I have had numerous problems (as many other have) with Wachovia's sophisticated, methodical use of creative accounting techniques to impose unfair insufficient bank fee charges. I have taken my complaints all the way up to the US Office of the Comptroller of Currency, via US Snator John Cornyn, only to be told that the US doesnt have any laws to regulate these banks.
Now the latest:
I deposited two commercial checks totalling $1043.00 on 3/17/06. I immediately got a WRITTEN reply from the teller that since I have had some overdraft charges on my account they were going to have to place a hold on those deposited funds for 8 business days, or 3/28/06. You would think that the only reason for holding the funds was to insure that the checks were valid, BUT that is not the reason Wachovia gave me. Apparently, from the written reason Wachovia gave me, they were holding the funds as punishment, because I have had some overdraft charges in the past.
Even though I dont have access to the deposited funds, Wachovia does, and they have helped themselves to the deposited funds, subtracting another $60.00 in over draft funds charges.
So, I incur two overdraft fund charges on a posted balance of $1043.00 that I am not allowed to access, BUT Wachovia subtracts those charges from that same balance.
Just another sterling example of why this country desperately needs banking regulations with teeth. But when the banks and their political action committees make millions of dollars in contirbutions to Congress the chance of that happening is nil.
How I yearn for an honest bank that cares about its customers and keeping them satisfied.
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