Wachovia Corp Complaint - Unavailable funds fee, misleading and under defined right or wrong?
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 personel, a teller and account manager) Every thing is the same. Then the banks posts a 245.00 unavailable funds fee to his account puting 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