I had over 1000 dollars in my account when a merchant accidentally entered wrong information for the charge, the merchant immediately refunded the amount back to my account, well I called to report the accidental charge by the merchant the same day, knowing of Wachovia's stand on issuing overdraft funds for smaller items first, which is wrong to begin with, correct accounting processes should be that all items posted should be paid first to last in transaction date and time of transaction, but regardless, I contacted them immediately when I got home and discovered that the REFUND was not posting but the CHARGE was, it concerned me because all of it was completed by the merchant at the same exact time! I was told that they would hold the amount until the refund showed, well low and behold they charged my account $245.00 in overdraft fees for the previous 7 transactions, their reason, it would have overdrafted anyway due to the incorrectly charged transaction, my arguement with them is that it was incorrect and the refund would have given me more then ample amount of funding to cover the previous 7 transactions, not to mention that an (above and beyond my full balance transfer of money should have been credited the same day, but like the refund was not.
I even had the confirmation of the money transfer and completion from my brokerage account in hand! Wachovia said they hadn't seen any wire come through their business and again it was the merchant who is responsible for the credits. My question, what exactly if ever, is Wachovia accountable for? I would love to be included in any class action lawsuit against Wachovia at this time for improper accounting practices! Sign me up. I want my account refunded the improper overdraft funds they took out and any other damages that occur from this ongoing issue.
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