Wachovia Complaint - Extreme NSF Fees/Bill Payments online slow to post/Overdraft automatically applied to checking accounts
NEW YORK, NEW YORK -- Wachovia is probably the most aggressive fee charging bank in North America. They claim they have the best customer service in the country.
Their bill payment service does not detail enough information to inform clients how the transactions will be withdraw from the account and when. When the account is drawn over balance and they pay the payments/checks then they charge you $35 NSF.
Their daily reconciliation system pays out the larger items presented against the account first then the smaller ones when the balance is going to be overdrawn or returned.
In their Agreement with Clients, it notes that Wachovia at its discretion can determine whether or not to pay items presented to the account for payment or to return them. I note here for other consumers, I never had a overdraft protection line on my checking account with Wachovia. They automatically just drew the account over the balance at their own determination and then charged me over $350 in NSF charges. I was asked by Wachovia when I questioned why they paid these items if there was insufficient funds in the account, they asked me why did I write the checks/items in the first place if I did not want them paid. Most other banks would just return the checks/items and not overdraw your account and charge you a fee.
Sometime ago I had a judgement against myself and my business partner, as a result of the claim by the plantiff, which was valid and had already been paid by us after the court hearing, yet not notarized by the Court Officers; I found a HOLD against my account of 2.5 times the judgement account. Wachovia said they HOLD additional monies from accounts to ensure any additional claims or costs are made by the plantiff and the Court that these will be covered by the HOLD. I was outraged. I could not believe that the bank I banked with and started the relationship with would do such a thing, sure take the claim amount, but 2.5 times that amount was a huge sum. It took over 6 weeks to have the HOLD removed from the account and the funds released. Again I complained to Customer Service and the Office of the Currency Controller.
Every answer you receive from Wachovia Customer Service is purely a computer generated response, they never EVER holistically look at your account or your relationship with the Bank. Unlike HSBC where now I have a relationship manager and they communicate with me most regularly about transactions.
One day, I made a counter withdrawal from Wachovia which they paid to me, meanwhile a series of checks, bill payments and other items where simultaneously being paid at the same time. Had the teller actually informed me of these items being presented I would not have withdrawn the cash from the account, which then subsequently resulted in more NSF charges.
There is nothing positive I can think of about my relationship with Wachovia. I would say this to other clients, (I have changed banks to HSBC and the service is incredible) COMPLAIN to the Office of the Currency Controller, and detail within that complaint all your concerns. Also lodge a complaint with the FTC and any other State body that you can. I have complained several times to the OTCC twice about Wachovia, and nothing resulted from the complaint except I felt my situation was at least addressed properly by the Office of the President, of Wachovia. Which I am sure is merely a complaints department unit in the President's office.
Wachovia customer service is aggressive, unrelenting and their checking account is loaded with fees. I would strongly suggest reading all the fine type when you decide to open an account at Wachovia. The account might be free or minimal monthly charges but they will collect ample more charges as you can see on the website when you use a debit card for a $5 transaction and it doesn’t post for several days and then your overdraw your account again.
and you get charged with a $35 NSF.
I will NEVER bank with Wachovia again, I have mentioned my experience with many of my friends and colleagues to beware of this bank and its predatory practices. I would strongly advise people NOT to open an account at Wachovia.