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Woodforest National Bank Complaint - Security Flaws
Complaint
CINCINNATI, OHIO -- Woodforest does not care about you or your security, the only thing they do care about is your money and how they can keep it.
A few month after opening my account I noticed a fraudulent charge pending on my account for $35.00. I went to my local office to take care of it immediately; however, they told me there is nothing they can do about it. They refused to do anything about the fraudulent charge until it posted to the account. As a result, the charge posted for $35.00, and sent my account into the negatives. On top of that, the two legitimate transactions I made did not post until after the fraudulent charge posted, even though they were made four to five days before hand. This resulted in $105 in overdraft fees due to a fraudulent charge that they allowed to post.
On top of that, they charged me $12.00 to cancel the debit card so there would be no more fraudulent transactions.
In just over a few months, I have noticed Woodforest often rearranges the way transactions post in an effort to overdraft your account. For example, if you have 20 transactions for $5.00 and one transaction for $500 that happened 5 days later, they will post the $500 dollar transaction first so that you have 20 overdrafts.
On top of that, they often wait until you have no money in your account to charge you any monthly fees. I often have little money in my account after the first of the month due to paying all of my bills. Yet, I always leave enough to cover the service fees. Yet, they will not withdraw them on the same day every month. Instead, they wait until your account balance is less than that of the service fee so that they can hit you with an overdraft fee on top of the service fee.
They will also hold your deposits for a long time. I have seen cash deposits left in the night drop take days to post, and if my girlfriend or father deposit money into my account it will take over a week to post to my available balance. It makes it difficult when my girlfriend is putting her half of the rent in my account or my dad is loaning me money from two states away by putting CASH into my account, yet I cannot use it for a week or more.
I highly recommend avoiding this bank. Despite their convenient hours, they will find someway to screw you over and make you out to blame.
Since this bank is only located in Wal-Mart, then I suggest just using Wal-Mart to cash your check and get one of their re-loadable Visa cards. You will save your self lots of headaches, frustration, and money in the end.
A few month after opening my account I noticed a fraudulent charge pending on my account for $35.00. I went to my local office to take care of it immediately; however, they told me there is nothing they can do about it. They refused to do anything about the fraudulent charge until it posted to the account. As a result, the charge posted for $35.00, and sent my account into the negatives. On top of that, the two legitimate transactions I made did not post until after the fraudulent charge posted, even though they were made four to five days before hand. This resulted in $105 in overdraft fees due to a fraudulent charge that they allowed to post.
On top of that, they charged me $12.00 to cancel the debit card so there would be no more fraudulent transactions.
In just over a few months, I have noticed Woodforest often rearranges the way transactions post in an effort to overdraft your account. For example, if you have 20 transactions for $5.00 and one transaction for $500 that happened 5 days later, they will post the $500 dollar transaction first so that you have 20 overdrafts.
On top of that, they often wait until you have no money in your account to charge you any monthly fees. I often have little money in my account after the first of the month due to paying all of my bills. Yet, I always leave enough to cover the service fees. Yet, they will not withdraw them on the same day every month. Instead, they wait until your account balance is less than that of the service fee so that they can hit you with an overdraft fee on top of the service fee.
They will also hold your deposits for a long time. I have seen cash deposits left in the night drop take days to post, and if my girlfriend or father deposit money into my account it will take over a week to post to my available balance. It makes it difficult when my girlfriend is putting her half of the rent in my account or my dad is loaning me money from two states away by putting CASH into my account, yet I cannot use it for a week or more.
I highly recommend avoiding this bank. Despite their convenient hours, they will find someway to screw you over and make you out to blame.
Since this bank is only located in Wal-Mart, then I suggest just using Wal-Mart to cash your check and get one of their re-loadable Visa cards. You will save your self lots of headaches, frustration, and money in the end.
Comments:
Posted by Diabolical on 2009-10-04:
Nearly all banks re-order transactions with the highest amount posting first.
Posted by MaggieMcT on 2009-10-04:
True. But if you only spend what's already in your account, it won't matter.
Posted by justthefaxx on 2009-10-04:
Bottom line is you're spending money that is not in your account. Don't give them the option of taking your money. By the way, all banks do that.
Posted by T. McGuire on 2009-10-08:
At Woodforest, we take every concern seriously and make every effort to resolve issues promptly. Please contact our Customer Care department at 877-968-7962 or e-mail us at info@woodforest.com. Our Customer Care Representatives are available Monday through Saturday 7:00 am to 8:00 pm CST. If you are an Online Banking customer, you may also send us a Secured Message by logging into your account, selecting the Messaging tab and clicking on “Send us a new message”. We hope we have an opportunity to speak with you soon.
Posted by BornToRefuse on 2009-10-09:
Right, I disagree. I did call the customer service line and they told me the same crap lines. They can't stop fraudulent charges until they post and overdraft my account. They still charge me for canceling a credit card to prevent further fraudulent charges.
And to the one who said I should not spend money that was not in my account, I did not. The bank allowed fraudulent charges to post to my account despite me informing them it was not, and that is what caused the overdraft fees.
And to the one who said I should not spend money that was not in my account, I did not. The bank allowed fraudulent charges to post to my account despite me informing them it was not, and that is what caused the overdraft fees.
Posted by MaggieMcT on 2009-10-09:
BTR, you indicate, in your 5th paragraph, that you've experienced overdraft fees caused by the order in which transactions posted. Again, that does say that you've made transactions before the money to cover them was in your account. I wasn't referencing the fraudulent charge.
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