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Unavailable funds fee, misleading and under defined right or wrong?
Posted by on
SOUTH CAROLINA -- I have a custodial account for my teenage brother. He has a job and has his check direct deposited. His check card only has hsi name on it because the account is for him. apparently Wachovia says that even when you use online banking it is not correct. The situation is this, my brothers available balance was $46.04 the 7/6/09 the day his check was directed deposited in the amount of 279.08. That leaves a balance of 343.12. Online banking shows transactions being deducted from his account leaving him with 36.11 left as of 7/6/09. (I have the print out from online and 2 from 2 different bank personnel, a teller and account manager) Every thing is the same. Then the banks posts a 245.00 unavailable funds fee to his account putting it at -208.89. Now I asked customer service on the phone and the account mananger and his supervisor at the local branch to explain how this is possible. Their answer is that There are holds on the account in the amount of 54.08 that have not been posted yet. The manager states that all the transactions that have been posted and are showing taken out of the account are the cause of the unavailable funds fee. He says that even though is shows it cleared and money still available, the holds have not posted so theorectically the money that paid for the posted purchases has not been taken and is not available even though it is showing that it has been. So they charge fees for everything that cleared and posted leaving a positive balance. Then charged additional overdraft fees of 70.00 for a 21.75 and 7.10 purchase even though his balance showed 36.11 and those purchases totaled 28.85 together.

EXPLAIN TO ME HOW IS THESE FEES FAIR WHEN IT IS OBVIOUS THE BANK PICKS AND CHOOSES WHAT THE WANT TO CLEAR EVEN THOUGH IT IS POSTED AND SUBTRACTED FROM THE ACCOUNT IN AN EFFORT OF CHARGE OBSCENE FEES AND ROB A CHILD OF HIS HARD EARNED HONEST MONEY. WHAT IS THAT TEACHING OUR CHILDREN
     
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Anonymous on 2009-07-16:
My suggestion would be to get out your account agreement and read through the sections on debit card transactions, EFT transaction, funds availability, and transaction processing. It should explain all you need to know.
Soaring Consumer on 2009-07-16:
I am perplexed as well. Unavailable funds fee when there is plenty in the account to cover all the transactions? Where these legitimate holds on the account? And why did they choose to take the fee and put the account into the negative BEFORE actually posting the transactions? Is this fee extortion, because this is what it looks like to me.

I suggest contacting the Office of the Comptroller of the Currency. This is screwed up.
Anonymous on 2009-07-20:
Do not rely on online banking to keep track of your purchases and deposits. It doesn't show everything. Invest in a check register. Only you or your brother knows what you all have spent.
The bank isn't supposed to teach your children anything. That's what the parents are for, for giving them a check register and teaching them how to keep track of their money. Just use online banking as a reference. If your register says you have less than what the online banking says, that means something hasn't cleared yet. Sometimes it takes awhile for things to post. This isn't a bank thing, it's a merchant thing.
Unfortunently, sometimes merchants and banks aren't on the same business day.
Just use a check register and getting overdraft fees shouldn't be a problem.
Anonymous on 2009-07-20:
Well said Bearkatkitten!
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The Worst Bank I've Ever Had
Posted by on
FAIRFAX -- Wachovia is hands down the worst bank ever. They steal from you, lie about it and apologize like that brings your money back to you. They hold your funds and tell you that the money has already been deducted from your available balance. Then slap you in the face with overdraft fees. I deposited 500.00 in my account and they took 315.00 in overdraft fees even though I had money in my account before making the deposit and made no other transactions. I tried taking 80.00 out of my account and the ATM said I didn't have funds. I called them to find out where my money went and after spending an hour on the phone and missing my appointment because I was broke, they credited me only 140.00 of the 315.00 and told me that they made a mistake. But refused to give me anymore answers or money. Less than a week later I was dumb enough to deposit another 800.00 in the account. I cashed a payroll check and deposited the rest in my account which was cash. I went to Walmart the same day using my debit card and received another overdraft fee even though I had just deposited cash into the account.

Now I'm no Albert Einstein but why would I cash a Wachovia check, place the funds in my Wachovia account and receive an overdraft fee for using my Wachovia debit card and spending 200.00 in Walmart if I thought that they wouldn't credit my account until the next day even though I deposited cash? Duhh I would've just cashed the check and spent the 200.00 in Walmart. And deposited the cash the following day. Can anyone explain the purpose of using debit if they still place a three day hold on the item? I might as well just use credit. Please do yourself a favor and RUN from this money grubbing bank. Last time I checked I wasn't in the position to throw my hard earned money down the toilet. Not as a single mom with three kids to feed. I have definitely taken my money out of this account and will cancel my direct deposit as soon as the doors to this place opens in the morning. My mom has a security account that she's had with Wachovia before they were even called Wachovia and I will make sure she gets her money out quick. Thanks a lot Wachovia for making me struggle this month. PNC will be happy to see me come back.

P.S - They are open 7 days a week and my money was safe there.
     
