I signed op for overdraft protection about a year ago. Basiclly how it works is i have a $500 line of credit that is drafted into my account in $100 increments if needed. Additionally, if I overdraft more than $500 the amount needed will be placed into my account and the balance over $500 will be returned immeadeatly following my next deposit.
Example:
I have $100 in the bank and i write a check for $650 now im overdrawn $550. Overdraft Protection kicks in and deposits $600. When my paycheck deposits they take $100 (plus intrest) and I can elect to make monthly payments on the rest or pay the full balance.
Still with me? Good! I checked my account regester online on 11.9.04 to see what my balance was (keep in mind that my direct deposit was due first thing in the morning on 11.10.04) and i found something odd. Even though I had OVERDRAFT PROTECTION on my account there was TWO OVERDRAFT FEES totaling $60! Plus two deposits from my premium line (overdraft protection) one for $300 and one for $100! I had to wait till the next day to call because of the holiday but when I called hhe 800 number to find out what went on they said that the checks were set aside for return! But the strangest thing yet is the pattern in witch every thing came thru the account. I'll show you
Debits | Credits | Balance
Balance at the beginning of 11.9.04 164.46
Prem. Line Adv. 17.78 182.24
(Overdraft Protection)
Check 166.58 15.66
Unexplained 5.00 10.66
fee
Bogus NSF 60.00 -49.34
Paycheck 409.22 359.88
Direct Deposit
Prem. Line Adv. 300.00 659.88
Prem. Line Adv. 100.00 759.88
Check 16.30 743.58
Check 20.19 723.39
Credit Limit 405.00 318.39
OverPay*
Check* 232.00 86.39
Check* 40.52 45.87
Paycheck 472.72 518.59
Direct Deposit
*this is were Regions takes back there money they loaned above my $500 credit line (plus intrest) also note that when they held the checks to return they did not release them until they had taken back this money so I paid intrest on it and did not use it.
*These are the checks that came thru NSF they total up to $309.01, $100.21 less than my paycheck.
Also note that the first time that my account went neg. Was when the NSF fee was prosessed.
I have called multiple times and i get no results the last two times I called the branch and they fowarded me to someones voice mail. I am very tired of working all day to give the bank my money. Can anyone help?
P.S. Dose anyone know if Wachovia is a good bank?
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