Wachovia Corp Complaint - Availability of Funds / Debit Card Purchases
I have never been so confused when dealing with a simple checking account as I have been since being a Wachovia customer. I never would have chosen them as a bank but they bought the bank I was using at the time.
Once again, this last week, I had no idea what my true balance was. The inconsistency of their reporting my transactions is confounding.
The didn't report a $200 ATM withdrawal at noon on a Friday until the following Monday BUT funds were available from a $325 check I deposited on that same Monday after 2:00pm. The funds from the check were available that same day.
I usually call to get my balance and I don't use the online system b/c I was one of those people whose account info was stolen in 2004 and I've been spooked ever since. I travel a lot and I'm never on the same server let alone a secure server twice.
When I called for my balance on Tuesday and listened to the last 10 transactions, I thought the $325 was still pending b/c it was not listed as a transaction so I kept adding it to whatever balance I had.
When the money still hadn't gone through by Thursday, I called the person who wrote me the check and she said it came out of her account on Wednesday. I was worried. I went it, got a printout and discovered my account my much lower than I thought. In fact, it was $60 lower than it was on the phone (I called right before I went in) and $20 higher than what I had on my ATM receipt I got outside the bank also right before going in.
So, I've got three different balances in hand. Then I notice that the check went through two days BEFORE it came out of my friend's account. How is that possible? What if the check bounced and I spent that money thinking the check cleared? Answer: I would have been charged a fee. And I'm sure that's exactly what they're banking on (no pun intended).
How many people overdraw their accounts b/c of bounced checks they've deposited? If the bank isn't receiving or confirming funds are available first, how can a check be available the SAME day it's deposited--especially when it's been deposited after 2:00pm?
On the converse, they've let my debit card go through on purchases even if I didn't have the money in the bank. I checked my balance and made a purchase but "apparently" a bunch of charges posted "right after I called" so my account balance was lower than I thought. They let my card go through anyway for three purchases and charged me $35 for each purchase (one of which was $5.00 for magazine at the airport).
I wouldn't be so angry about it except for the fact that I opted out of this a year before. I do not want my debit card to go through if I don't have money. It's not a credit card! The answer I got when I confronted my branch manager about this is that it depends on the merchant and they (Wachovia) did me a "favor" by letting the purchase go through. "Most people want us to let their card go through". And for $35 a pop I'm sure they are more than happy to oblige.
So, basically I'm banking with every merchant I patronize not just with Wachovia. Whenever the merchant decides to send my transaction is when it's tabulated on my account--even if Wachovia "sees" or I hear that the transaction has been debited.
And, now, I'm a Wells Fargo customer without actually choosing them either. I'm about to start using my shoeboxes.