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Anonymous on 2009-06-01:
You got an overdraft because the debit hits your account before the credit does. Most, but not all, financial institutions post this way. They probably assume that it doesn't make sense to deposit cash then go out and use a debit card. At any rate, you have to give it a day to post before you start debiting against it.
Anonymous on 2009-06-02:
When you cash a check, some banks will place a hold on any available funds you have in your account for the same amount as the check, particularly if you have a history of bounced checks or overdrafts.
So, even though you cashed the check and then deposit cash, there may still have been a hold on those funds.
There should be a section in your account agreement that explains it.

This is an example of a funds hold from a credit union account agreement..

"If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited the check."

sogone on 2009-12-13:
As a teller for wachovia for over 2 years, credits are "supposed" to post before debits. but, wachovia does lie and cheat with millions of customers, if they fraud $35 from most of them, they recoup their bad business dealings.
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Harassing Calls
Posted by on
During these hard financial times, you would think that people, especially those in the financial industry, would be understanding and customer friendly. That is not my experience with this Bank. Unfortunately, I am one of those people who have fell on hard times and unfortunately have to short sale my home. I have taken all the legal steps necessary to proceed with this.

In addition, I have even applied for the Obama’s Loan Modification plan with the hopes of trying to hold on to my home, which he put in place to help the Citizens of the US, but in my experience so far these banks are truly not following this plan and that is very sad!

To my surprise, this bank is relentless and rude. I receive anywhere from 3 to 8 calls on a daily basis from this bank. Each time, I direct them to my attorney as he is handling my financial matters. In addition, they have been notified directly by my attorney that he is representing me. Still, they insist on harassing me with their rude, obnoxious phone calls.

What I don’t understand is that they are going to receive the same answer each time they call. They are aware of the situation and have been legally notified. So, why then would they continue to harass a customer!

These calls have upset my children and I am at the point of disconnecting my phone. The representatives are verbally nasty and refuse to listen. As a matter of fact, I have had some of them actually talk over me when I am trying to tell them that they need to contact my attorney.

What callers like this need to understand, is that they have no idea what the person on the other end of the phone is going through such as death in the family, sickness, loss of job, financial setbacks, etc. If they were in a bad situation, I am quite sure they would not want to be spoken to in the manner they do. My hopes for these rude individuals is that they are never faced with tragedy that will change their lives forever and have to deal with unsympathetic callers.

Continuously calling a customer numerous times everyday and being rude and nasty to the customer is not going to change the person’s financial status. It only adds to the stress that the individual and their family are dealing with. Do they really think that any of us going through these times want to be in this situation? Do they really think that people who had excellent credit scores want to see these scores drop? Do they really think that a single mother of two children and two dogs want to be homeless?

     
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Anonymous on 2009-05-11:
Saying "I'm sorry" for your situation doesn't help, but I do feel for you. Most of us could be in your situation faster than what we probably realize. I appreciate that instead of wishing them ill will, you hoped that they never experience what you are experiencing..that shows a lot for your character.

As for the harassing calls, your attorney should be able to send a cease and desist letter via certified mail that all calls to you directly are to stop immediately. Best wishes to you and your family.
saj80 on 2009-05-11:
I don't think a cease and desist letter has any validity except in bankruptcy situations. Has your short sale been approved by Wachovia? If so, send them documentation to this effect; if not, then they are under no obligation to stop trying to collect their payments. Remember, your attorney may have suggested a short sale and prepared a proposal, but until Wachovia agrees to it, in writing, there is no basis to disregard your payment. It is unfortunate that the government program is "unavailable" to most people, and according to government economists, the recession has bottomed out. This is not the case where I live, and with the people I know.
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Warning To All Wachovia Bank Depositor
Posted by on
GEORGIA -- I issued a check for $320.00 from my SunT account to be deposited to my Wachovia account on 3/4/09 to cover my online bill payments. On 3/9/09 I deposited additional check for $1550 drawn from the same SunT account. On 3/11/09 I went to review my online statement and I was in shock and so upset after seeing of overdraft fee from one payment to another. Here is what happened; When I deposit the check 0f $320 on 3/4/09 to cover my bills it went through and paid all my bills. And the check that I deposited on 3/09/09, for $1550 also went through and paid my bills. On 3/10/09 the check of $320 that I deposited on 3/4/09 was returned with a $10 fee. Since the check $320 was returned, the check I deposit on 3/09/09, for $1550 did not cover all of the expenses. Here is the scenario: My total expenses was $1500 after paying all the bills, my remaining should be $50 but since they returned my check of $320, I have an outstanding bill of $1180 so the other bills was not paid and Wachovia charged me an overdraft fee from one bill to another. A total of $115 overdraft fee. At this time I investigated the matter and called Wachovia several times and even spoke to the supervisors with no solution.

I also went to my SunT branch as well Wachovia brand to solve the matter. Unfortunately, they just give me a shrug, "Sorry we can't waive the fee." Here is my finding about my checks; The check of $320 I deposited on 3/04/09 was not presented to SunT bank. If you asked what's the proof? OK, when there is a returned check, both banks will notify the depositor in that case "Me" that the check was returned and this returned check will show in my statement with of course the returned fees. What's Wachovia being deceptive here? Wachovia did not process or presented my check of $320 to SunT bank to cash it. Wachovia sent the check back to me instead and charged of overdraft fees with other, now unpaid bills. When I received the returned check, there was no explanation on why they returned my check. All they do is just passed me around and put me on hold but no one are willing to take any responsibility or accepted it was their mistake. One supervisor told me that they have an option to reject the check.

