I recently started banking with Wachovia because my mortgage was sold to one of their subsidiaries. I have used payroll direct deposit for a number of years without there ever being a problem and when I switched to Wachovia I expected the same fair and reasonnable treatment as usual. What a mistake! Yesterday was payroll date and I exopected my deposit to be there as it had been in the previosu cycle.
On the way to work I stopped to get gas and there were no funds in my account. It was already after 6:00 AM and I was running late. I returned home and reviewed my statement which indicated the deposit was made, and this was less than 30 minutes after the card failed to work (the card worked OK before). My employer has been doing direct payroll deposits for many years and has an impeccable reputation. Wachovia has only themselves to blame.
In reviewing my statement online, I observed that it took TWO days for an ELECTRONIC transaction to be posted. That particular transaction was lunch purchased with my card at a business loacated about a block from the nearest brach office and was not processed immediately. I didn't know it took an electronic signal two days to travel one block. My former bank processed such items immediately and never had a problem. The bottom line is that Wachovia is playing games even with payroll deposits.
It takes discipline to manage an account. I save every receipt, keep a spreadsheet to calculate balances, record every check, and compare things with the online statement each day. Messing with a payroll transaction crosses the line of reason.
I closed my account later that morning and took my business elsewhere.
0 comments