The dates between 06/28/06 - 07/03/06 I accured overdraft fees of $245.00 for credit card charges on my FREE banking with Wachovia.
The bank's online service told me my deposits and balance was in a state of processing.
So I made sure not to use checks or write a check without knowing my balance. Didn't want any NSF charges.
So in using the credit card I figured if it wasn't in there the card would be declined. Wrong, the bank extend the cash approving the charges to the retailer.
I did not ask for this extention but it happen but the bank charged me $35 each item, seven of them. One charge was for $4.17 and a fee of $35 that's a 135% usuary rate.
Payday loans in Georgia aren't that high, the usuary laws in GA are max 60%. All this I tried to talk to Wachovia and was belittled.
Told its not their job to balance my account. However, even after I pointed out that I had overdraft protection and one of the charges if funds would have been transfer I would have less one $35 fee.
Then I was told I should have OPT out of this overdraft. Its my understanding a credit card if funds aren't available card is declined.
However, Wachovia approving charges instead of card saying declined is extending credit and under these fees violate the usuary laws.
The bank can't have it both ways a check can't have the same properties as a credit card and not informing the consumer about OPT ing out.
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