So it could be one of your check that you deposit 3 weeks ago could be rejected. This practice is deceptive and taken my rights as consumer.
     
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madconsumer on 2009-03-18:
was there money to cover the 320$ check in the first account?
Soaring Consumer on 2009-03-18:
It seems like to me that this is a situation of fraudulent refusal of deposit.

Contact the Office of the Comptroller of the Currency and the FDIC.
Anonymous on 2009-03-18:
All you have to do is look at the back of the check. If it has Suntrust's endorsement on it (and it will) it was presented.
CrazyRedHead on 2009-03-19:
Make your payments after you deposit 'all' of your money.
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In My Opinion, Wachovia Is Stealing Funds
Posted by on
LOS ANGELES, CALIFORNIA -- I am having trouble getting my insurance disbursements from my bank. I lost my home in a fire 9/07. It has taken me over 2 years to finish the claim, redesign the house (w/addition) and work my way through the Los Angeles building and safety for a permit (I am on a hillside). In that time my original lender (World Savings) was bought my Wachovia. I been received two different processes (on paper) for getting my disbursements, one was for three draws of 1/3 of total claim with the first disbursement upon receipt of required paperwork, the 2nd at 40% and the last @90%.

I received a second letter 29 days later stating the following disbursements: 20% to begin repairs, 20% after 50% completion and the balance after upon approvals of completion of all repairs.

After receiving one disbursement, I requested my 20% draw at 50% completion. I was then told that I needed only 40% for the next draw. When I called for follow-up on the inspection, I was told that I had been switched to a total loss claim and the requirement for 60%. When the inspection company called for inspection, I was told that they would be looking for 40%. This was confirmed by the inspector. When I called for follow-up from the inspection, I was told everything was fine, I was at 50% and a check would be disbursed by the end of the week. After waiting a week, I called for update and was told that I needed to be at 60% and since I was not there would be no disbursement. I have yet to receive any paperwork outlining a process requiring 60%. In the meantime, I am out of funds, frustrated and do not know how to rectify this situation. Though I have followed the procedure led out by them, submitted receipts that exceed the current disbursed funds, I was told today that my account was being switch (again) from escrow to loss management...

This feels like a shell game in which I will never get out of. In my opinion, they are dishonest and unethical...You do not have time for me to tell you how and through what hoops I had to run through to get a telephone number for help. It is immoral...
     
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Soaring Consumer on 2009-02-25:
I suggest you contact your attorney general.
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Elderly Abuse And Complicity
Posted by on
CALIFORNIA -- My 73 year old Nan took out a second w/ her bank @ World Savings(henceforth referred to as Wachovia)This was to remodel her home and live her golden years in peace. She is a Cancer survivor and for all extensive purposes on a fixed income. She is also sharp as a tack. Has direct deposit of her SSI. A career business woman that has had impeccable credit for 50 some odd years. Without fail.
Well, for the last year and a half(after Worlds' became Wachovia) the second bill or statement has come sporadically. Sometimes as late as the due date. which then resulted in late fees. Then this caused some angry words. Then when this was "taken care of" a new hustle started. Every statement requested $75 dollars because her real bank wasn't cashing the "checks", resulting in obsessive NSF fees. Well of course she got her bank statements showing that Wachovia had indeed been paid timely,(every time!)and after two weeks of phone calls and ass kissing the fees were waived. The entire amount in question I think was about $280. Since then, every month since the "misunderstanding" there's been more fees she's had to pay, over the course of 4 installments she needs to pay $70 more a month.
Which in my eyes is recouping the $280 , 4 payments at a time.

Well, if that wasn't enough, her credit has been effected leaving her to fall victim to their next scam, they raised her interest rates because she'd been habitually tardy on her loan payment. I've now petitioned the Better Business Bureau to mediate this and have done my best to put a paper trail on them.
My Nan, who survived Cancer, the death my Mother, an abusive, sad life. Now lives in fear of losing her house (and sanity)because she can't understand what she's done to deserve this and how such obvious complicity has her "another misunderstanding" away from losing her house.

Her peace of mind can't bee "waived" after she's dead.
     
