Usacomplaints.com » Business & Finance » Complaint / Review: Wachovia Bank - Ripoff deceptive accounting practices customer theft North Carolina. #195113

Complaint / Review
Wachovia Bank
Ripoff deceptive accounting practices customer theft North Carolina

My daughter is away at college and deposits her scholarship meal fund into a wachovia "student" account. She is pretty good at maintaining her account on-line and asking us for supplementary funds when needed.

I noticed a postcard indicating she had overdrawn on 3 atm transactions and owed the bank $30.00 for EACH of the items. I called her and she said that there was no way - she had made a purchase but had returned it the same day and had funds. When I went onto her online account the statement showed a positive balance of 57.00 followed by a 90.00 overdraft fee - with no transactions in between.

I immediately went down and deposited a hundred dollar check of my own and thought to follow up when the bank was open - this would leave her in the positive AT LEAST 10.00!

The following monday i received yet another "postcard" indicating ANOTHER 90.00 for 3 items with none being more than 13.00.By this time - online - the original 3 items showed up and any combination of the 2 COULD have been paid by her 57.00 balance leaving her with only one fee? I still couldn't catch up with their "accounting" practices and my daughter was frustrated that they failed to post withdraws and deposits consistantly - It seemed that they were deducting the amount but not paying the vendor for days or they were not deducting them in bulk before deposits.

She arrived home today and we went down to the bank - I had checked the reviews and complaints before I went and have found innumerable similar accounting practices by this bank — shameful to teach our youth this capitalist profit only mentality.

At the bank - when I pointed out that they withdrew her purchase on the day she made it — BUT she returned it within hours and they didn't post that refund for over 3 days -
Well, I was told "YOU are not on this account so you need to just stay out of it"!!! She could not explain to my just turned dependent daughter why they didn't post the refund nor why they added 3 charges when they could have paid two with HER funds *all 3 were covered had the refund not been held back for days*... I put MY checkbook back into my pocket and told the "nice" lady that after college the account holder would get a job and pay the bank. So all in all - we ended up paying 180.00 for 6 transactions that totaled as little as 30.00 combined. I perceived that they hold charges and process them in a fashion that borders on accounting manipulation and deceptive banking.

As a consumer I have no recourse - we went to another branch and closed her account and paid. I will not see a young ladies credit ruined because of the anti-consumer process that targets those who can least afford or are gullible as to these tactics. I will have both mine and my spoused automatic deposits transferred after I decide which AMERICAN run bank is local and close my accounts. I will personally take my other two young adults (college) down and transfer their funds - that is a small loss to this mega-corporation and I understand they really don't care but it is all that is available with things as they stand in our country.


Offender: Wachovia Bank

Country: USA   State: North Carlina   City: Charlotte
Address: 1 Wachovia Center
Phone: 7043746565

Category: Business & Finance

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