Wachovia Corp Complaint - Wachovia ... Where's My $35.00 Bailout?
CHARLOTTE, NORTH CAROLINA -- I am so grateful to have a decent job, but I still live paycheck to paycheck. So a few days before payday I look at my account every day to see what's cleared. This past Thursday, September 24th, I checked my account. Two small transactions, one for $3.96 and one for $1.92, were processing, and I had a $7.01 balance... Not bad for the day before payday. I checked my account the next morning, to make certain my direct deposit went through, which it did, but it was over $100.00 short! I look, and Wachovia had moved a $13.00 transaction that had not even registered the afternoon before the two small transactions, and they charged me $105.00 for transactions totaling less than $18.88! I understand that the $13.00 transaction did exceed the $7.01 that was in my account, but what should have been a $35.00 insufficient funds charge became $105.00.
At first they told me they deduct transactions by the time they were made, NOT when they reach the bank. Then I was told the highest amounts are deducted first!? WTH? I asked them to refund TWO of those charges, not all three, but they have refused to do so. SO, the two transactions totaled $5.88 but cost me an additional $70.00 in penalties?! How is this legal? I could get a better rate from the Mafia. I have no doubt that Wachovia has tons of fine print that says it is legal to do this, but I want to file a formal complaint on behalf of all us hard working Americans that live paycheck to paycheck, have KEPT our homes through this recession, received no bailout, $4.00 a gallon gas, and historic high unemployment rates. For all of us who have to tread water to keep from drowning, ridiculously high fees for small transactions (we're not talking spending sprees here!).
But $70.00 punishment for a two transactions that totaled less than 6 dollars? It's like stealing. Stealing from people who losing $100 from their check means a bill will be late, or groceries will be a sandwich week. I know I was over, and for that I should be charged for Wachovias trouble, but if they think that $35 PER transaction, even a $2 transaction, there's something really wrong with that. Now I know how they are paying for hundreds of thousands in bonuses.