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tnchuck100 on 2008-03-14:
This absolutely stinks. I would definitely consult an attorney. If you have the documentation to support what you are saying you probably have a good case. Since your credit has been damaged as a result and your interest rates have increased I would go sue them damages. Also, you say it was straighten out once and the deliberately messed it up again I would go after punitive damages as well. Check with an attorney.
Principissa on 2008-03-14:
This sounds like it wasn't her fault at all. Someone at Wachovia apparently made a mistake and now you are the ones paying for it. You've already cleaned up the mess at one point, but this is ridiculous. It is their job to make sure they have appropriate information on this account, not yours. I would absolutely do what chuck says and talk to a lawyer. It seems that you have very precise records of all that has happened so I also believe that you have a good case.
madconsumer on 2008-03-14:
what does the contract state as to what the extra fees would be for?
jktshff1 on 2008-03-14:
what tnchuck said...get an attorney NOW!!!
thensider on 2008-03-14:
I agree 100% with the above posts. You need to help your Nan find an attorny ASAP. It will be difficult or impossible to get the house back, if she were to be forclosed.
Anonymous on 2008-03-14:
This story doesn't make any sense. An bank cannot change the rate on a loan due to late payments. Either this is a credit card, or a crock. In either case, the poster hasn't got the story right.
jktshff1 on 2008-03-14:
KenP, it really depends upon the loan you received and the papers you signed. The op needs to get an attorney.
tnchuck100 on 2008-03-14:
Ken, I don't think the OP said the mortgage interest rate went up. I think the issue is mortgage carrier screwed things up. That caused negative credit bureau information. That caused credit card rate to go up. It's a snowball effect.
CrazyRedHead on 2008-03-16:
She wasn't paying the bill until she received the bill, sometimes as late as the due date. Not receiving the bill isn't an excuse not to pay the bill. I don't get a bill for my mortgage but I still pay it by its due date. If she is as sharp as a tack and a career business woman as she is said to be, then the due date should have been written down and paid regardless if she gets a bill or not. I'm not trying to be mean, and I hope that this gets straightened out and soon. But this is the one part of this letter that stood out the most and is what seems to be the start of things going downhill. Can you set it up with the bank through the computer to send you emails when it is coming due, and then pay it over the internet? I don't do it this way but if you need reminders of when it is due this sounds like a good way. That is if your bank does this, mine does.
Anonymous on 2008-03-17:
"extensive purposes"? It should be "intents and purposes".

Also, forget the BBB. Contact the Office of the Comptroller of the Currency. Perform a web search on "OCC" to get the contact information.

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Wachovia Dealer Services
Posted by on
No kidding! And Wachovia dealer services are the a*holes of the Earth! I am one friggin payment late (like a week) and they are calling my friends cellphones and 86-year-old mother (embarrassing - and don't even know where they got these poor peoples numbers!!!), and harassing me endlessly! Unbelievable! Whatever you do DO NOT GET A CAR LOAN THROUGH THESE IDIOTS!

They care nothing about you, but the minute your vehicle is worth more than you owe they have tow trucks in your driveway if you are only a few days late. Just thank gawd that you don't have a loan through these sharks!
     
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madconsumer on 2008-02-29:
not to many vehicles appreciate over time. so no worries about repo until no payments are made.
Anonymous on 2008-02-29:
Exactly how late on your payment before you would find it acceptable for the bank to call???
jktshff1 on 2008-02-29:
Pay the bill, they won't call or tow. Very simple, no brainer!
Anonymous on 2008-02-29:
You just can't be late with your payments. It wreaks havoc on your credit report and, as you have found, gets you annoying phone calls. I do find it incredulous that they would be calling after one week. They normally have a grace period.
Anonymous on 2008-02-29:
No bank wants to repossess a car. By the time they pay the towing company and auction it off, they almost always lose money. So when the OP says he is 'like a week late' and they are calling and sending tow trucks, you basically know what the real story here is. Jktshff1 says it all.
Principissa on 2008-02-29:
I thought they didn't start threatening repossession until you were almost 60 days late on a payment. When you say "like a week late with your payment" exactly how many weeks late are you? I find it hard to believe that a bank would threaten a repossession for a payment that is a week late, unless of course this person has a habitually late payment history.
Anonymous on 2008-03-01:
Wachovia is predatory. In 2000 I bought a 17,000 car (wow) and they tried to bump the interest on my credit card account. Fortunately I was in a position to close the account and pay it off at the existing rate.
Anonymous on 2008-03-01:
Are those tactics legal (no matter how late the payment)?
Westchaser on 2008-05-20:
Bank of America's policy of Overdraft Fees is nothing short of debilitating.

As of this post (May 2008), BofA has recently changed their policy on PENDING TRANSACTIONS which - in particular - has resulted in numerous overdraft fees on my account.

It took 3 calls to their "customer service" department, before someone admitted to me that their policy has indeed recently changed.

In the past, using my bank card (non-debit) on a Friday would NOT see those transactions post to my account until Monday. That meant I had until Sunday's "cut-off time" to fund the account to cover Friday's charges.

As of this writing, BofA has CHANGED that policy so that (quote) "Pending charges may in fact pull the funds from the account that same day".

To clarify, BofA is saying that I no longer can wait until Sunday - I must fund Friday's charges before Friday's cut-off time.

While this is a simple change of protocol for me, why was their policy change not made well known? HINT: Instead of the onslaught of advertisements upon logging into the BofA website (www.bankofamerica.com), such that often require my clicking a "Not Interested" button, why not post a message that says "Dear Valued Customers, please avoid overdraft fees by keeping your account funded Monday through Friday, as we have recently changed our policies in that we now post Friday's activity ON Friday."

Why didn't BofA make this well known? In my opinion, they make BILLIONS off of Overdraft Fees. It's a planned event, not unlike insurance companies who calculate who and how many people will die this year. This is one of their money-making scams ... um, I mean schemes.

Yes, I know that I can assign an overdraft account to protect myself, but that would not be necessary if they made their customer well-aware of policy changes ... instead of tell me (as their Customer Service department did) that "Didn't you see the notice? It was included with a recent statement."

