Wachovia Bank
Largest-First Posting and Holds Caused $90 in Overdraft Fees

Several years ago I quit banking with 1st Union Bank, because of their unethical business practices. Now that Wachovia Bank has merged with 1st Union they are continuing their unethical practices under a new name.

In the event that you do overdraw your account, Wachovia will post your withdraws from largest increment to smallest. When I asked for an explanation, I was told, This is done for the customers' benefit; mortgage payments are usually the largest and if your mortgage payment is posted first, you are less likely to have your house payment returned. Even after the explanation, I have a hard time believing anyone but Wachovia benefits from this practice.

You don't even have to overdraw your account for Wachovia to charge overdraft fees. If you use your debit card the same day you make a deposit, Wachovia will charge an overdraft fee for the holds that were placed on your account, even though the funds for the debits haven't actually been paid from your account. This month I received $90 in overdraft fees, because I went to the eye doctor and spent $300. My available balance was $250 and I deposited $600 after leaving the doctor's office. I thought this would be OK since the actual charge from the Dr. would not post for a few days and I was going to make a deposit early enough for it to post the same day. I was wrong. The $300 charge from the Dr. still has not cleared my account, but I was charged $90 in fees because, the hold was placed before the deposit was made.

Wachovia sucks!!!

Company: Wachovia Bank
Country: USA
State: North Carolina
City: Charlotte
Address: 1525 West W. T. Harris Blvd

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