to defend this claim, they will be the biggest loser if I do not prevail. Typically The courts here do not reward the defendants attorneys fee's in small claims court if I lose i am just out of my filing fee.

I know how the court system works, wife is a paralegal who already has drafted a 3 page complaint.

And to clear up another thing, we do not use Wachovia as our main account, it is a separate account that we fund once a month to pay our mortgage, We bank at another bank and after this we will be opening a second checking account there and closing Wachovia.

And the only reason why there were debits was because I forgot to place my Banks ATM card back in my wallet and I do not use credit cards.........

Anyways I will update on the progress of the court hearing's, we are filling this week.
Posted by Anonymous on 2008-03-17:
Yeah, good luck with that. If you succeed, you'll be the first.

The banks processes transaction in any order they chose per your account terms and conditions. You made an incorrect assumption. It has to get to court or mediation before you can even fantasize about a default judgement. It's highly unlikely.
Posted by Ponie on 2008-03-17:
Aw, c'mon! Punitive damages? For What? Because you admittedly goofed? Be prepared to be laughed out of court. And in that case, *you'll* have to pay court costs. If this is an example of the legal education you and/or your wife are getting--might I suggest you change schools? And don't kid yourself that they won't show up in court. They have oodles of attorneys on staff. Consider yourself fortunate you're only charged $35 for overdraft. My bank charges $38. Next time don't cut it so close.
Posted by jktshff1 on 2008-03-17:
They have more money and time than you do.
Posted by Anonymous on 2008-03-17:
jkt, how do you know that?
Posted by jktshff1 on 2008-03-17:
May be wrong, but if that is not the case the op would not be running that close on the account.
Posted by Slimjim on 2008-03-17:
Since when is $5000 an amount you can sue for in small claims? I always thought it was around $1500. Like the others said, regardless of venue, what court is going to see you as someone who deserves punitive damages at all, let alone what you are asking. Your wife may want to talk to who she works for in regards to some viable guidance. A real attorney.
Posted by MSCANTBEWRONG on 2008-03-17:
I think the small claims amount is determined by state or jurisdiction...
Posted by Suusan B. on 2008-03-17:
Aren't you a smart cookie! You know all the big legal words yet can't seem to balance a checking account. It appears that you and the wife haven't gotten to the point in your paralegal training where you learn to read and understand agreements.
Posted by Aerocave on 2008-03-17:
You are simply on a different planet. Good luck--you'll need it!
Posted by AJV on 2009-06-10:
How did your case turn out?
Posted by kymndavid on 2009-06-11:
We got our money back and that was it. Learned a lot along the way, but in the end if you believe you were wronged you should fight it out. The Banks are not always right despite what others try to tell you. Its funny now that we are National City we have not had 1 problem with accounting and mysterious balances like at Wachovia.
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