So, instead of further insulting us with your videos (http://www.youtube.com/watch?v=CT77_8kEJvk&feature=related), why not spend the time and energy to keep us better informed?

[sigh]
Steven33616 on 2008-05-30:
Okay, I wish to make several comments. First to the originating poster, kbarber. I have my auto loan through Wachovia Dealer Services and have paid faithfully and honestly since I financed 3 months ago. Presently, my next due is stated as July 1, 2008, as of this posting.

Please find the information below from online:

Principal Balance $23,313.40
Last Payment Posted $505.84 5/9/2008
Total Next Payment Due $505.84 Due: 7/1/2008

On the "Next Payment Details" screen, it states the following: Please note that if the amount due is not received by Friday, July 11, 2008, a late charge of $30.35 will be assessed.

Next Payment Details
Current Payment $505.84
Previous Late Charges $0.00
Total Payment Due $505.84
Date Payment Due 7/1/2008

As you will notice, payment due falls on July 1, 2008. Late charges are NOT assessed until July 11, 2008. Which also leads me to believe that Wachovia offers a 10 day grace period for payments to be made and which makes me further question the phone calls after a week past the due date. Now I am fairly certain if you have abused that 10 day grace period, they (meaning Wachovia) may have examined your account and removed it. I know for a fact that many of these finance companies only want their money. If you know you are going to be late and you have paid on time previously, you can always call them and let them know or you can even have them move your "payment due date" to a better time frame for you.

Westchaser, you mentioned something about Bank of America. I have had a checking account since January 2001. I have never overdrafted my account and I read my monthly statements very closely each month to insure if there is a change in the way they are handling the items that hit accounts. In this case, I would suggest for you to go back and read your January/Feb. 2008 statement. It is clearly shown on there how Bank of America's new policy on handling overdrafts and pending items on an account when used with an ACH or your VISA Check Card.

I have an overdraft protection account and it is rarely ever used. Are you keeping accurate details of your information via a checkbook register? Okay, that is all I needed to say.
tnchuck100 on 2008-05-30:
OK,the guy is late. The bank has every right to call him. Call HIM, not everyone he as ever been in contact with. That part is totally out of line.
spiderman2 on 2008-05-30:
Where did the bank get his friends' numbers from?
Ashleys on 2009-03-31:
OK people, the comments like pay your bills and oh its a no brainer is annoying! Duh! but things happen and no ones perfect. Fact is this company is full of a** holes and don't care what the case is...stop placing judgment cuz you don't know what the full story is and that's the last thing ppl want to hear when frustrated with a problem!! morons!
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Wachovia Holds customer deposits
Posted by on
SELLERSVILLE, PENNSYLVANIA -- I have been with this bank under other names for
the last eight years. During that time they have
consistently HELD deposits for anywhere from 3 to
8 business days, even though I have checked with the banks on which these checks are WRITTEN, to make sure the funds were immediately available, through their customer service telephone lines. Wachovia has reached another new "low" recently--they hold a Verizon Pension check, dated the first of the month, and WRITTEN on Wachovia bank,
and more recently, they are holding funds on a directly deposited SOCIAL SECURITY CHECK--they have recently also held deposit on two other checks---one written by my daughter who is a mortgage loan broker (and a very successful one at that) at Washington Mutual Bank on the west coast, AND one which is drawn on a local credit union which is UNDER-WRITTEN by WACHOVIA. They then charge me 31.00 apiece for checks they will
not clear that I have written to pay bills based on the availability of those deposits, which as I
said, I CHECK before I deposit them! This then
takes funds I have earmarked FOR those bills, out
of my checking account, which means that they will continue to BOUNCE my payments, and they do
this nearly every month! Their excuse is that my
"history" of having non-sufficient funds in my account "requires" this---but I wouldn't HAVE those problems if WACHOVIA would stop fooling around and CLEAR my funds in the first place,since
in fact--three out of four of those checks are DRAWN ON THEIR BANK, and they know full well the
money is THERE the day I deposit them. I am a widow on social security and a pension, still supporting one 17 year old child, and I have a vision disability on top of it. My income is 1555.00 a month from pension and social security, and this month-WACHOVIA has taken over 300 dollars
in charges for what they call "Unavailable Funds!"
I am so disgusted, I wish I had the money to SUE
them---they will not give back any of the money they have taken from me, even though they KNOW
the deposits are good--I've been told off the record by other bank employee friends that they
know the same day money is deposited, whether or not the funds are there--and can clear them immediately! They don't give a rat's fat backside
about people if the accounts they hold aren't in
the thousands and millions of dollars category.
     
