Wachovia Complaint - Fees - Checking account
APOPKA, FLORIDA -- It is Wachovia's practice to not post deposits (EVEN CASH) that are received after 2pm, until the next day. My husband went to the bank to make a deposit and was unsure of the exact time and asked the teller if he was in time to have it available that day. The teller said yes so he gave them $70 cash and they deposited the amount. My husband then went to the grocery store and spent $40. As it turns out the money registered a few minutes after two and it was not available. The next morning we had $105 worth of unavailable funds fees on our acct. As Wachovia explains it - they automatically pay the largest transaction first. We had three transactions pending from TWO DAYS BEFORE, because they paid the largest one first, there wasn't money for the three transactions that were pending and they charged $35 for each one. After I called and spoke to six different people and was transferred multiple times I was told to contact the branch. I spoke to the branch manager who told me that my husband wasn't listening carefully because her teller would never have told him the money would he available if it wasn't. So after being called a liar we called the 800# again to find out what could be done. Finally they agreed to refund only 40% of the fees. I was still very upset and trying to calm down when I looked at my account the next morning to find that they had charged us another $35. WHY!?!? Because after they paid the largest transaction of $40(which was also the newest transaction) there wasn't enough to pay the three older transactions. Since there wasn't enough to pay those they charged us $105 in fees. After they collected their $105 in fees we were overdrawn so clearly they had to charge another $35. Makes sense right? A Wachovia representative told us that it is their policy to pay the largest transaction first because it could be our house payment. If any one out there has a $40 house payment - let me know what your secret is! It seems to me that the bank comes out ahead if they are collecting fees for three transactions instead of one. The rich get richer and the poor get poorer. I am currently 7 1/2 months pregnant and have gestational diabetes. The fees they took prevent us from getting groceries for the special diet I am on for the next week. The funny thing is when you are on hold with Wachovia - they tell you how much your opinion matters. It only matters to them if it is good and you are encouraging other people to open accounts with them. My husband and I will make sure we tell everyone to avoid business with this bank at all costs.