I am just floored at the way Wachovia Bank does business. It is immoral and unethical!
This started a month ago when I deposited a money order for $550.00. What I didn't know is that they put a 10-day hold on it because (according to them and their excuse) it was an "International" money order.in my book, a money order is the same as cash. And the person owing me the money purchased this International money order just down the street at another local bank. That's not very "International" to me.
Once I realized on day 2 that the funds (deposit) weren't there, I called to question. Long story short, it took me personally visiting the branch on a daily basis for nearly a week to get this solved. And I might add that it took them another 3 times of saying "We refunded the NSF fees as well." before they were actually refunded.
For the past 3 weeks we have been dealing with an endless circus of deposits and NSF fees. This is where it gets really interesting! On the phone with one of the branch VP's, I quote her as saying "You may make a cash deposit before 2PM, but that does not mean those funds will be used for the transactions coming in on that day." WHAT? I didn't realize they had the authority to designate when and where my money is allocated.
When I questioned that how come I can make a cash deposit and then go straight home and see the deposit posted on my online account, she stated "When you make a cash deposit, it may show up online on your online account, but it's not in our system yet." Yea that makes a lot of sense. If it's not in their system, how is it possible that it's on their online banking system for me to view on my computer? This week I have made (2) $250 cash deposits as well as a $58 check deposit all made on separate days. You know everyday we have been hit with NSF fees?
In my opinion, the only thing that Wachovia Bank could possibly be doing is stealing money from hard working folks like you and I. I also quote this same VP as saying "I get 50-60 of these complaints on a weekly basis." That is an awful lot! Please keep in mind that these are coming from people who pay attention to their account. How many more are out there that don't keep such a close eye on their account? That's a scary thought.
We have 3 local television stations here that will each be getting an email from me as well as a link to this website to investigate. I will also be contacting the Federal Trade Commission and the Better Business Bureau. We also have a section in the local newspaper that would be a perfect fit.
I encourage everyone to send his or her complaints to anyone that may have clout to get something done about this! This needs to end!
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