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s2ndbrow on 2004-01-25:
As stated in Wachovia's depositor's agreement as well as on your deposit ticket, all funds are subject to being held. Wachovia will hold a deposit under four circumstances, new account (less than 3 months), non-local check, excessive overdrafts/NSF charges and reasonable cause (suspected fraud).However, Wachovia policy is NOT to place holds on funds that are received through direct deposit. From what you are stating, holds are being placed on your checks because you have been overdrawn more than 6 times in a six month time period. Wachovia policy is to hold a check up to five business days for negative account history because if your deposit is returned for any reason, the money would need to be available to collect on from your account. Based on your account history you may or may not have the money available if the full amount was available to you at the time of the deposit so a hold is placed until they receive verification of funds availability. As far as personal checks, even a successful mortgage broker can have a check returned NSF so you mentioning your daughter's occupation means nothing to her credibility in relation to your account history with Wachovia. P.s. your lawsuit wouldn't stand a chance because it's all outlined in their depositor's agreement, deposit holds are legal practices by all financial institutions.
imapeach on 2006-04-18:
Bless your heart.... I am currently going through the same problem. My husband travels and after a year of difficult financial times, we are just now seeing light at the end of our dark situation. We too have had some overdrafts within the past several months, mostly because we try to keep in touch via phone about day to day purchases, but we have had to live down to the penny. We have paid bills and then been charged fees on 5.00 debit transactions. We have always hung our heads most of the time because we knew we had made a balance error...but when you put a $900.00 check in your account(which we did last Thursday), funds are verified and they still won't "allow" you access to the cash that was paid to YOU, I think that should be illegal. It's just wrong.
LANDON on 2006-10-15:
actually an account is considered new if it's less than 6 months. other than that, s2ndbrow seems to have it all correct. also since ur daughter is so successful, since u just HAD to mention that...like they care, why doesn't she help her poor mom to understand her bank a little better. I wish u luck.
Dedicated Reader on 2007-03-29:
According to federal banking regulations, what Wachovia (and other banks) are doing is legal, not illegal as the poster claims. If you deposit an in-state check (the check is written on an account in the same state where you and your account are), the bank can allow up to three business days before giving you access to the money. For out-of-state checks, it's five business days. And if you make the deposition after the "closing" time of your bank (usually 1 or 2 p.m. local time) the clock starts running on the next day.
inthamix on 2007-08-02:
For those of you still able to think of life before corporations so dominated society: if you're depositing a paycheck or pension check, that is money you earned fair and square. A bank shouldn't have the right to keep that money from you for two days, four days, eight days .... regardless of your banking history! Any of you who have written in to spout off bank policy and lecture the poster .... I hope you regain your ability to have independent thought. As others here and elsewhere have emphasized, banks make great money off of NSF fees. Whatever inconvenience or cost I may have caused them by seeking to spend my money according to MY schedule rather than theirs, is amply covered by NSF fees. Not to mention: does anyone really think that withholding someone's paycheck from them is a sensible way to address that person's pattern of bouncing checks? seems to me anyone with common sense would understand that this policy isn't really geared toward serving the customer ...... and yet so many have written in to defend it and lecture this person! wow ... it makes me sad for the future of humanity .......
inthamix on 2007-08-02:
Here's a challenge for all you "bank-bots" who are into reeling off bank policy on holding people's paycheck and pension deposits: take a look at what I experienced this week and see if you can dig up a policy that justifies what I experienced at the hands of my bank. My girlfriend is employed at a large local company that owns more than two dozen national chain restaurants in the area and is paid weekly. I am a freelance writer who writes mostly for a very, very large and well-known newspaper group that is based in New York City AND includes our local daily newspaper, for which I write. I also make weekly deposits. When my bank originally informed me six weeks ago that my girlfriend's payroll checks would be held for two days, I objected, and then was told that if I continued to make the deposit weekly, the computer would erase that "hold." Great .... I followed orders and after two weeks, no hold. Then just last week, the two-day hold was reinstated, I was told upon depositing the check. But why, I asked? I've followed your directions and the hold had been removed. Why was it popping up again? Don't know, the clerk said. Not only did my bank hold this check for two days; it became apparent after Day Two that the check was actually being held for FIVE days!! Wait, there's more: after depositing MY freelance check weekly for several weeks, with no holds, suddenly this week a four-day hold was placed on MY check, as well! NFS fees began to appear at an alarming rate; I marched in to the bank and vehemently objected. The fees were refunded, but I was given a lecture by the bank about A) being more aware of holds being placed on my checks and B) being nicer to the bank clerks when I come in with a complaint. When I asked for an explanation of why the holds were put on our checks in the first place, I was told first that holds are placed if the bank is uncertain whether a payroll check would clear; when I reminded the bank manager that both employers were household names, she brushed on past. Then, I was told that holds are placed if our account hs recently been in bad condition. I reminded the bank manager that our account was in better shape now, when the hold was placed, than it had been four weeks ago when the holds were removed. Again, no answer provided. So whaddaya think, those of you who can reel off bank policies like they are the Pledge of Allegiance .... how can you justify this one?
dollarbill9052 on 2008-06-23:
Has anyone tried going to the banking commission or maybe your local newspaper?
wellifyouaskme on 2008-12-17:
I would understand the whole "hold" thing if you constantly tried to deposit bad checks, but not when you're trying to get the account back in order. I for one use Wachovia and they drive me crazy. If I have overdrawn my account then I obviously need to have the deposit clear in order to fix the problem. They have already charged me the $35.00 for having a check that I have written get returned. Why punish again by "holding" it? It's like they are saying "bad, bad girl- now we are going to put this nice depoosit up here on the shelf and hold it from you as more punishment". Once they tried to hold a check for 2 weeks. I kid you not. It was the 15th and they said there would be a hold until the 30th. Meanwhile, you know that those funds are verified, transferred, whatever much quicker than that. This tells me that they literally are holding it- not for an appropriate amount of time for it to clear, just simply holding it as some form of punishment. It may be "legal" and in the "fine print', but it's simply not ethical. Not when we know that funds are transferred from bank to bank within 2 or 3 days.
SCrookes on 2009-03-30:
Wachovia isn't the only bank holding funds. Chase and Compass banks are doing it as well. I am a partner in 5 businesses and they hold everything we have in all of our accounts. Its starting to take a toll on our business. We have never been over drawn and every time we talk to someone we get the run around. We can't even take out our money because they won't unfreeze it. We are to the point that we don't know witch banks to use and to trust with our money. They also say that they don't need our business when we have over $3 million to deposit. Makes you wonder why we are bailing them out. Apparently they don't need any money in their banks and when you put it in they won't let you have it.
flabrent on 2009-04-19:
Find and read "6500 - Consumer Protection Part 229" aka "Regulation CC". Wachovia has trampled this rule/act. The held a government issued payroll check for five business days claiming the check was "nonlocal" and my account was "new". First they violated 229.10 (C)(iv) relating to government checks, they also violated Appendix A to Part 229 by stating my check was "nonlocal". Finally the violated 229.13 (a)(2) by labeling my account as "new" which has been open for more than 30 days. I have filed a complaint with the Wachovia Branch in question as well as with the Comptroller of the Currency Administrator of National Banks. If you need help bringing Wachovia in to compliance with "Regulation CC" email me.
kwells on 2009-07-16:
I agree,the banks are frauds and I just posted my story on my3cents under kwells unavailable funds fees
Anonymous on 2009-07-16:
Every bank has a Funds Availability Policy. It is required by the government. You got a copy when you opened the account. You must get a copy if you ask for one, and it is posted in every branch. This is the law.

Every check you deposit is subject to this policy. It doesn't matter what, where or who, the system reads the number on the bottom, and applies the hold accordingly.

There can be exceptions to this hold: new accounts get an extended hold. Excessive overdrafts cause your hold to be extended. Emergency situations, or any situation where the bank has cause to believe that collecting the check may be a problem, allow for extended holds. This is federal law, not bank policy.

There are never holds on Direct Deposits...ever! But, you have to be aware that they are not available to you until the date specified by the originator of the deposit, which is not necessarily the date you are handed your paystub.

Payroll checks get no exemption from Funds Availability, they are checks just like any other. The government, however, has its very own routing number. When they issue a check with that number, it never gets a hold. A good example is your tax refund check. If they choose to use any other routing number, like one from a bank, they are specifically excluding that check from getting special treatment, so your beef should be with the issuer, not the bank in that case.

The reality is that a large percentage of checks are made available before they are actually collected, or within a time frame in which they can still be returned by the other bank. For thoise who call the other bank and verify that the check has cleared, ask that bank if they would be willing to give you a statement guarenteeing that they will not return that check for any reason. If you can get that, then it is truly cleared.

Every bank has internal auditors, external auditors, federal auditors, and possibly state auditors as well. Every one of them is looking at compliance and making sure that the bank is within the guidelines.

Can a mistake be made? Sure. But I wouldn't take the odds.
Same Problem on 2012-10-12:
I have been banking with Generations Federal Credit union in San Antonio, Texas for 19 years. I have not had any problems with them until the past year. They will hold my deposit that goes in first thing in the moring when the bank opens up, and then they will process withdrawls and charge me a $25.00 insufficient funds fee. This is getting to be horrible that banks have been hold these funds til they clear other checks and withdrawls. They have even held a check from my other bank account which is less than 2 miles away for 7 days. I think this is a way for the banks to make money. It's funny how people have had the same account for years with these banks and has had no problems up til now, makes you wonder.
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Why can't they just let you be, and be nice...???
Posted by on
BROOKLYN NEW YORK, NEW YORK -- I think that Wachovia is a bank to go to if you are willing to listen to them asking you to open up another account with them while thinking to yourself how stupid and pathetic that is. They are a bank and should not be asking if you want to open an additional account. If you wanted to open another account with them, I think you would just ask right? Whether it's talking with them on their 24 hour customer service access line or just you being in the bank, they always ask you and make you feel obligated to open another account with them. Something I know is that their customer service is just horrible. Whether you are trying to close an account before 6 months has taken place, or just want to get your pin number for your new debit card, they just make it so much harder for you. Did I mention that I believe that once you are with them, it is harder to get away: that is just how I felt. Did I mention that they take longer to process transactions there. If I were you, I would just totally just go to another bank like Bank of America, or Chase... I mean just because me or other people had problems with them, does not mean it is a bad bank. It just means your needs are different for in which they offer. So just remember what I have said, and then make your decision... After all, it's just a bank...
     
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Anonymous on 2010-12-30:
I get lots of emails from ING, trying to get me to open additional accounts (2 isn't enough?), but I just delete them. I don't feel any obligation to give them anything.

My credit union, however, never asks me.
tnchuck100 on 2010-12-30:
It sounds like banks are posturing to create new sources of revenue. They are implementing new fees all the time to make up for what they have lost in overdraft fees. They will coerce as many new accounts as they can. Eventually they will implement all kinds of fees for EACH account. And charge additional fees to close them.

My bank nor my credit union has ever tried to get me to open anything additional.

As far as selecting Bank of America or Chase over Wachovia (Wells Fargo) it's the same greed, just a different name.
momsey on 2010-12-30:
I also have ING and I always am getting emails to open more accounts with them. I have a checking account, three savings accounts and a home equity line of credit all with them. It doesn't bother me. That's how they make money. I'm also really happy with ING for the most part.

My brick and mortar bank also never asks me to open new accounts.
trmn8r on 2010-12-30:
I believe your main complaint is you are solicited for new business while attempting to conduct current business. My local bank does this - they pile brochures right on the counter at the teller windows, so much so that only 40% of the counter space is usable. I stopped going there because I found it totally obnoxious. The tellers agree, but say management forces them to do it.

momsey -> I also have accounts at ING. I don't mind throwing their junk mail in the trach, but it is different in person, at least for me.
tnchuck100 on 2010-12-30:
Just curious, momsey, what is the purpose or benefit of having 3 savings accounts in the same institution?

Unless you are so rich you need to consider FDIC limits.
momsey on 2010-12-30:
Besides the fact that I'm extremely wealthy and they just can't fit all my savings into just one or even two savings accounts, there is a good reason!

I originally opened one just to have a savings account. I use that one to toss money into on a weekly basis, and that money is used for our big expenses - daycare and real estate taxes, mostly. I try not to touch it other than for those things. So then I opened a second one that was strictly for savings, where we put money we're not going to use for anything else. Like when we get our tax refund, I'll put it in there so it's not squandered. Then, because my husband has season football tickets with a friend of his and they sell some of the tickets, I opened a third to hold any of the money that we owed the friend for tickets we sold.
momsey on 2010-12-30:
I also agree, trmn8t, it's different getting a sales pitch via email or mail versus getting it in person. You can't just delete the person in front of you and it can get annoying.
trmn8r on 2010-12-30:
Wouldn't that be the nines? Kind of like the Staples "Easy button".
MotleyCrueGuy on 2011-03-15:
Sales is the way of business. I'm talking in general, not just banks. Face it, few places (banks or otherwise) would stay in business all that long if they just sat around waiting for people to walk in the door - it's just not realistic.

Sales keeps most of us employed. Work in a factory making widgets? Someone has to sell those widgets for you to have a job making them. If you work as a secretary, someone has to sell your employers' products in order to stay in business.

It's just reality. Nobody (me included) likes being sold to, but almost all of us (except perhaps public employees and even many of them are) are dependent on SOMEONE taking to the trenches and selling for our own jobs even if we ourselves aren't salespeople.
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Wachovia Bank
Posted by on
I recently purchased plane tickets online. I checked if I had enough to cover the fare, and I did. I checked my balance the next day and it had (parenthesis). Scrolled down and my tickets didn't show. So I figured it was cancelled. I made a transfer from a different account to purchase new tickets, now with a different airline. I checked my balance, and again its in (--.--) But now, I got my original tickets back while the other is pending.

So I ended up buying two sets of plane tickets. The bank manipulates balances in order to charge fees. There should be a class action lawsuit against these banks.
     
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Anonymous on 2010-11-11:
I'm sorry, I don't understand it all. When you say 'parentheses' are you referring to a negative balance? If you had enough to cover the first purchase, then what made it go in the red? As for the second purchase, did you assume it was canceled because you didn't see the charge listed? Wasn't the money missing?
trmn8r on 2010-11-11:
The rule of thumb with computers is, if you command something to happen it probably will. Maybe there is a delay, but it is likely queued somewhere. Thus, you should have assumed the first tickets were actually bought, and verified with the airline to verify what happened.

It sounds to me like you had a debit clear prior to the ticket debit, which caused you to overdraft. The only reliable way to know if you have enough funds is use a register, and assume any check or debit that is pending will clear before the next check or debit that you approve.
skelly39 on 2010-11-11:
As much as I hate banks and their tactics, I have to agree with the previous two posts. It is ultimately your responsibility to make sure you have sufficient funds, and you should NEVER assume that something like plane tickets are cancelled just because it doesn't show up in your balance. While I agree that banks do whatever they can to manipulate accounts to collect the maximum amount of fees, I just don't see it in this case.
Anonymous on 2010-11-11:
Why didn't you just call Wachovia or go into your local branch to check the status of your account before purchasing the tickets again?

db1105 on 2010-11-11:
I looks like you 'figured' wrong.didn't you get a confirmation number for your flight? Did you call the airline to check on your confirmation? The bank did nothing wrong here.
momsey on 2010-11-11:
Yeah, I'm not getting this either. Just because you don't see the charge on your online statement right away doesn't mean it's not pending somewhere out in cyberland. I've made mistakes like this before (not with huge and nonrefundable purchases, though), but it's always been ultimately my fault.
leet60 on 2010-11-11:
This is the problem with the majority of posts on the subject of banks I see here. TOO many people rely on the "online" or "atm" balance as their true balance. The only way to know your balance is to keep an accurate checkbook register and to enter every transaction as it is made. Never rely on an online or atm provided balance, they are rarely if ever accurate.
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